Altcoin News: Bank of America Patents Crypto Wallet with Multiple Access Levels

August 20, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The second-largest US bank, Bank of America, intends to patent a “partitioned” system for the safe storage of digital assets, where each user will be provided with an individual level of access.

A patent application entitled “ Multi-Tiered Digital Wallet Security” was filed in February 2018 and published by the United States Patent and Trademark Office last week.

It describes the principle of creating a multi-level interface for a cryptocurrency wallet in a decentralized peer-to-peer network. Users in such a system will be asked to enter one of several correct passwords in order to gain access to a particular wallet level.

The described idea is in many ways reminiscent of multi-signature Bitcoin wallets that have been around for several years.

The authors of the patent draw attention to the need to create an improved infrastructure for digital wallets since private keys tend to be lost, and third parties do not allow users to fully control cryptocurrency assets.

“Through the digital wallet interface, a user of the user computing device may be able to partition digital currency holdings into one or more differentiated storage compartments or tiers,” the document says.

To date, Bank of America holds 36 blockchain patents. Another 31 applications are pending.

Last month, it became known that Bank of America filed a patent application mentioning Ripple technology.