BofA files for digital wallet patent
Bank of America (BofA), the second-largest US bank by assets, has recently filed for a cryptocurrency wallet patent, calling into question the environment it's entering into.
Although BofA is taking an innovative step forward, it may be held back by the lucrative thinking of other banks and their presidents. The country is bubbling with brilliant minds finding new ways to incorporate blockchain technology into everyday lives, such as Libra coin and JP Morgan's digital asset, all backed by the same speed, security, and transparency entailed by cryptocurrency. There may be a large interest in cryptocurrency coming from the USA, but with regulations on the low and Donald Trump talking trash, it's hard to say if the country can compete with all those against it moving forward. With the US national debt breaking through the USD 22 trillion mark, it's time for citizens to search for a global currency not corrupted by a system of lower-class oppression. With the national debt increasing every day, Trump has every reason to fear his 'people' may look for a more secure and established currency, which is probably why he came out to say the silly things he said about crypto. Taking to his favorite form of publication, Trump posted this series of tweets on July 11th, 2019:
"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity...."
"....Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…"
"...and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!"
Although no regulations have been put in place to limit access to cryptocurrency or blockchain technology, Trump's tweets stirred the waters and upped the price of Bitcoin, maybe that's why BofA is moving forward without fear.
Bank of America backed by blockchain technology
Regardless of rigid mindsets and old standards, BofA has always shown an active interest in cryptocurrency, after having filed for more than 60 blockchain-related patents, the most recent and successful being the bank's multi-tiered digital wallet. The patent was entitled "Multi-Tiered Digital Wallet Security", enabling a high layer of protection over a traditional transaction. The digital wallet proposed by BofA will ensure extra security through additional signatures; not only will users have to log into their wallet to transfer crypto, but they may also need to enter a secondary form of verification and biometric information depending on their geographic location. Manu Kurian, senior tech manager at BofA, is listed as the inventor of the multi-tier digital wallet as of August 15th, 2019, although he originally filed for the patent on February 13th, 2018. The additional passwords and biometric information for this digital wallet prevent hackers from being able to transfer money out of an account, as they could never have access to a user's biometric information unless the person is actually with them.
The digital wallet patent filed by BofA reads:
"Through the digital wallet interface, a user of the user computing device may be able to partition digital currency holdings into one or more differentiated storage compartments or tiers. Each of the one or more compartments may be password secured and may only permit access to the amount of digital currency holdings specified by the user. The user of the user computing device may enter a password corresponding to a compartment and the computing platform may provide access to the compartment based on the provided password."
Blockchain technology taking over the world
The world is ready for a global currency, a system which is built on speed, transparency, and security, and backed by blockchain technology. The security and transparency behind blockchain are key aspects of what makes it such a revolutionary technology, limiting corruption, something that scares governments and the traditional banking system.
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