Bank of America has filed 3 novel blockchain-related patents geared towards information authentication in addition to identity verification. The novel patents are the latest inwards a growing position out of blockchain patents filed past times the fiscal services giant.
Creating Innovation With Blockchain
Financial services companionship Bank of America has submitted 3 novel blockchain patents that focus primarily on authenticating information too equally those who produce it.
According to the official website of the the States Patent in addition to Trademark Office (USTPO), ane of the patents focuses on the conversion of non-secure "instruments" through a validation procedure into "transaction confirmation outputs". The document explains:
The blockchain recordation part receives a plurality of transaction records for each of a plurality of transactions (…), in addition to when the transaction sum is available, it cryptographically records the transaction inwards a blockchain comprising a plurality of hashes of transaction records
Essentially the patent would allow Bank of America to authenticate user in addition to transaction information through a blockchain system.
The instant patent utilizes a distributed ledger organisation that monitors in addition to verifies user identities on a network. In the patent documents, it is described equally following:
[the system] integrates stored information, existent fourth dimension information in addition to real-time information/data/image(s) from an object/array of objects (Internet of Things (IoT))
The end patent is centered to a greater extent than or less a organisation that monitors changes inwards user history at a specific timeline in addition to creates a "map" of the user in addition to his history. The patents advise that Bank of America is going to heavily invest inwards Bitcoin in addition to blockchain technology.
Bank Of America in addition to Blockchain Technology
This isn't the offset fourth dimension that the famous finance corporation has shown its intention to acquaint amongst blockchain technology. According to an article past times CNBC on Jan 28, 2016, Bank of America decided to larn ahead inwards the project design 'game' in addition to filed fifteen dissimilar blockchain-related patents.
It is worth noting that the bulk of these innovative patents are focused on user in addition to transaction verification through blockchain technology, which could greatly trim transactions costs in addition to drastically cutting transaction times for customers.
Catherine Bessant, the master copy operations in addition to engineering scientific discipline officeholder at Bank of America, explained the company's involvement inwards blockchain technology:
Blockchain's really intriguing in addition to for us it's a residuum betwixt non wanting to last Neanderthal precisely non wanting to position something out inwards a commercial application where the commercial application is withal really unclear equally a technologist, the engineering scientific discipline is fascinating. […] And nosotros bring tried to remain on the forefront, I mean value nosotros bring somewhere to a greater extent than or less fifteen patents, close people would last surprised at Bank of America amongst patents inwards the blockchain or cryptocurrency space. (It's) really of import inwards the intellectual belongings basis to reserve our topographic point fifty-fifty earlier nosotros know what the commercial application powerfulness be.
Through its rapid movements, Bank Of America is clearly trying to win the project design race amongst the aid of blockchain technology. We are looking frontward to seeing how other fiscal institutions volition response to this.
What are your thoughts on these patents? Do you lot mean value that Bank of America volition last able to win the project design race? Let us know inwards the comments below!
Images courtesy of Pexels, Reuters/Shannon Stapleton, iStockPhoto
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