The US Patent and Trademark Office announced on November 13 (local time) that Bank of America has acquired a patent for a corporate system that stores cryptograms deposited by customers.
The patent application filed in mid-June 2014 is based on the technical background of the invention, and it is pointed out that the financial transactions related to the cryptography are being generalized. It is pointed out that it may be desirable for a company to integrate the cipher money that a customer deposits into one corporate account.
The patent application deals with the ability to safely store and integrate the customer’s deposit cryptography for various interactions between the customer’s password and the corporate account. One way to do this is to withdraw from the customer account or deposit it into the account as needed to handle the transaction by the corporate account itself. It also provides an overview of how to store the private key contained in the customer’s account and how to generate a secure key for public key determination and storage.
It also addresses the possibility that corporate customers may not need to use third-party exchanges to convert currencies by consolidating the customer’s password into a single corporate account. This simplifies the purchase of cryptographic currency or legal currency exchange, and it also reduces transaction fees. To this end, the enterprise password cryptographic server provides an overview of how it can communicate with a third-party cryptographic transaction server over the network.
The patent also describes cryptographic currency and legal currency exchange. The system can determine the number of exchange rates and the optimal exchange rate that occur when the first currency is exchanged for the second currency.
Bank of America has so far applied for more than 50 block chains and password-related patents. Nonetheless, it is openly criticized for distributed password assets such as Bitcoin. For more information, please click here .