The increased use of cryptocurrency across the globe cannot be ignored as the currency has gone from being a fairly obscure internet concept to being at the top of the global financial system as well as getting much more attention from mainstream institutions and world governments. Because of crypto’s increased use, more provisions have been made across the globe to cater to the growing market such as the introduction of crypto wallets onto popular mobile devices and browsers, greater security for cryptocurrency funds and so on.
One new development in the area of crypto wallets is a recent patent that was filed for by Bank of America, a United States-based investment banking company for a digital currency wallet which will have multiple layers of asset access. This means that there will be individual passwords for different amounts of funds requested which will create a higher level of security for the wallet and prevent the possibility of theft.
Passwords and Patterns
The Bank of America application was published by the United States patent and trademark office on August 15, 2019, and according to the filing, the technology would comprise of a computing platform as well as a digital wallet interface. The platform will also be configured to operate within the peer-to-peer network for blockchain management that could either be private or public.
In the patent filing, Bank of America made reference to the increasing use of certain cryptocurrencies such as bitcoin and ether and stated that this creates the need for better wallet infrastructure and they believe that their wallets could be the solution to this problem.
“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,” the filing said.
The filing also stated that a number of issues currently exist for cryptocurrency wallet security particularly private key management mostly because the keys are susceptible to theft or mishandling and also the problem of private keys held by third parties losing their sole ownership by their users and according to Bank of America, a multi-tiered wallet system would be a better solution than the current system that is in place.