Bank of America Patents Crypto Wallet
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One of the largest U.S. banks, Bank of America, is creating a system for the safe storage of digital assets, where each user will be provided with an individual level of access.

The patent application “Multi-Tiered Digital Wallet Security” describes the principle of creating a multi-level interface for a cryptocurrency wallet in a decentralized peer-to-peer network.

Users in such a system will be asked to enter one of several correct passwords in order to access one of the wallet levels. This concept is similar to the usual multi-signature bitcoin wallets.

At the same time, the authors of the patent indicate the need to create an improved infrastructure for digital wallets, since private keys are often lost, and third parties do not allow users to fully control cryptocurrency assets.

"A wallet may refer to one or more data and/or software elements (e.g., digital cryptographic hash functions, digital signature information, and network-specific commands) that allow a node in a decentralized P2P network to interact with the decentralized P2P network," states the application.

Earlier iHodl wrote that the bank created a payment system based on Ripple's distributed ledger technology.

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