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.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
Huobi Re-Launched As Fully Licensed Platform In Japan
$1 Billion In Transactions Reported For 2018 By BitPay
WordPress Is Launching A Publishing Platform With Blockchain Features
Join us on Facebook
- Russia Is Not Planning To Buy $10 Billion In Bitcoin
- Huobi Re-Launched As Fully Licensed Platform In Japan
- $1 Billion In Transactions Reported For 2018 By BitPay
- Third Audit Attestation Of USDC Stablecoin Reserves Released By Circle
- 21-Year Old Accused Of Stealing More Than $24 Million Worth Of Crypto
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News5 days ago
Bitcoin Hovers Near $3,700 As Top Altcoins Record A Mix Of Reds And Greens
Ethereum News3 days ago
Coinbase And Kraken Officially Supporting ETH’s Constantinople Hard Fork
Ethereum News5 days ago
$100,000 Reportedly Returned From Ethereum Classic 51% Attacker
Altcoin News5 days ago
Bitcoin Drops Below $3,600 As $5 Billion Get Wiped Out Of The Crypto Market
Altcoin News4 days ago
Major Swiss Bank Launches A Crypto Custody Solution Targeting Banks & Asset Managers
Bitcoin Scams3 days ago
New Torrent Malware Posing As Movie File Can Replace BTC & ETH Addresses: Researcher
Blockchain News5 days ago
Washington’s Douglas County Wants To Build A Blockchain Innovation Campus
Bitcoin News4 days ago
American Businessman Still Missing After $950,000 In BTC Ransom Paid