Bank of America Files Patent for Blockchain-based Processing System
Bank of America has filed a pair of patents for a Blockchain technology-based system aimed to improve the tracking of file transfer processing in real time.
Bank of America has filed a pair of patents for a Blockchain-based system aimed to improve the tracking of file transfer processing in real time. Under the system, a Blockchain can be integrated with communications and memory devices to facilitate the data processing process.
Based on the patent applications as of mid-October 2017, the bank proposes the use of a Blockchain to facilitate the transferring of large volumes of data while simultaneously tracking the data through the use of cryptographic keys during the transfer process.
The system will be able to handle two types of data processing, namely, the actual data transfer itself, and the log of the cryptographic keys identifying each data packet and its present processing stage.
Part of the patent applications read:
"The present invention is directed to providing a novel technical solution that reduces transactional and informational complexities and transforms the processing of electronic files and management of data contained within such files."
Bank of America’s research efforts on Blockchain
The latest applications are part of the major American bank’s effort to establish a portfolio of protected applications of Blockchain technology. The bank has already filed over 20 patents related to the technology or digital currencies since 2014 as of August.
Among the patents filed are three patents based on the use of distributed ledgers to authenticate the veracity of information and the parties who handle it and two patents based on a peer-to-peer (P2P) payment system that is powered by a Blockchain. The mega-bank has also filed a batch of patents covering almost the entire cryptocurrency exchange and payment process including transaction validation, risk detection, real-time conversion, as well as online and offline storage.