The bank’s latest patent centered on real-time protection for storing private keys
This patent filed by Bank of America (BoFA) was finalized on 30 October, entitled: ‘Systems and devices for hardened remote storage of private cryptography keys used for authentication’.
According to the patent, consumer storage devices, such as a laptop or computer, used to keep private keys are vulnerable to being pilfered by external entities who wish to assume the user’s identity.
BoFA Real-Time Solution
Aside from assuming identities, the patent further expounded on ways keys can be stolen through the means of physical device tampering, a virus, brute force attack, or a malicious code.
The device proposed by BoFA contains at least one short-range and wireless communication tool (NFC or Bluetooth) and a communications connector (USB connector or anything similar) to relay and receive tamper-related signals that point to any attempt of an attack. The signal will inform the user of any attempt to steal his keys.
The bank’s proposed device will automatically scrub its memory in case it detects any form of infringement.
The signals are to be configured by the device user themselves.
Other Patents by BoFA
To date, BoFA has applied for at least 50 blockchain patents. Two months ago, it filed to patent its cryptocurrency vault for enterprises. Another most recent is the patent application for multiple signatures for executing data communication between IoT.