To provide users with different levels of access to funds that are stored, Bank of America is reportedly aiming to patent a security system that is “partitioned” for crypto-wallets.
The North Carolina-based bank filed a “Multi-Tiered Digital Wallet Security” application in February 2018 with the United States Patent and Trademark Office (USPTO), Coindesk reported.
The office published the application last week and lists a senior tech manager at the bank, Manu Kurian, as the inventor. Through the application, a process of handling cryptocurrency with a wallet interface that is multi-tiered is described on a peer-to-peer network that is decentralized. With the procedure, users would be asked to enter one out of multiple passwords.
One password would provide access to one tier, and another would offer access to a separate tier. Coindesk described the proposal as something akin to a valet key that can’t open the trunk but can open a car door. It also notes that the proposal conceptually resembles specific multi-signature bitcoin wallet types that have been in existence for a long time.
According to the application’s background section per the outlet, a need is present for a better digital wallet infrastructure as private keys can be misplaced and third parties don’t allow users to have complete control when it comes to their currency. As it stands, Bank of America is said to have won 36 applications for blockchain patents with 31 pending.