Cryptocurrency

BoA Looks To Create Multi-Currency Digital Wallet

To provide users with different levels of access to funds that are stored, Bank of America is reportedly aiming to patent a security system that is “partitioned” for crypto-wallets.

The North Carolina-based bank filed a “Multi-Tiered Digital Wallet Security” application in February 2018 with the United States Patent and Trademark Office (USPTO), Coindesk reported.

The office published the application last week and lists a senior tech manager at the bank, Manu Kurian, as the inventor. Through the application, a process of handling cryptocurrency with a wallet interface that is multi-tiered is described on a peer-to-peer network that is decentralized. With the procedure, users would be asked to enter one out of multiple passwords.

One password would provide access to one tier, and another would offer access to a separate tier. Coindesk described the proposal as something akin to a valet key that can’t open the trunk but can open a car door. It also notes that the proposal conceptually resembles specific multi-signature bitcoin wallet types that have been in existence for a long time.

According to the application’s background section per the outlet, a need is present for a better digital wallet infrastructure as private keys can be misplaced and third parties don’t allow users to have complete control when it comes to their currency. As it stands, Bank of America is said to have won 36 applications for blockchain patents with 31 pending.

In separate news at the end of last year, Bank of America was possibly looking into using blockchain technology for automated teller machines (ATMs). The company was said to have detailed a system to “accelerate transaction speed and/or facilitate other types of transactions in addition to ATM transactions like cash withdrawals and deposits” per a USPTO filing.

The bank also noted, according to a report at the time, that the technology might allow devices to “handle a relatively larger amount of transaction volume while reducing its physical cash transportation needs.”

——————————

PYMNTS LIVE ROUNDTABLE: TUESDAY, JULY 14, 2020 AT 12:00 PM (ET)

Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.

TRENDING RIGHT NOW