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wilslaw

The second largest bank in U.S. wins patent for crypto storage system

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The filling and acquisition of patents explains how the interest of big organisations  are sincerely expressed; the Bank of America have secured its newest patent in the crypto space and blockchain.

 

The problem associated with existing storage methods for private crypto keys is  that “such devices do not provide for real-time response to such breaches, such that misappropriation of private cryptography keys is prevented.” 

 

It was noted that the regular consumer-grade devices store majority of the private keys.
The Bank of America intends to serve as a bank for private keys, with the backing of a major banking corporation. It is sure for such a product to find a favorable market in quick order.

 

Detecting novel tampering

Bank of America intends to provide clients the ability to detect when someone gains access to their private keys and also have ways to handle such situations. All kinds of clients can be attended to, with this invention.

 

If physical tampering is detected, for instance, a device is stolen: “In other specific related embodiments of the system, the one or more sensors further comprise at least one of a shock sensor, an acceleration sensor and a temperature sensor, In such embodiments of the system, the first processor is further configured to, in response to receiving the tamper-related signals from at least one of the shock sensor, the acceleration sensor and the temperature sensor, delete the one or more private cryptography keys from the first memory.”

 

Another instance is when a malevolent code or virus is detected. Here, it might ghost a protected key off the client device: “In other specific embodiments of the system, the first processor is further configured to receive the tamper-related signal, from the computing node. In such embodiments of the system, the tamper-related signal indicates that a user has exceeded a predetermined number of attempts of inputting user authentication credentials to the authentication routine.” 

 

The patent revealed that, users will need to configure how tamper signals are processed and what they are.

 

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