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Bank of America applied for blockchain-based storage technology

Bank of America applied for blockchain-based storage technology

According to cointelegraph reported, according to the US Patent and Trademark Office (USPTO) August 23 issued patent documents, the second-largest US Bank Bank of America (BofA) has applied for another on the development of secure encrypted storage system blockchain patent.

The patent, entitled “Blockchain Encryption Label,” describes a system for recording and storing transactions related to cryptocurrencies handled by an enterprise. In short, the present invention provides a data security system for a blockchain network by encrypting the technology and linking the data units to blocks of a blockchain.

The patent file was established on April 18, 2018 in the North Bank of Carolina, which is in the previous network transaction and later encrypted the password to encrypt it. First element

The device combines the encrypted key with the encrypted version of the encrypted card to create and then encrypt the “signifier”, and then connects it and publishes it into the first source of the blockchain.

Bank of America has previously adopted blockchain technology measures. By June 2018, nearly 50 blockchain-based patents have been submitted, which is said to be the largest holder of blockchain-related patents in all companies, even Defeated the tech giant IBM.

Although Bank of America is one of the leading companies in the field of innovation in the blockchain sector, the bank is still skeptical about cryptocurrency, despite having obtained a digital currency exchange system development patent in December 2017. In May, Bank of America reiterated its negative position encryption, calling it “disturbing” and confirming its decision to ban customers from using credit cards to purchase encryption.

Earlier this year, however, the bank admitted to US regulators that it could “can’t” compete with more and more cryptocurrencies, claiming that it’s impossible to adapt “services and products to changing industry standards and consumer preferences”. Damage to its business.

This article is writing on 25 Aug 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258

The post Bank of America applied for blockchain-based storage technology appeared first on Coinworldstory.

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Bank of America applied for blockchain-based storage technology


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