Bank of America develops multi-layered digital wallet security

Bank of America is a conglomerate that is a member of the four largest financial institutions in the United States. The largest company in the country in terms of assets. Forbes ranked sixth in the world in 2018.
 

Multi-layered digital wallet security

Regardless of hard thinking and old standards, BofA has always taken an active interest in cryptocurrency after it filed 67 patents regulating blockchain work, the most recent and successful of which was the multi-tier digital wallet. The e-wallet offered by Bank of America will provide additional security with incremental signatures. Users will not only have to log in to transfer cryptography, but also enter an additional verification form and biometric information based on their geographic location.

The patent application was titled “Digital Wallet Layered Security” and provides a higher level of security than a traditional transaction.

Manu Kurian, Senior Technical Manager, Inventor of BofA, shared the following information. Additional passwords and biometrics will prevent hackers from transferring money from the account, since they will never be able to access this user data if he is not near them.
 

Content of the patent

The cryptocurrency wallet patent filed by BofA states:

“Using the interface of a digital device, a subscriber has the ability to divide electronic currency reserves into one or several levels of differentiated storage. Each of these branches is protected by a code and only opens access to the number of crypt storages specified by the user. The Asset Holder enters the password corresponding to the compartment, and the computing platform can provide access to it based on the entered data. "

In analogy with the classical banking structure, it is like keeping the accumulated funds in different savings accounts with an individual level of protection for each.

Coindesk described the proposal as something like a house key that cannot open an apartment, but has the ability to open a door that leads to an entrance. He also notes that the proposal conceptually resembles specific types of multi-signature Bitcoin wallets that have been around for a long time. According to the data provided by CoinDesk, BofA has won 36 blockchain patent applications and 31 are pending.

The advantages of this system

The developers name such advantages:

    The convenience of use. An intuitive interface, the ability to work with a wallet from any electronic device (smartphone, tablet, laptop) provides free access to funds around the clock anywhere in the world.
    Confidentiality. Privacy and protection of personal data in blockchain technology comes first. Information is checked not only on servers, but also the time of its transmission over the Internet using TLS (Transport Layer Security).
    Confidentiality. The users identity is encrypted and remains unknown, it is impossible to track and identify it.
    An additional layer of security. To conduct a transaction with stored digital currency, it is not enough just to log in. To gain access to the central core, not only the established password is used, but also identification by biometric data.

That said, while the lender has applied for an astounding number of patents with inventions ranging from private key storage to high-speed, crypto-powered ATMs, that doesnt mean that each of these developments will result in a working product.

And more importantly, while Bank of America is taking the initiative to implement blockchain, it has joined with the rest of the lenders in an effort to distance itself from the crypto space. For example, BofA imposed a ban on their customers from making purchases of digital currency using their credit cards, fearing that they would not return their funds if the value of electronic assets fell.

Expert opinions

Tim Weiss, CEO of DigitalBank Vault LTD, an importer of digital wallets, said: “This is a historic moment that is changing the financial industry. This is a change in the attitude of banks towards the crypto market, telling the public about the beginning of a new economic era. Financial institutions are ready to accept and store digital currencies in a reliable, secure and controlled manner. "

Nicholas Crapels, Business Development and Blockchain Leader at Konstellation, noted that the number of patent certificates BofA has filed for registration is impressive. But it is worth paying attention to the timing of their validity. Some documents run out of them. "This model demonstrates that BAC does not really have a coherent blockchain strategy, but is simply looking for anything to show its investors the focus on distributed decentralized network technologies."

Who can compete with Bank of America?

More recently, American tech giant IBM has also filed a patent for a blockchain-based web browser that "logs and maintains the recording of browser events on a blockchain using a peer-to-peer network." Websites visited, bookmarks, searches, cookies and geolocations are all possible types of data that can be stored.

The world is ready for a global currency, a system that is built on speed, transparency and security and relies on blockchain technology. The security and availability of information to all users of the blockchain are key aspects of what makes it such a revolutionary technology that limits the corruption that intimidates governments and the traditional banking system.