Bank of America recently filed multiple patents with the United States Patent and Trademarks Office for a system that records and stores data securely.
The same system has been used to patent the cryptocurrency among various institutions in the United States, just like any other multinational corporation like IBM, Intuit or Wells Fargo.
The trademarks office has, therefore, been tasked with providing secure means through patenting the cryptocurrencies.
Purposes of the Patent
The patent highlights some purposes of cryptocurrency. One of them is to record and store the digital transactions carried out among various large-scale corporations.
Another function for the patenting data files is to give details of data security mechanism to be used by the blockchain networks.
It does so by providing a link to the encrypted data units for a given blockchain. The patent mechanism allows the bank to store all assets belonging to all clients to a single storage mechanism or vault.
The Blockchain Encryption Process
This is a system used by the Bank of America to do the patent. It has a device with a processor that has a configuration to receive first dataset elements.
It obtains an encryption key from a memory and encrypts the first set of data elements within a first block for the blockchain. It also generates a first encrypted element map designed to identify the locations of the initial set of encrypted data within the first block.
The next processor configuration is mapped from a configuration that combines the first encrypted element within the map with the encryption key. This generates a creator tag. The creator tag is then embedded in the first block which then publishes the first block to a blockchain.
Special Feature Regarding Bank of America Patenting
In other cryptocurrencies, customers and clients remain unaware concerning the various transactions unless they are given a clue through the network.
However, in the Bank of America patenting, there is an auto-generation messaging system within the application that is tasked with notifying the client’s payments. The system states whether the transaction was successful or not.
The system features a real-time payment settlement schedule. The cryptocurrency exchange rates are flexible enough to allow the conversion of fiat to cryptocurrencies or cryptocurrencies to real time.
This exchange program suits the transacting clients in that it mitigates the enterprise losing its fiat value. An additional cryptocurrency credit embodied within the system allows the corporations to credit the clients’ accounts with no fund.
It helps the clients, who wish to fulfill a given transaction, but are not in a stable financial position during the time of payment.
The Bottom Line
Although the bank of America has filed an elaborate patent, it does give room for cryptocurrency completion. It harbors more than fifty block chains.
The bank also has cryptocurrency-based patents. Although the bank is skeptical about cryptocurrencies, it was given the patent for digital asset exchange.
Overall, the blockchain encryption tags file by the Bank of America describes a critical transition system in the cryptocurrency field that guarantees security to the blockchain networks.
