The United States Patent and Trademark Office [USPTO] filing of April 30 a patent for detecting risk in the system is granted to BoA for specifically handling the virtual currency or digital currencies. According to the sources, the system is designed so as to develop a risk score will be assessed through the transaction made between the customer and the third party
The Bank also released a statement where it states that due to the advancement in the technology and the streamlining of the cryptocurrency financial transactions becoming common among the masses, the necessity has arisen to have a system which can calculate the risk within a cryptocurrency transaction.
The Bank of America’s main objective is to maintain the secured transparency and cryptocurrency transaction trustworthiness while ensuring the lower risk through the system which is being implemented by them.
According to the reports, the system will have a processor which will receive a request from the bank’s customer so as to perform a crypto-related transaction with the third party. The Abstract of the patent states that the system’s processor will be capable of performing a slew of functions and also will retrieve blockchain information, simultaneously it will either calculate the risk score or determine the cryptocurrency value from the transaction based on the factors preceding it.
The system can be integrated with one or more processors for tagging a various number of factors and aspects that lay within the transaction. Public key usage, crypto units in question and the transaction history were the main points which were highlighted in the document, while also assessing the risk score simultaneously with it and the assigned score of the transaction made.
Whether or not the transaction is of a suspicious category will be determined by the risk score and will also look upon whether it requires a thorough investigation if it happens to be suspicious.
On October 2018 the bank was granted a patent wherein the Bank had filed for a cryptocurrency storage system that will permit the companies to make seamless storage of the crypto-related transaction. The hardened storage device- which was granted to the BoA helped in the storage of cryptographic keys.
With the latest news of cryptocurrency being hacked and the security threat of the online transaction has caused a stir, the crypto markets are striving to make the environment more secure and friendly for the customers who deal with the crypto transaction on daily basis. While BoA is definitely carving a niche for its customers’ cryptocurrency security.