Bank of America has filed a patent application for a blockchain-based cryptocurrency wallet with tiered access in order to enhance security.
The North Carolina-based bank initially filed for the patent in February 2018. The US Patent and Trademark Office published the patent, covering “multi-tiered digital wallet security”, last Thursday, August 15.
The patent describes a digital wallet containing multiple tiers of access to funds stored in the account.
The “central core” of the wallet, containing the largest portion of the funds, would be protected by a multi-signature password.
It is just the latest foray into the emerging blockchain and financial technology market from leading US brands.
Last week, WIPR reported that tech multinational IBM had filed a patent application for a blockchain-based web browser. The system is designed to provide greater levels of privacy when it comes to browsing history.
This month has also seen US retailer Walmart seek patent protection for its own cryptocurrency based on blockchain technology.
According to Walmart’s patent filing, the cryptocurrency could be used to restrict who could buy certain types of products.
“As an example of the set of rules, for example, in government assistance and dependent care, a government-assistance restricted currency may be good for food or even certain types of food but not alcohol or cigarettes,” the patent said.
The US Food and Drug Administration is also exploring the use of blockchain for the purposes of verifying pharmaceutical product integrity.
The pilot scheme, also involving Walmart and IBM, as well as pharmaceutical companies such as Merck & Co, will develop a blockchain network of pharmaceutical products that can be traced in real-time.
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Bank of America, cryptocurrency, blockchain, patent application, USPTO, IBM, Walmart, wallet, security