Bank Of America Adds A Patent For Private Keys Storage To Its List Of Blockchain-Focused Patents

The year 2018 is seeing the longest bear run by cryptocurrencies. Most of cryptocurrencies are more than half their worth at December 2017’s peak. However, this is not enough to deter companies from coming up with crypto-related innovations. In this light, there is a new patent for private keys storage.

Bank of America rides on the tenet that it is better to safe than sorry. The new device, as explained by the documents of the patent, stores cryptographic keys and document details. Further, the patent describes that “the invention provides for systems and devices for hardened remote storage of private cryptography keys used for authentication.”

In particular, the documents publicly available elaborate the device is tamper-proof. Interestingly, the device further incorporates a self-destruct switch. In the event of theft or inappropriate handling, this switch goes off. In that moment, all the data on the device destructs.

“The private cryptography key(s) are accessible to, but not communicated to, the computing node only when the computing node is executing the authentication routine,” the patent reads.

However, analysts equate the storage means to the already existing cold storage services. Cold storage is simply the keeping of important data like private keys in an offline storage place. So long as the means of storage is cut off from the internet or a public network, data is safe. Simply, hackers or any other bad actors cannot reach the data.

Bank of America is at the head of mainstream conglomerates that are in the race for blockchain patents. Fortune observes that most of the patent acquisitions are a just in case policy for America’s second largest bank. It quotes Catherine Bessant, CTO of Bank of America who says:

“We’ve got under 50 patents in the blockchain/distributed ledger space. While we’ve not found large-scale opportunities, we want to be ahead of it. We want to be prepared.”

Therefore, the new patent for private keys storage might imply major moves in future. Late August, the bank announced that it might begin offering custody services to cryptocurrency market.