IP Library › Granted Patent US 10,255,600
Granted Patent B2
US 10,255,600 · App. 14/306,158 · Granted Apr 9, 2019

Cryptocurrency offline vault storage system

Inventors: James G. Ronca (Decatur, GA); Joseph B. Castinado (Northglenn, CO); Heather Dolan (Sarasota, FL); Thomas E. Durbin (Waynesville, NC)
Assignee: Bank of America Corporation
G06Q20/3829G06Q20/065G06Q20/10G06Q20/36G06Q20/381G06Q20/4016G06Q20/4037H04L41/0816H04L63/0428H04L67/12H04L2463/102
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Quick Facts
Patent No.
US 10,255,600
App. No.
14/306,158
Filed
Jun 16, 2014
Granted
Apr 9, 2019
Kind
B2
Art Unit
3685
USPC
705/71
Abstract

A system includes a memory that may store a customer account associated with a customer and a processor communicatively coupled to the memory. The processor is able to receive a request to deposit a quantity of cryptocurrency into the customer account and associate the quantity of cryptocurrency with the customer account. The processor is also able to deposit the quantity of cryptocurrency into a vault connected to a network and determine a total quantity of cryptocurrency deposited into the vault. The processor may also, in response to determining the total quantity of cryptocurrency deposited into the vault exceeds a threshold, facilitate the disconnection of the vault from the network.

Claims (71)

1. A system comprising:

a memory operable to store a customer account associated with a customer; and

a processor communicatively coupled to the memory, the memory including executable instructions that upon execution cause the system to:

receive a request to deposit a quantity of cryptocurrency into the customer account;

associate the quantity of cryptocurrency with the customer account;

deposit the quantity of cryptocurrency into a vault connected to a network;

store one or more private keys associated with the quantity of cryptocurrency into the vault, wherein the one or more private keys are encrypted using a hash function;

determine a total quantity of cryptocurrency deposited into the vault;

in response to determining the total quantity of cryptocurrency deposited into the vault exceeds a threshold, facilitate the disconnection of the vault from the network;

identify a cryptocurrency transaction that is performed using a private key;

determine that the private key associated with the cryptocurrency transaction matches a private key that is stored in the vault;

in response to determining that the private key associated with the cryptocurrency transaction matches a private key that is stored in the vault, determine that the transaction is potentially a fraudulent transaction; and

in response to determining that the transaction is potentially a fraudulent transaction, flag the requested transaction as potentially fraudulent.

2. The system of claim 1 , wherein the memory further including executable instructions that upon execution cause the system to:

determine whether a transaction is associated with at least a portion of the quantity of cryptocurrency deposited into the vault; and

flag the transaction as potentially fraudulent in response to determining that the transaction is associated with at least a portion of the quantity of cryptocurrency deposited into the vault.

3. The system of claim 2 , wherein determining if the transaction is associated with at least a portion of the quantity of cryptocurrency deposited into the vault comprises determining whether a private key associated with the at least a portion of the quantity of cryptocurrency deposited into the vault is associated with the transaction.

4. The system of claim 1 , wherein the vault is physically stored at a remote location after disconnection from the network.

5. The system of claim 1 , wherein the memory further including executable instructions that upon execution cause the system to:

receive a payment request for at least a portion of the quantity of cryptocurrency; and

in response to receiving the payment request for at least a portion of the quantity of the cryptocurrency:

determine a quantity of cryptocurrency in a float account that is equivalent to the portion of the quantity; and

transfer the quantity of cryptocurrency in the float account to a requesting party associated with the payment request.

6. A method comprising:

storing a customer account associated with a customer;

receiving a request to deposit a quantity of cryptocurrency into the customer account;

associating the quantity of cryptocurrency with the customer account;

depositing the quantity of cryptocurrency into a vault connected to a network;

storing one or more private keys associated with the quantity of cryptocurrency into the vault, wherein the one or more private keys are encrypted using a hash function;

determining a total quantity of cryptocurrency deposited into the vault;

in response to determining the total quantity of cryptocurrency deposited into the vault exceeds a threshold, facilitating the disconnection of the vault from the network;

identifying a cryptocurrency transaction that is performed using a private key;

determining that the private key associated with the cryptocurrency transaction matches a private key that is stored in the vault;

in response to determining that the private key associated with the cryptocurrency transaction matches a private key that is stored in the vault, determining that the transaction is potentially a fraudulent transaction; and

in response to determining that the transaction is potentially a fraudulent transaction, flagging the requested transaction as potentially fraudulent.

