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Patent filed by Bank of America for Cryptocurrency Custody System

A patent has been filed by Bank of America with U.S Patent and Trademarks Office for a secure means for the storage and custody of cryptocurrencies.

The patent has been titled with “BLOCK CHAIN ENCRYPTION TAGS” and is described as:

A system that includes a device with a processor is configured to receive a first set of data elements and to obtain an encryption key from a memory. The processor is further configured to encrypt the first set of data elements using the encryption key, to embed the first set of encrypted data elements within a first block for the block chain, and to generate a first encrypted element map identifying the locations of the first set of encrypted data elements within the first block. The processor is further configured to combine the encryption key with the first encrypted element map to generate a creator tag, to encrypt the creator tag, to embed the creator tag within the first block, and to publish the first block to a block chain.

Patent Link: Link

Source: Govt of US

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