New BoA Patent To Enhance Protection Of Hardware Crypto Wallets
Financial conglomerate Bank of America (BoA) received another patent for technology related to the crypto industry. The company developed a hardware wallet with enhanced protection that can be used for various purposes, including for storing cryptocurrencies.
The United States Patent and Trademark Office approved an application on a device for storing private keys. According to the published document, the system can be in the form of a wallet or a token and can generate one or more security keys.
According to the authors of the document, nowadays the majority of cryptographic keys are stored locally on devices that have access to the Internet and can be stolen. Besides, these data are often protected only with a password, which increases the risk of hacking.
Bank of America offers a remote storage solution that responds to security threats real-time. The patented device is sensitive to manipulation and can remove keys from the internal memory if necessary. Moreover, the device can be connected to a computer, smartphone, and other gadgets via Bluetooth or USB.
In 2018, Bank of America has already received patents on a blockchain platform for storing data with automatic authentication, as well as on an external data verification system. Currently, the Office is considering about 50 applications from Bank of America for other blockchain developments.
According to Catherine Bessant, technical director of the company, the team has not yet found opportunities for large-scale implementation of their projects, but they want to stay ahead and be prepared as crypto technologies are becoming more popular.