The banks have been playing a strong monopoly in our economy, inspite of being a traditional system it has served the purpose over decades to billions of customers.
As the technology demands the traditional financial institute is now looking for an upgrade. Getting into blockchain sphere and adding a additional security layer on top of the banking system is evidently beneficial for the banks in long run. One of America’s largest bank has understood the dynamics of the technology and leads the technological sprint with filing patents in blockchain. Recently one for “tamper-responsive” remote storage of private keys.Patent filing was finalized and entered into the record this week but initially filed two years ago.
The Problem : Storage methods for private crypto keys is not feasible with real-time response in case of breaches.
Bank of America wants to serve as a bank for private keys — a digital safe deposit box, of sorts, with the requisite insurance and backing of a major banking corporation.
The patent describes that the key from potentially compromised device is deleted automatically upon tamper attempts.
” In specific embodiments of the system, the storage device further includes one or more sensors in communication with the first processor. In such embodiments of the system, the first processor is further configured to, in response to receiving the tamper-related signals from the one or more sensors, delete the one or more private cryptography keys from the first memory.”
When the 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.”
When a virus or malware is detected :
“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.”
Bank Of Americahas thought through the major issue in storing a private key and has proven to be a leading player in giving what the growing crypto community needs.
Solutions like this will help crypto exchanges be less vulnerable.