Bank of America tries to be mobile and search development possibilities also in the cryptocurrency sphere
On these days, banks try to be mobile by following the trends and customer caprices. Bank of America is not an exception. The latest news inform, that Bank of America has received a patent for the system of storage of private keys. During the previous weeks, Visa and Mastercard have also spoken about similar kinds of activities.
The attitude of the banking industry to cryptocurrency begins slowly to change. There are already the banks which have integrated cryptocurrency. Last week, the second-largest US bank, Bank of America, received another patent in the sphere of blockchain and cryptocurrency, this time related to the remote storage of private keys.
The patent application was submitted by the bank two years ago, in September 2016, however, it was registered and processed only on 30 October. The patent refers to the problem of storing private cryptographic keys, and states that "the available devices do not provide an immediate response to violations." It is also pointed out that the majority of private keys are stored on the consumer-level devices and can be easily cracked.
In fact, Bank of America wants to act as a kind of private key bank – a digital safe which will insure and secure the assets it contains. Undoubtedly, such a product will quickly find its consumer, but the presence of a patent means that the bank will operate without competitors for a long time.
It is planned that Bank of America will promptly (in real time) inform its customers about the attempts to break their private keys and provide the means of counteracting. Such an invention will be useful for all types of customers, but the main consumers of the service may be cryptocurrency exchanges, most often subjected to hacker attacks.
Whether this product will be used, time will tell. However, the secure storage of private keys remains an important problem for the cryptocurrency space, especially taking into account the fact that with the growth of the community, the number of people willing to get rich at the expense of it also increases.
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