Bank of America applies for a new blockchain patent

Bank of America is one of the US banks that is clearly leading in the blockchain-patent game. BofA has filed for over 60 blockchain-related patents so far. This is a major breakthrough since Bank of America is actually the second largest bank by assets in the US. Considering the tight regulations and the inability of the SEC to make a decision on whether or not to support the industry, a player such as BofA is crucial in the blockchain/cryptocurrency game.

The latest crypto-related patent BofA has filed for is called “Multi-Tiered Digital Wallet Security”. The patent was filed in February 2018, and the United States Patent and Trademark Office made the application public this past week.

According to the patent, the multi-tiered digital wallet provides users with the ability to have different level of access to stored funds, as reported by Coindesk. The network is a decentralized P2P system.

The interesting element of the product is that different passwords will unlock different tiers of the user’s wallet. So the entire process is multi-faceted one. The entire idea is revolving around the concept of multi-signature wallet, a product that has been familiar to the crypto industry for quite some time now.

Bank of America is solving the issue of losing your private key or users not having a complete control over their own funds. BofA has so far applied for more than 60 blockchain/crypto-related patents, of which it won 36.

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