There are signs that banks all across the world have been working with blockchain technology over the past months, and most likely years. However, open admission has been far from free-flowing. The Bank of America are no strangers to involvement with distributed ledger technolgy, and their latest patent application is of particular interest.
The patent filed on August 15th to the U.S. Patent and Trademark Office is for a multi-tiered blockchain-based cryptocurrency wallet. An interesting part of the application outlines that:
“Through the digital wallet interface, a user of the user computing device may be able to partition digital currency holdings into one or more differentiated storage compartments or tiers.”
What this signals that banks are not only open to cryptocurrencies and blockchain technology, but they are making active efforts to use both. With a safe and trusted wallet that is cryptographically encoded, created by the bank, users will not only have confidence in the technology, but have the peace of mind to know that their hard earned funds are safe.
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