Bank of America: a patent for a digital wallet
Crypto

Bank of America: a patent for a digital wallet

By Alfredo de Candia - 20 Aug 2019

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It seems that also Bank of America has entered the crypto world with a patent for a digital wallet.

The patent refers to a “Multi-Tiered Digital Wallet Security”.

The patent actually dates back to February last year and refers to a wallet that would allow saving several digital coins with a different key for each asset.

Basically, it would be a kind of multi-signature wallet that interacts with different passwords to open the wallet, a solution that Bank of America probably decided to adopt to achieve greater security for the wallets.

The document, in fact, explains the need for greater security with regard to the wallets, since the use of private keys is not sufficient to guarantee a level of security that allows secure control.

“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. 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.”

Just a couple of months ago, Bank of America said it wanted to have a cashless society.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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