Bank of America files patent to store cryptocurrency keys

posted 15 days ago
Bank of America was awarded a patent for a device that stores cryptographic keys and the document's details hint at applications for cryptocurrencies. In the US patent, the bank outlines a "hardened storage device" for storing private keys – such as those used for blockchain platforms – explaining that, at present, most keys are stored locally protected by nothing more than a password. The patent references "cryptocurrencies" several times.

According to Bank of America, given that computers storing these keys are usually connected to the internet or other public networks, local storage means that they "are continuously susceptible to being misappropriated. Therefore, a need exists for a secure means for storing private cryptography keys," the patent goes on to state, specifying that this storage method should "reduce the risk" of a user's private keys being stolen.
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