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BofA files patent for cryptocurrency storage system

Bank of America has filed with the United States Patent and Trademarks Office for a system designed to provide a secure means through which cryptocurrencies can be stored. Titled ‘Block Chain Encryption Tags’, it is a system that includes a device with a processor and is configured to receive a first set of data elements and to obtain an encryption key from a memory. The processor is further configured to encrypt the first set of data elements using the encryption key, to embed the first set of encrypted data elements within a first block for the block chain, and to generate a first encrypted element map identifying the locations of the first set of encrypted data elements within the first block. The processor is further configured to combine the encryption key with the first encrypted element map to generate a creator tag, to encrypt the creator tag, to embed the creator tag within the first block, and to publish the first block to a block chain, the application states further.

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