The second largest bank within the US, Bank of America (BofA) has recently applied for another blockchain patent that will allow it to develop a secure crypto storage system. The news came from a patent document that was published by the US Patent and Trademarks Office (USPTO) on August 23rd.
Named “Block Chain Encryption Tags”, the patent describes a system of recording and storing crypto transactions that are handled by enterprises. In a nutshell, the invention is based on a system of data security for blockchain networks by implementing proper encryption and linking data units to the blocks of a certain blockchain.
The North Carolina-based bank has enriched the patent with a system that includes a device with a processor that first receives a set of data elements – to later acquire an encryption key before encrypting the elements within the first block on a blockchain.
The encryption key is then combined with the encrypted element map – allowing the creation and encryption of the “creator tag” which is embedded and published within the first block of the blockchain.
So far, the Bank of America has filed more than 50 blockchain-based patents, putting its name among the largest holders of blockchain-related patents and becoming the leader in this category, even beating the popular tech giant and ‘patent-hunter’ IBM.
However, the bank is still skeptical when it comes to cryptocurrencies, despite acquiring patents on the development of a digital currency exchange system in December 2017. Earlier this year, however, the bank admitted to the regulators that it may not be able to compete with the growing use of cryptocurrency and that this inability may harm their business.
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"We let the market drive the expansion and selection of the network incrementally. We are really feeling excited that we are on a roll to build something new and revolutionary that's really going to change the landscape of cross-border payments."The reports also show that the Blockchain World Wire provides support for about 50 currencies currently, for payments in about 72 countries around the world. This method makes possible for taking out the intermediary between legacy bank settlement systems with the help of the XLM token because of its immutability and its efficiency as a decent settlement instrument between institutional players. Lund further emphasized in an interview about IBM’s issuance of the settlement asset:
“Our view for stablecoins is really that they should be more broadly accessible and what World Wire seeks to do is to provide fungibility of digital assets across financial institutions.”
Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users
“Following the integration of Blockchain Keystore on Samsung, the integration of a crypto wallet by Kakao, which is used by the majority of messaging app users in the nation, is expected to expand blockchain services and usage.”Kakao is estimated to have raised about $90 million for its blockchain network Klatyn development and the integration of the crypto wallet is another way to expand and introduce the network to the public. The executives from the industry said that Kakao Talk will be ‘’used as a crypto wallet’’ and will enable users to run multiple blockchain applications but to also send, receive and store cryptocurrencies. One of the executives said:
“Kakao needs a cryptocurrency wallet for users of Klaytn and the best way to roll out the service is to integrate a crypto wallet into KakaoTalk, which over 80 percent of the population of South Korea use to communicate.’’Issuing a public promotion by Kakao is really important for further mainstream adoption. With Samsung and Kakao issuing their own wallets, Korea is among the top countries that will easily make a DLT disruption. If Kakao moves ahead with its plans to integrate the crypto wallet in a messaging app that nearly 10 million users use it in South Korea alone, the most used device in Samsung Galaxy S10 and the messaging app will have native support for crypto. There still hasn’t been an official confirmation from any representative at KakaoTalk. Currently, the sentiment for launching a crypto wallet by Kakao is positive and local investors show optimism for initiatives of this kind that will hopefully lead the country to be the leader of blockchain and crypto development.
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- Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
- The Recently Hacked Cryptopia Exchange Will Resume Trading By The End Of March
- IBM’s Now-Live Blockchain Network Wanted By Six International Banks
- Korean IT Conglomerate Kakao Integrates Crypto Wallet For 44 Million Local Users
- Most Cryptocurrencies Report Slight Losses, Bitcoin Cash Grows Continuously
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