Bank of America seeks to patent crypto wallet that works like valet car key

posted 28 days ago
Bank of America seeks to patent a “partitioned” security system for digital currency wallets that gives different users different levels of access to the stored funds. The 2nd largest bank in America’s patent is titled “Multi-Tiered Digital Wallet Security”. The application describes the handling of digital currency with a multi-tiered wallet interface in a decentralized peer-to-peer network. Users would be prompted to enter one password out of several, and one password would open one tier of the wallet while another password would open a different tier. (Think of a valet key that can open a car door but not the trunk.) Conceptually, the proposal resembles certain types of multi-signature bitcoin wallets.

The patent states “There is a need for better digital wallet infrastructure since private keys can be lost and third parties don’t let users exercise complete control over their currency… [therefore we plan to] partition digital currency holdings into one or more differentiated storage compartments or tiers.” To date, Bank of America has won 36 blockchain patent applications (including “blockchain regulation architecture” and “blockchain architecture to optimize system performance and data storage”) with 31 pending.
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