7. The method of claim 6 , further comprising:

determining whether a transaction is associated with at least a portion of the quantity of cryptocurrency deposited into the vault; and

flagging the transaction as potentially fraudulent in response to determining that the transaction is associated with at least a portion of the quantity of cryptocurrency deposited into the vault.

8. The method of claim 7 , wherein determining if the transaction is associated with at least a portion of the quantity of cryptocurrency deposited into the vault comprises determining whether a private key associated with the at least a portion of the quantity of cryptocurrency deposited into the vault is associated with the transaction.

9. The method of claim 6 , wherein the vault is physically stored at a remote location after disconnection from the network.

10. The method of claim 6 , further comprising:

receiving a payment request for at least a portion of the quantity of cryptocurrency; and

in response to receiving the payment request for at least a portion of the quantity of the cryptocurrency:

determining a quantity of cryptocurrency in a float account that is equivalent to the portion of the quantity; and

transferring the quantity of cryptocurrency in the float account to a requesting party associated with the payment request.

11. A system comprising:

a vault; and

a server comprising:

a memory operable to store a customer account associated with a customer;

a network interface communicatively coupled to the vault; and

a processor communicatively coupled to the memory, the memory including executable instructions that upon execution cause the system to:

receive a request to deposit a quantity of cryptocurrency into the customer account;

associate the quantity of cryptocurrency with the customer account;

deposit the quantity of cryptocurrency into the vault;

store one or more private keys associated with the quantity of cryptocurrency into the vault, wherein the one or more private keys are encrypted using a hash function;

determine a total quantity of cryptocurrency deposited into the vault;

in response to determining the total quantity of cryptocurrency deposited into the vault exceeds a threshold, facilitate the disconnection of the vault from the network interface;

identify a cryptocurrency transaction that is performed using a private key;

determine that the private key associated with the cryptocurrency transaction matches a private key that is stored in the vault;

in response to determining that the private key associated with the cryptocurrency transaction matches a private key that is stored in the vault, determine that the transaction is potentially a fraudulent transaction; and

in response to determining that the transaction is potentially a fraudulent transaction, flag the requested transaction as potentially fraudulent.

12. The system of claim 11 , wherein the memory further including executable instructions that upon execution cause the system to:

determine whether a transaction is associated with at least a portion of the quantity of cryptocurrency deposited into the vault; and

flag the transaction as potentially fraudulent in response to determining that the transaction is associated with at least a portion of the quantity of cryptocurrency deposited into the vault.

13. The system of claim 12 , wherein determining the transaction is associated with at least a portion of the quantity of cryptocurrency deposited into the vault comprises determining whether a private key associated with the at least a portion of the quantity of cryptocurrency deposited into the vault is associated with the transaction.

14. The system of claim 11 , wherein the vault is physically stored a remote location after disconnection from the network interface.

15. The system of claim 11 , wherein the memory further including executable instructions that upon execution cause the system to:

receive a payment request for at least a portion of the quantity of cryptocurrency; and

in response to receiving the payment request for at least a portion of the quantity of the cryptocurrency:

determine a quantity of cryptocurrency in a float account that is equivalent to the portion of the quantity; and

transfer the quantity of cryptocurrency in the float account to a requesting party associated with the payment request.

Assignments (1)
ASSIGNMENT OF ASSIGNOR'S INTEREST Recorded Jun 16, 2014
From: RONCA, JAMES G.; CASTINADO, JOSEPH B.; DOLAN, HEATHER; DURBIN, THOMAS E.
To: BANK OF AMERICA CORPORATION
Reel/Frame 033113/0690 →
Continuity (1)
Related Publication 20150365283A1 · Dec 17, 2015
Cited By (1)
US 12,711,473