Financial institution of America is looking for to patent a “partitioned” safety system for digital forex wallets that offers totally different customers totally different ranges of entry to the saved funds.
The second-largest U.S. financial institution, primarily based in Charlotte, N.C., filed an utility entitled “Multi-Tiered Digital Pockets Safety” with the United States Patent and Trademark Workplace (USPTO) in February 2018. The USPTO printed the utility final week and lists Manu Kurian, senior tech supervisor on the financial institution, because the inventor.
The appliance describes the dealing with of digital forex with a multi-tiered pockets interface in a decentralized peer-to-peer community. Customers could be prompted to enter one password out of a number of, and one password would open one tier of the pockets whereas one other password would open a unique tier. (Consider a valet key that may open a automotive door however not the trunk.)
Conceptually, the proposal resembles sure varieties of multi-signature bitcoin wallets, which have been round for years.
The background part of the applying explains that there’s a want for higher digital pockets infrastructure since non-public keys will be misplaced and third events don’t let customers train full management over their forex.
The appliance factors to a multi-tier association as a technique to enhance safety:
“Via the digital pockets interface, a consumer of the consumer computing system might be able to partition digital forex holdings into a number of differentiated storage compartments or tiers. Every of the a number of compartments could also be password secured and should solely allow entry to the quantity of digital forex holdings specified by the consumer.”
Thus far, Financial institution of America has gained 36 blockchain patent purposes, with 31 pending.
Different current patent purposes filed by the financial institution embrace one for blockchain “regulation structure” and one other for blockchain structure to optimize system efficiency and information storage.
Financial institution of America picture by way of Shutterstock