Bank of America plans to patent a system for the secure storage of digital assets, in which each user receives an individual level of access.
The patent application was called “A multi-level security system for digital wallets”. It was issued in February last year, but the US Patent and Trademark Office (USPTO) published it only last week.
The application describes in detail the principle of creating a multi-level interface for a cryptocurrency wallet in a decentralized peer-to-peer network. Users enter one of several correct passwords and get access to a certain level of the wallet.
Such a system is similar to a multi-signature, which has been used in popular Bitcoin wallets for several years. The authors of the patent emphasize the need to create this infrastructure due to the constant loss of private keys by users.
“The user will be able to divide cryptocurrencies into several elements, each of which will be protected by a separate password. Having gained access to one of them, you can only operate with a certain amount of digital currency,” the application description says.
In fact, this is the same as distributing money to several banks – you need to access each account separately. Only Bank of America offers to combine everything together – all accounts will be in one place, but with different access to them.
To date, the second largest bank in America has 36 patents in the field of blockchain, and another 31 applications are pending consideration. Last month, the media reported that Bank of America has issued a patent application, which includes Ripple technology