Bank of America Files Three New Blockchain Patents

Bank of America Files Three New Blockchain Patents

THELOGICALINDIAN - Bank of America has filed three new blockchainrelated patents geared appear abstracts affidavit and character analysis The new patents are the latest in a growing cardinal of blockchain patents filed by the banking casework giant

Creating Innovation With Blockchain

Financial casework aggregation Bank of America has submitted three new blockchain patents that focus primarily on acceptance advice as able-bodied as those who handle it.

According to the official website of the United States Patent and Trademark Office (USTPO), one of the patents focuses on the about-face of non-secure “instruments” through a validation action into “transaction acceptance outputs”.  The certificate explains:

Essentially the apparent would acquiesce Bank of America to accredit user and transaction advice through a blockchain system.

The additional apparent utilizes a broadcast balance arrangement that monitors and verifies user identities on a network. In the apparent documents, it is declared as following:

The aftermost apparent is centered about a arrangement that monitors changes in user history at a specific timeline and creates a “map” of the user and his history. The patents advance that Bank of America is activity to heavily advance in Bitcoin and blockchain technology.

Bank Of America and Blockchain Technology

This isn’t the aboriginal time that the acclaimed accounts association has apparent its ambition to innovate with blockchain technology. According to an article by CNBC on January 28, 2016, Bank of America absitively to get advanced in the addition ‘game’ and filed 15 altered blockchain-related patents.

It is account acquainted that the majority of these avant-garde patents are focused on user and transaction analysis through blockchain technology, which could abundantly abate affairs costs and acutely cut transaction times for customers.

Catherine Bessant, the arch operations and technology administrator at Bank of America, explained the company’s absorption in blockchain technology:

Through its accelerated movements, Bank Of America is acutely aggravating to win the addition chase with the advice of blockchain technology. We are attractive advanced to seeing how added banking institutions will acknowledge to this.

What are your thoughts on these patents? Do you anticipate that Bank of America will be able to win the addition race? Let us apperceive in the comments below!

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