As everyone knows, mainstream banks have still not quite warmed to the concept of cryptocurrencies. That being said, Bank of America has acquired a patent for a risk detection system that is specifically meant for cryptocurrencies.
Although the crypto space has grown into a behemoth over the course of the past few years, security has been an ongoing issue. For crypto exchanges, cryptocurrency theft has been an issue that has dogged the industry throughout.
Investors and crypto exchanges have lost of billions of dollars through these security breaches, which is why this risk detection system from Bank of America is a welcome addition in the crypto security space.
Bank of America filed the patent for the risk detection system at the US Patent and Trademark Office on April 30 and some of the details that have emerged regarding the system are quite interesting. The whole system is centred on a real time risk assessment and scoring system that will allow crypto exchanges to have a track of the sort of risk that is involved in each and every transactions.
In addition to that, it will also be available to any organisation which wants to conduct a crypto transaction and wants to have a better idea about the risks involved. This system will significantly help people in completing risk assessment of crypto transactions with third parties and needless to say, this is a service that will definitely prove to be popular for any enterprises.
The risk detection software is not the first product that the Bank of America has developed for the cryptocurrency industry. Back in October 2018, the bank had been granted a patent for a storage system that is meant for cryptocurrencies. The product came to be known as a ‘hardened storage device’ and is particularly useful for storing crypto keys.
It seems Bank of America is trying to enter the cryptocurrency industry in a big way through a range of product offerings that is going to make things run smoothly. The bank is apparently an advocate for Blockchain tech, the basis of cryptocurrencies and is trying to convince some of the biggest tech companies about the virtues of the technology.