Bank of America Secures a Patent for a Crypto Risk Detection System

cryptocurrency

One of the significant banking institute, Bank of America situated in the U.S. has been approved for a license regarding a crypto threat detection scheme. This will let the monetary institute to check the possible dangers of piloting a cryptocurrency transaction reports.

The filing along the United States Trademark Office [USPTO] patent that took place on 30th April, Bank of America is well-informed on a danger uncovering scheme precisely created in the direction of the virtual currencies. A mark of jeopardy as per the system will be charged on crypto transactions among the buyer and a 3rd party. The bank has realized that this blockchain patent is an important factor so that it could reform the monetary services industry for crypt related dealings.

The company stated as below:

“As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to calculate the risk for performing a cryptocurrency transaction.”

The eventual aim, of this new patent, is to lessen any dangers by safeguarding issues related to reliability, clearness and lesser risk. When it comes to risk, the patent noted that a mainframe would be inserted. Where the processor would get requests for a deal to be accomplished, and before finishing them, it would track a few of the tests to gain information related to blockchain, cryptocurrency cost on the transaction, public key usage, transaction history and so on. Besides this, the risk factor can also be considered with the help of data from the transaction history related to parties included in the IP address as well as transaction.

The patent further clarifies that as the blockchain tech improves, monetary transactions with crypto is becoming very common. For a few of the companies, it might be necessary to combine crypto invested by the clients in an innovativeness account. Thus with the number of patents in short span will allow Bank of America definitely to bring up something new and safe. BOA had first filed its crypto related patent and published trademark office (USPTO) in March 2014, and later in the month of September 2015. It is not surprising that Bank of America was initially amongst its type to entitle such a patent. It was the very first banks to start exposing Bitcoin in 2013. Currently, BOA has reserved its position in the patent race. Till now the bank holds 45 on-going patents. When it comes to managing cryptocurrency and blockchain networks, it has filed many patents from 2014, thus building it as the liveliest banks in the entire world. Few of the patents of this Bank are related to private keys, numerous digital signatures, external validation on the blockchain system, data storage and digital currency exchange method.

The BOA is the 2nd major investment institutions in the U.S. and facilitates more than 10.7 percent of altogether investment payments. It provides its customers with monetary services such as investment banking, wealth management, and commercial banking. In 2018 it had an income of $91.24 billion. It is known to be one of the largest and most powerful monetary organizations globally.