An application for innovation called Block Chain Encryption Tags was sent on April 18, 2018. It elaborates on a technolodgy designed to record and securely store data on cryptocurrency transactions carried out by companies. Its text is posted on the website of the US Patent and Trademark Office (USPTO) on August, 23.
The system includes an appliance with a processor that first obtains a set of information, then gets an encryption key, and further encrypts data within the first block. After that, the device unites the encryption key with the encrypted “map” of the elements to create and encipher the “creator tag” that is built in the first block of the blockchain.
Next, the device combines the encryption key with the encrypted item card, making and encrypting the “creator tag” that is embedded in the first block.
Despite its skeptical attitude towards virtual currencies, Bank of America is actively exploring its basic underlying technologies for a long time.