Bank of America files new Patent for Blockchain Technology

Bank of America files new Patent for Blockchain Technology

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For months now, banks and financial institutions all over the world have invested considerable capital in blockchain technology research and project development. The Bank of America for instance has just filed a couple of patents meant for a blockchain system that will improve the tracking process of file transfers in real time.

By utilizing this system, blockchain technology can be integrated with both memory and communication devices, therefore better facilitating the process of data transmission and processing. According to the patent, blockchain technology will be used to better transfer and track large volumes of data while also using cryptographic keys during the process to boost security significantly.

Further, the system being patented will reportedly handle two specific types of data processing, these being the data transfer, but also the log of the cryptographic keys, meant to identify the data packets and their real-time processing development.

While filing the patent, the following description was used: “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.”

The decision to file these patents strengthens the trend banks have been following, considering the fact that since 2014, the BoA alone has filed over 20 patents on blockchain technology and digital currencies. Some of the other patents include a system which uses distributed ledgers in order to verify and authenticate information, alongside with patents for a P2P payment system utilizing the very same technology.

What do you think about the Bank of America’s latest patents, their blockchain projects, and patents on blockchain or crypto technology in general? Let us know in the comment section below.

3 COMMENTS

  1. You can’t patent blockchain. Anyone can use it within their own business. If a patent is accepted, nobody will follow those rules anyway.

  2. I feel disappointed that large companies can patent technology like this. It prevents others from using this technology…unless they get permission from the patented company and pay for it. In a way it’s robbing people of this technology. For something as innovative as blockchain, no company should be able to take control on any particular aspects of it.

    • Hey Paul,

      Patents are the norm in traditional business and technology development. It is a way to protect the development efforts invested by these companies. The Blockchain is a combination of distributed ledgers, cryptography, and it is open-source. Specific blockchain developments can be patented, especially if they are created for use by the companies. The patent actually helps share the developments, in exchange for permission from the original developers.

      The cost of this permission is a matter of negotiation. 🙂

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