Bank of America Files Patent for Multi-Tiered Digital Currency Wallet
Max Boddy's original article for cointelegraph.com reduced by 46%
United States-based investment banking company Bank of America has filed a patent for a digital currency wallet with multiple layers of asset access. The proposed wallet would accept different passwords for different amounts of funds requested. Per the filing, this technology would comprise a computing platform with a digital wallet interface.
The application points to Bitcoin and Ether as examples of digital currencies that are increasingly gaining attention, and - per the filing - driving the need for better wallet infrastructure. "As an illustrative example, the user may have logically abstracted 4 BTC and 20 ETH in the first tier of the digital wallet interface. The user may specify a first network function request for the Bitcoin decentralized P2P network involving 3 BTC and an address within the Bitcoin network, and a second network function request for the Ethereum decentralized P2P network involving 10 ETH and an address within the Ethereum network." According to the filing, there are currently a number of issues with cryptocurrency wallet security, particularly in regard to private key management.
BofA believes that their multi-tiered wallet system would be more secure than current wallet systems.
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