The Lender of The united states Corporation has filed with the U.S. Patent and Emblems Office for a secure usually means for the storage and custody of cryptocurrencies. The submitting describes a procedure for recording and storing facts pertaining to cryptocurrency transactions designed for enterprises.
Lender of The united states Data files Patent for Cryptocurrency Custody Process Made for Institutions
Lender of The united states, the 2nd most significant banking institution in the United States, has filed with the United States Patent and Emblems Office for a procedure designed to give a secure usually means by which cryptocurrencies can be stored.
The patent, titled “Block Chain Encryption Tags,” describes “A procedure that contains a unit with a processor is configured to receive a very first established of facts factors and to get an encryption important from a memory.”
“The processor is additional configured to encrypt the very first established of facts factors making use of the encryption important, to embed the very first established of encrypted facts factors in just a very first block for the block chain, and to generate a very first encrypted aspect map pinpointing the destinations of the very first established of encrypted facts factors in just the very first block. The processor is additional configured to mix the encryption important with the very first encrypted aspect map to generate a creator tag, to encrypt the creator tag, to embed the creator tag in just the very first block, and to publish the very first block to a block chain,” the patent reads.
Patent Submitting Includes “Reproduction” of 2014 Submitting
The doc states that Lender of America’s submitting contains a reproduction of a non-provisional application designed in 2014 by James G. Ronca, titled “Cryptocurrency On line Vault Storage System”, stating that Mr. Ronca’s submitting is “incorporated by reference as if reproduced in its entirety” and that “the current application is a continuation-in-component which statements priority” about the 2014 submitting.
Lender of The united states emphasizes the expansion of adoption amongst enterprises and firms, concluding that such will “desire to retail outlet cryptocurrencies securely.”
What is your reaction to Lender of America’s quite a few patent filings pertaining to blockchain and cryptocurrency technological know-how? Be a part of the discussion in the remarks segment down below!
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