Bank Of America Wins Patent For A New Crypto Storage System

It seems like 2018 is the year when banks are making a leap forward towards adoption of cryptocurrencies and their full integration. A proof for that is the recent cryptocurrency news which shows that Bank Of America, the second largest bank in the US, has recently won a patent that paves the way towards adoption of cryptocurrencies like Bitcoin.

As the original patent filing reads, the problem with existing storage methods for private crypto keys is the fact that “such devices do not provide for real-time response to such breaches, such that misappropriation of private cryptography keys is prevented.”

Therefore, the main aim of this patent is to improve the way these keys are stored, mostly because they are currently stored in regular consumer-grade devices and are as such “susceptible to being misappropriated by an entity that desires to usurp a user’s identity.”

On top of this, Bank of America wants to serve as a bank for private keys – with features such as digital safe deposit boxes, insurance etc. According to analysts, the market for these services is huge, and having the patent on the bare idea means that Bank of America is definitely interested to commercialize crypto.

In detail, the patent describes a system that will automatically respond to tamper attempts by deleting the key from the potentiall compromised device:

“In specific embodiments of the system, the storage device further includes one or more sensors in communication with the first processor. In such embodiments of the system, the first processor is further configured to, in response to receiving the tamper-related signals from the one or more sensors, delete the one or more private cryptography keys from the first memory.”

Aside from this, the patent can also perform this functions if physical tampering is detected (for example if a device is stolen):

“In other specific related embodiments of the system, the one or more sensors further comprise at least one of a shock sensor, an acceleration sensor and a temperature sensor, In such embodiments of the system, the first processor is further configured to, in response to receiving the tamper-related signals from at least one of the shock sensor, the acceleration sensor and the temperature sensor, delete the one or more private cryptography keys from the first memory.”

The third scenario where it might ghost a protected key is the case of a virus or a malevolent code is detected:

“In other specific embodiments of the system, the first processor is further configured to receive the tamper-related signal, from the computing node. In such embodiments of the system, the tamper-related signal indicates that a user has exceeded a predetermined number of attempts of inputting user authentication credentials to the authentication routine.”

At this point, only time can tell whether this patent could succeed as a product. What’s safe to say, however, is the fact that private keys are a delicate subject and as such must be treated with maximum attention in the future.