The banking organization of the United States of America, Bank of America has filed a patent for “Multi-Tiered Digital Wallet Security.” The patent was filed on February 2018 with U.S. Patent and Trademark Office(USPTO) as published by the USPTO. This proposed asset will be accepting different passwords for different amounts of funds requested.
According to the filing, there will be a computing platform along with a digital wallet interface. Also, this computing platform will be configured to operate within peer to peer network for public or private for blockchain technology management.
Bank of America explains as to how the wallet could work on cryptocurrencies saying, “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.”
Currently, the cryptocurrency wallet has many security issues that include cryptocurrency wallet security, private key management, etc. Due to mismanagement of these private keys, the wallets are vulnerable for thefts as the owners do not completely own them. With a multi-tiered wallet system, the wallets will be more secure than the current wallets.
Bank of America has also filed a patent for a settlement system, and this is being refunded by Ripple. The technology will be shared by multiple banks, which will allow them to conduct settlements in real-time. One of the other latest patent filed by Bank of America describes a system where signature passwords can be entered only by the users located within a particular geographical region.