Bank Of America patents private key storage device that lets cryptocurrency enthusiasts and high volume traders keep their private keys at sight. The device will be equipped with different sensors that will let users know when their private keys are being compromised and it will have the capability of erasing these keys in the event of an attack. Bank of America has filed a significant number of cryptocurrency related patents.
Bank Of America Patents Private Key Storage Device
Bank of America, one of the most important banks in the USA and the world, has scored a patent that defines a cryptocurrency private key storage device. This device defined in patent 10,116,633 seeks to satisfy the need and demand for “hardened” tamper-resistant devices that would also detect the tampering of the device itself or the private keys.
This patent was introduced on September 2016, a fact that shows the importance that cryptocurrencies, blockchain devices, and abstracts have for Bank of America, one of the traditional financial institution that has applied (and scored) more patents.
The patent filings state that the patent is for “Systems and devices for hardened remote storage of private cryptography keys used for authentication”. The word systems suggest a platform behind this device, maybe a platform managed by the same BoA if this ever gets produced.
The patent application indicates that:
The storage device is tamper-responsive, such that receipt of a signal that indicates physical or non-physical tampering with the storage device or its components results in deletion of the private cryptography key(s) from the memory.
when it refers to “physical tamper”, it refers to several physical signs that could mean that the device is being hacked or stolen from its owner. That is why it employs three sensors well explained in the patent: shock sensors (sensors that detect impacts), acceleration sensors (sensor that detect a change in velocity) and temperature sensor.
Also, the system can be configurated to react differently by the user: if detecting a har shock or an abrupt temperature change is more important for a user to determine if their device is being tinkered with. It will have also a connection with an online service for deleting the keys if a determined number of keys are entered incorrectly.
Patents For The Future
Bank of America is one of the institutions that has scored more cryptocurrency related patents. Earlier this year, in February, it was known that BofA had scored 45 cryptocurrency patents. This fact shows that they are really worried about the growth of cryptocurrencies, with Bank of America patents showing FOMO (Fear Of Missing Out), a sign that they want to be part of the cryptocurrency world even if it has to do with holding patents.