Bank of America applies for a cryptocurrency wallet patent, which is similar in design to a multi-signature wallet

According to Coindesk's August 20 report, Bank of America is applying for a patent for the "partition" security system of the digital currency wallet, which allows different users to access different levels of funds.

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The second largest bank in the United States submitted a patent application called "Multi-Layer Digital Wallet" to the US Patent and Trademark Office (USPTO) in February 2018. The US Patent and Trademark Office published the application last week and listed the bank's senior technical manager, Manu Kurian, as a patent inventor.

This patent describes the use of a multi-layered wallet interface to process digital currency in a decentralized peer-to-peer network. The user will be prompted to enter a set of passwords from multiple sets of passwords, which will open different storage tiers of the wallet. (This is similar to a key that opens the door but does not open the trunk)

Conceptually, this patent is similar to the bitcoin multi-signature wallet that has existed for many years.

The background section of the patent application explains that users need a better digital wallet infrastructure because private keys may be lost and third parties do not allow users full control over their digital currency.

The patent states that multi-layer design is a way to improve the security of digital currency storage:

Through the digital wallet interface, users can divide digital currency assets into one or more different storage areas. Each password storage area can be set with different password protection, and each password can only be used by the user for the corresponding digital currency.

As of now, Bank of America has obtained 36 blockchain patent applications, of which 31 are pending.

The World Bank has just filed two patent applications recently, one on the blockchain “regulatory framework” and the other on a blockchain architecture that optimizes system performance and data storage.