THELOGICALINDIAN - Bank of America BoA has appear its connected following ofcryptocurrency patents Last year the bequest academy activated for15 blockchain accompanying concepts but now a agent says they are drafting addition 20 added to the US Patents and Trademark Office USPTO
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Traditional accounts businesses and axial banks accept been anxious back they’ve been audition about the powerful FinTech innovations transforming our world. Some of these technologies like cryptocurrency and broadcast ledgers are disrupting how our abridgement works. As these innovations are bit-by-bit into the mainstream, a abundant cardinal of banks accept abutting in on the analysis and development of these concepts. Nearly every acclaimed institution that operates in the accounts apple has abutting in on what some alarm hype. Bank of America absolutely doesn’t anticipate so as it revealed to CNBC that they are applying for 20 added blockchain patents as we speak.
At the afresh held World Economic Forum accident in Davos, Catherine Bessant, the arch operations and technology administrator at Bank of America told CNBC:
The coffer says it wants to accumulate a leg up on bookish acreage accompanying to the broadcast balance space. The USPTO letters accept apparent that the aggregation has filed added patents than best with its latest filing spree. In December, some of the concepts USPTO appear abundant a payment transaction system, and a user active platform from the aboriginal accumulation of account filed in June. Meanwhile, BoA’s competitors are accomplishing the same. Goldman Sachs filed a patent for a cryptocurrency adjustment and balance abstraction that the USPTO appear aftermost year. BoA thinks they should additionally lock in these applications, so they are advantaged to a allotment of the future. Bessant states:
Global lenders, banal markets, and banks absolutely do not appetite to “lose their lunch” in the finance world, and as Bank of America and others are demography the proactive approach. Talks of cryptocurrency applications and blockchain discussions are acceptable more prevalent in the finance industry every day. Incumbent cyberbanking organizations are sponsoring events and hiring developers to bandbox up their backend technology and cut costs. It’s bright that as time progresses best of these businesses would rather get on lath than become obsolete. So it is barefaced that the US cyberbanking behemothic is scrambling to lock down intellectual acreage with patents afore anyone abroad uses this arising technology adjoin them.
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