The patent was awarded on Tuesday by the US Patent and Trademark Office. The bank provides an outline of a “hardened storage device” which will be used for storing private keys. This key will be used for blockchain platforms. The bank further explains that most of the keys are currently stored locally, and they are protected with a password and nothing more.
The patent states “In specific embodiments of the system, the authentication routine is conducted as part of a crypto-currency transaction, a blockchain transaction or the like.”
Computers that are storing these data are connected to the internet and other public networks. A local storage is always considered vulnerable to misappropriation.
Therefore, there is a need to bring in a secure method for storing cryptographic keys. The patent states that this storage method will bring down the risk of private keys getting stolen.
Cryptocurrencies have been referred to for many times in the patent. Overall, the patent document talks about using open keys of different types to be applied to the proposed device.
Bank of America states that the patents of the technology as being applicable cryptocurrencies and blockchain is not surprising. The firm has forever been a prolific filer of patents in this area.
Way back in June, Fortune reported that “Bank of America” has required patents from dozens of possible applications, which was to prepare for future uses.
Catherine Bessant, CTO, stated “While we have not found opportunities at a large scale. We want to be ahead of it because we want to be prepared.”
The invention that Bank of America has currently obtained a patent for consists of “hardened remote storage” which uses private cryptographic keys for authentication. This storage device is tamper resistant. Any physical or non-physical tampering can lead to deletion of cryptographic keys from the memory of the invention.
This storage device is separate and remote from the computing mode regarding configuration. This node executes the authentication routine only with private cryptographic keys. These private keys are accessible to; however, are not communicated to the computing node at all times. The communication is made only when the computing node executes that routines for authentication.
The first memory is used to store one or more private cryptographic keys. There is a first processor that communicates with the first memory. The first processor is configured in a way to receive user configuration inputs, which define the tamper signals and threshold amount for signals. When the threshold amount is exceeded, this leads to the deletion of one or more private cryptography keys from the first memory.
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