Bank of America applies for patent storage system based on blockchain technology

[Brazio]

According to documents of the United States Patent and Trademark Office (USPTO), Bank Of America has requested another patent related to blockchain technology that allows it to develop an encrypted storage system that links data elements within of the blocks of a chain of blocks. The US bank owns about 50 patents related to this technology, surpassing even the multinational computer, IBM.

The bank, which is the second largest banking institution in the United States, introduced the document on April 18, 2018 entitled "BLOCK CHAIN ENCRYPTION TAGS" (block chain encryption labels) where they describe a registration and storage system of transactions related to cryptocurrencies. The patent describes a device with a processor that receives data, and then acquires an encryption key before encrypting the elements within the first block in a chain.

In a generalized way, the proposal establishes a data security system for blockchain networks, implementing encryption and linking data units to the blocks of a certain chain of blocks. In this way Bank of America, continues to take measures to strengthen its position as one of the leading companies that promotes the use and adoption of blockchain technology.

Despite the great interest shown by the bank for blockchain technology, the same can not be said about cryptocurrency and still has doubts about them despite having acquired in December of last year, a patent for the development of a system digital currency exchange. Even in May, as CoinCrispy reported, they expressed that the widespread adoption of cryptocurrencies could require substantial costs to adapt products and services.

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Enter to braz.io to know more about this revolutionary project.

[rizqillah]

According to documents of the United States Patent and Trademark Office (USPTO), Bank Of America has requested another patent related to blockchain technology that allows it to develop an encrypted storage system that links data elements within of the blocks of a chain of blocks. The US bank owns about 50 patents related to this technology, surpassing even the multinational computer, IBM.

The bank, which is the second largest banking institution in the United States, introduced the document on April 18, 2018 entitled "BLOCK CHAIN ENCRYPTION TAGS" (block chain encryption labels) where they describe a registration and storage system of transactions related to cryptocurrencies. The patent describes a device with a processor that receives data, and then acquires an encryption key before encrypting the elements within the first block in a chain.

In a generalized way, the proposal establishes a data security system for blockchain networks, implementing encryption and linking data units to the blocks of a certain chain of blocks. In this way Bank of America, continues to take measures to strengthen its position as one of the leading companies that promotes the use and adoption of blockchain technology.

Despite the great interest shown by the bank for blockchain technology, the same can not be said about cryptocurrency and still has doubts about them despite having acquired in December of last year, a patent for the development of a system digital currency exchange. Even in May, as CoinCrispy reported, they expressed that the widespread adoption of cryptocurrencies could require substantial costs to adapt products and services.

Did you like this article? Don’t forget to follow @braziocoin on instagram to stay up to date with all the news of the cryptoworld.

Enter to braz.io to know more about this revolutionary project.

It is a good idea, I think the banks and government should accept and apply block chain technology.