Recently, we saw banks hedging their bets or even fully integrating cryptocurrencies. The acquisition, as well as filing of patents, is how some large organizations actually express their interest in some field, and Bank of America (BoA) continues to be the leader in the way, with now having secured its latest patent in the blockchain, as well as the crypto space, which is one for tamper-responsive remote storage of private keys.
The Bank of America wants to be a bank for private keys
As the patent filing claims, which has been finished and entered into the record in the last week but initially filed two years ago, the issue with existing storage methods for some private crypto keys is that such devices actually don’t provide for real-time response to breaches like that misappropriation of private cryptography keys is actually prevented.
The patent actually notes that the vast majority of private keys are actually stored in regular consumer-grade devices, as well as susceptible to being misappropriated by an entity which wants to usurp the identity of a user.
Essentially, the BoA also wants to serve as a bank for private keys – a digital safe deposit box of different kinds, with the requisite insurance, as well as the backing of a major banking corporation. Such kind of product is specific actually to find a gracious market in quick order, and that they also have a patent on the idea which means that they may be the only game in the town for a more extended period – if they, in fact, commercialize it.
The final bit is the novelty of the device or system, no matter what form it takes. The BoA actually wants to offer clients the ability to know in real-time when private keys are transpiring tampered with and to have some way to deal with such events. This invention can also serve all the different kinds of clients, but one imagines exchanges, as well as some other larger clientele that is most often the target of hack attempts, being their biggest beneficiaries.
The system of redundant keys for responding to attempts
The patent also describes a system of redundant keys in which it automatically returns to tamper attempts with the deleting of the key from the potentially compromised device.
In some specific manifestations of the system, the device for storage further includes one or even more sensors in correspondence with the first processor. In such an embodiment of the system, the first process is actually further configured to, in answer to receiving the tamper-related signals from at least one of the sensors, delete the one or even more private cryptography keys from the first memory.
Also, it can perform this function if physical tampering is being detected, for example when a device is stolen:
For example, in some other specific related manifestations of the system, the one or more sensors further comprise from at least one of a shock sensor, as well as an acceleration sensor and a temperature sensor. In such system, the first processor is configured further on, in answer to getting the tamper-related signals from one of the shock sensors, the acceleration sensor, as well as the temperature sensor eliminate the one or more private cryptography keys from the first memory.
Detecting virus or malevolent code
A third case where it might ghost a protected key off the client device is actually when a virus or malicious code is detected:
In some other specific embodiments of the system, the first processor is further configured in order to receive the tamper-related signal, from the computing node. In that kind of embodiments of the system, the tamper-related signal actually shows that a user has exceeded a predetermined number of attempts to inputting user authentication credentials to the routine of authentication.
As of the patent, the user is going to be required to configure what tamper signals are, as well as how they are processed.
Then, the time will tell what form this patent is going to take as a product. The secure storage of private keys remains an essential theme in crypto, mainly as the community develops and the number of bad players increases every day.