The top-2 major financial organization in the USA – Bank of America – has reportedly filed an application to the US Patent and Trade Mark Office. The patent covers a multi-layer security system for digital wallets.
According to the released document, the company strives to register a multi-layer interface for cryptocurrency wallet in decentralized p2p network.
The application was submitted back in February 2018, while the US authority has unveiled the document this week.
The system suggests that users will be able to access to one of another level of wallets after entering one of few correct passwords.
The company wrote in the background to the application:
“With the increasing amount of attention being placed on digital currencies such as Bitcoin and Ethereum, it has become vital to develop digital wallet infrastructure so that holders of digital currencies are able to store their coins safely and securely...”
The Bank of America stated that the market needs better digital wallet infrastructure, as private keys can be easily lost, while third parties do not let users get full access to funds.
For now, the company has collected 36 patents for blockchain-related development with 31 applications pending now.