A fresh patent has been added to the Bank Of America asset register…
Whether amassing patents is in the spirit of cryptocurrency is up for debate. But that notwithstanding, the Bank Of America has been awarded another one. This time for what’s being described as a “cryptocurrency aggregation system”
As confirmed by the US Patent and Trademark Office, the patent centres on enterprises, and the way they’re able to store cryptocurrencies for their customers. It clearly sees future business in this area, and wants to slice a piece of the action for itself.
The patent filing is available to read here, and a key passage in it describes just what the patent is all about. “Enterprises may handle a large number of financial transactions on a daily basis”, it explains.
“As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers in an enterprise account”.
Several pages of close to technobabble follow, that explain in enormous detail just how Bank Of America intends to do that. All of this was approved by the US Patent and Trademark Office, possibly because they just fancied knocking off for the weekend, and had lost the will to carry on by the time they got to chat about “calculation engine 224”.
The nub of the patent is a scheme allowing the bank to hold a private key, that in turn is associated with cryptocurrency holdings. The bottom line is, though, that it’s been granted, and it adds to the cryptocurrency patent banks for the organisation.