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Bank of America files for crypto risk detection system

risk management 123

The United States of America’s second greatest Bank of America (BoA) has recently gestured its distress for the crypto community. The bank has also requested a patent for a crypto risk assessment system.

Consistent with the recent filing with the USPTO the legal permission provided to BoA is clued-up with a risk recognition system precisely suitable for cryptos. With the help of this system, a risk score will be imposed on crypto trade between the customer and a moderator.

With the help of this patent, BoA intends to conserve limpidity and trust of crypto trades, to guarantee the lowering of the risk taken.

The abstract of the document recommended that the system will comprise of a processor capable of receiving customer requests for the enactment of any crypto-trade with a wished moderator.

From here onwards, the processor will execute a slew of jobs i.e. recover blockchain info; define the worth of crypto, estimating risk score depending on the earlier dynamics.

Multiple processors can be united on the system to tag multiple aspects of transactions concurrently. The patent document underlined the key usage by public, history of trading and crypto-units.

As cited before, the risk score will be evaluated and a score will be allocated, which will define the nature of transactions and will indicate further examination.

Last year, the bank requested a patent for the crypto storage system to permit firms to store their crypto-transactions. The patent has been formally approved for BoA (named: Hardened Storage Device).

Additionally, BoA has earlier confirmed to a technology that forces the crypto space i.e. Blockchain. According to a study, the experts at the American Bank indicated firms like Microsoft and Amazon the beneficiaries of Blockchain technology.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

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