America’s second-largest bank after Morgan Chase may have taken a reluctant step closer to cryptocurrency storage with the securing of its “tamper responsive” blockchain patent.
The Bank of America filed for the patent in 2016 for a technology which acts as another barrier against hacking into clients’ private keys. The patent describes how, during attempts to hack remote storage of private cryptocurrency keys, “such devices do not provide for a real-time response to such breaches, such that misappropriation of private cryptography keys is prevented”.
To prevent these “misappropriations” the new tamper-proof invention “points out to a structure having redundant keys in which the system automatically reacts to tamper attempts by removing the key from the potentially compromised device”.
According to the patent:
“In other specific related embodiments of the system, the one or more sensors further comprise at least one of a shock sensor, an acceleration sensor and a temperature sensor, in such embodiments of the system, the first processor is further configured to, in response to receiving the tamper-related signals from at least one of the shock sensor, the acceleration sensor and the temperature sensor, delete the one or more private cryptography keys from the first memory.”
The patent offers the holders a highly marketable product. It seems likely that larger companies more at risk to large-scale hackings may find the Bank of America tamperproof system highly applicable to be used alongside their current cybersecurity measures. However, in terms of the bank’s own stance on cryptocurrency, it seems unlikely that it will be offering its own cryptocurrency storage anytime soon. It cannot, under any circumstance, be cited as one of the more crypto-friendly financial institutions in the US.
Clients of the bank have been barred from using its credit cards to purchase cryptocurrencies. Bank of America’s latest annual report references cryptocurrencies as a threat to its business model; apparently, it sees the way to combat this is as to get ahead of the game and monetize cryptocurrency use cases via patenting innovations such as the “tamper responsive” patent.
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