Bank of America to Secure Patent for New Multi-Tiered Crypto Wallet


Charlotte-based Bank of America, the second biggest bank in the U.S., is no stranger to Blockchain technology and is taking things a notch higher in the sector. According to a publication from the United States Payment and Trademark Office (USPTO), the institution is looking to patent a new kind of cryptocurrency wallet with specific security details, allowing measured and restricted access to funds, at different levels. The filing mentions the bank’s Senior Tech Manager, Manu Kurian, as the wallet’s creator.

The publication is titled “Multi-Tiered Digital Wallet Security” and even though recently published, was first filed in February last year. It details a type of wallet with varied levels of security, powered by a peer-to-peer network. The fully decentralised network would support a wallet which would require several passwords for several levels of access. Basically, one password can be used to access level one but will not give access to level two until the level’s corresponding password is entered. This is a tad similar to some multi-sig wallets that are currently available. The wallet is to will boost security as it only allows restricted access to funds, per level.

According to the filing:

“Through the digital wallet interface, a user…may be able to partition digital currency holdings into one or more differentiated storage compartments or tiers. Each of the one or more compartments may be password secured and may only permit access to the amount of digital currency holdings specified by the user.”

Bank of America has other Blockchain related filings including systems for regulation as well as for data storage and general system performance.

Image Credits: Stock Photo Secrets

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