Bank of America (NYSE:BAC) was awarded a patent for a device that stores cryptographic keys on Tuesday, and the document's details hint at applications for cryptocurrencies.
In a patent awarded Tuesday by the U.S. Patent and Trademark Office, the bank outlines a "hardened storage device" for storing private keys – such as those used for blockchain platforms – explaining that, at present, most keys are stored locally protected by nothing more than a password.
"In specific embodiments of the system, the authentication routine is conducted as part of a crypto-currency transaction, a blockchain transaction or the like," the patent states.