The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Amazon and Bank of America Win Crypto-Related Patents

by Daily Hodl Staff
November 15, 2018
in Blockchain

A pair of institutional giants have just secured cryptocurrency-related patents.

Bank of America (BofA) won a patent for a crypto storage platform in enterprise accounts, while Amazon won patents for cryptography and distributed data storage. 

Bank of America’s patent, submitted for approval in June 2014, describes how the enterprise account will aggregate, or safely store, customers’ crypto assets. The patent filing states,

“As technology advances, financial transactions involving cryptocurrency have become more common.

For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers in an enterprise account.”

The patent emphasizes the possibility of making transactions and converting currency within the account, negating the need for exchanges by “simplifying the purchase and exchange of currencies and cryptocurrencies and reducing the fees associated with doing so.”

In a report filed with the US Securities and Exchange Commission in February, BofA outlined how cryptocurrencies are a threat to traditional banking. As a hedge against fintech and its rapid transformation of legacy systems, BofA has been filing dozens of crypto and blockchain-related patents.

In June, Fortune reported the bank’s patent tally at that time. According to Catherine Bessant, BofA’s chief operations and technology officer,

“We’ve got under 50 patents in the blockchain/distributed ledger space. While we’ve not found large-scale opportunities, we want to be ahead of it. We want to be prepared.”

[the_ad id="42537"] [the_ad id="42536"]

Meanwhile, Amazon was just awarded two patents. The first, filed in April, adds security to users’ signatures by “protecting the integrity of digital signatures and encrypted communications.”

The patent states,

“…the signature authority provides a key-distribution service that distributes blocks of cryptographic keys to authorized signing delegates. An authorized signing delegate contacts the key-distribution service and requests a block of cryptographic keys.”

Amazon plans to base the encryption system on a structure known in the cryptography world as the “Merkle tree.” A Merkle tree is constructed by hashing paired data, then pairing and hashing results until there’s only one hash remaining: the Merkle root. The goal of the process is to securely and efficiently verify large bodies of data.

“The collection of one-time-use cryptographic keys is arranged in a Merkle tree, and hash values associated with the one-time-use cryptographic keys are used to cryptographically derive a root node of the Merkle tree which serves as a public key for the signature authority.”

Amazon’s second patent, filed in mid-December 2015, focuses on data storage that would utilize a “grid encoding technique.” Data would be collected in “shards” and be logically grouped together and distributed. The techniques are designed for extending grids in data storage systems.

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Coinfest Asia Is Back in 2023 Carrying the Theme of Web 2.5
    March 20, 2023
  • Poolz Security Incident Prompts Rapid Response and Platform Restructuring
    March 16, 2023
  • Sovryn Introduces Decentralized Bitcoin-Backed Sovryn Dollar To Combat Centralized Stablecoins
    March 16, 2023
  • Partnership Announcement – Oraichain x DoraHacks
    March 16, 2023
  • Wemade Announces Partnership With Space and Time To Power Blockchain and Gaming Services
    March 15, 2023
  • DAO Maker’s Degen Zoo Builds the Abandoned Logan Paul Game in 30 Days
    March 10, 2023
  • New Peer-to-Peer Chat Application Launches on the Decentralized Streamr Network
    March 9, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,990.50
$27,990.50
0.38%
Ethereum
$1,749.77
$1,749.77
2.06%
Cardano
$0.335923
$0.335923
3.09%
XRP
$0.378208
$0.378208
2.91%
Dogecoin
$0.072107
$0.072107
3.72%

Spotlight

  • Bitcoin Has Very Likely Bottomed With Technicals Lining Up Perfectly, Says Trader Tone Vays – Here’s His Upside Target
    March 14, 2023
  • Over 3,800,000,000 Shiba Inu (SHIB) Disappears As Burn Rate Explodes 1,131% Following Shibarium Beta Release
    March 16, 2023
  • Bitcoin Is the Big Winner in an Inflationary Environment, Says BTC Bull Anthony Pompliano – Here’s Why
    March 19, 2023
  • Whales and Sharks Accumulate $821,000,000 in Bitcoin in Just One Week: Santiment
    March 13, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl