It became known that Bank of America, one of the largest investment organizations in the United States, is filing an application for the opportunity to obtain a patent for cryptocurrency wallets with different access levels. It is assumed that such wallets will have different security data for different amounts of funds. The information presented in patent documents demonstrates the need to combine the interface of cryptocurrency wallets with the power of a computing platform.
It is assumed that the platform will operate in the form of a peer-to-peer network, based on the blockchain and guaranteeing complete security for its users. Cryptocurrencies such as BTC and ETH were used to demonstrate the capabilities of digital assets. The platform will focus on top cryptocurrencies, according to the latest news from Bank of America:
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.
It should be noted that the most pressing issue for Bank of America at this stage is the following: to ensure the security of personal crypto currencies wallets, especially in the field of private key management. Their owners are easy victims for scammers, and this situation as a whole is quite controversial and compromising for the company. Thus, Bank of America is confident that thanks to its new blockchain-based platform, the level of security will significantly increase and customer confidence in their organization as a whole will increase.
According to Kash Rangan, an American think tank, Bank of America is investing heavily in developing blockchain technology. He sees this as a huge prospect for such market giants as Amazon and Microsoft, who are also undoubtedly interested in the development of this technology.
Of course, such a profitable and successful technology unwittingly destroys existing market ties with its development. So, it is the blockchain that demonstrates improved methods of processing and storing information, conducting transactions and, in general, carrying out actions that are a prerequisite for the functioning of companies. It is clear that the blockchain technology, which has already revolutionized, will be even more necessary in the future for the security of daily financial transactions, and is generally designed to adapt and improve the financial system according to the requirements of tomorrow.