Bank of America awarded new patent for storing cryptography keys
In an interesting development on Tuesday, Bank of America was awarded a patent for systems and devices for hardened remote storage of private cryptography keys used for authentication, according to documents released by the US Patent and Trademark Office (USPTO).
The document further goes on to reveal that the storage device is tamper-proof, such that receipt of a signal that indicates physical or non-physical tampering with the storage device or its components results in deletion of the private cryptography key from the memory.
The patent document adds, “The computing node includes a second processor in communication with the second memory, which is configured, in response to sending data to the storage device, receive a verification result from the storage device, and execute the authentication routine to authenticate a user based at least in part on the verification result. In specific embodiments of the system, the authentication routine is conducted as part of a
crypto-currency transaction, a blockchain transaction or the like.”
The latest system provides for a hardened storage device that remotely stores private cryptography keys used for authentication in any transaction. The new system also provides the option for deletion of cryptography keys in case of any misappropriation or detection of a tamper-related event.
The document further goes on to reveal that in further embodiments of the device, the processor is further configured to receive user configuration that defines at least one of:
The one or more tamper-related signals that result in deletion of the one or more private cryptography keys from the first memory.
Thresholds for one or more tamper-related signals.
According to the Bank of America, given that computers storing these keys are usually connected to the internet and are susceptible to being compromised.
"Therefore, a need exists for a secure means for storing private cryptography keys," the patent goes on to state.
The document mentions cryptocurrencies a number of times and elaborating about the invention, the document says, “In specific embodiments of the invention, the transaction 308 may be a crypto-currency transaction (e.g., BITCOIN.RTM. or the like) and/or a public ledger-type transaction (e.g., a blockchain-type transaction or the like).”
Well, this is not the first time that Bank of America has got a patent in the blockchain and cryptocurrency arena. Earlier this year in August, Bank of America filed an application for obtaining a patent for a cryptocurrency storage system to help enterprises store their cryptocurrency transactions. The application filed was a ‘continuation-in-part’ to an application called cryptocurrency online vault storage system filed in June.