Bank of America Files Patent for Blockchain-based Data Validation System


Bank of America files patent for Blockchain-based data validation system, which proposes the use of the nascent technology for tracking resource information and confirming resource transfers.

19 July, AtoZ Markets – One of the US banking giants, the Bank of America (BoA) has filed a patent for a Blockchain-based system that would allow for the external validation of data. The document has been published on July 17 by the United States Patent and Trademark Office (USPTO).

Bank of America Files Patent for Blockchain-based Data Validation System

The patent from BoA proposes the use of Blockchain for tracking resource information and confirming resource transfers. The patent filing reads:

“A need currently exists for providing a more accurate indication of a user’s financial standing by allowing external validation of data in a process data network.”

Furthermore, the patent describes how the system is designed to record information on the Blockchain via “aggregated information associated with past transfer of resources executed by an entity.” The system would also update the information on the Blockchain with each transaction activity. 

Back in April, the USPTO has released yet another patent from BoA for a Blockchain-based storage system. As per some of the online reports, the Bank of America has now around 45 live patents related to Blockchain, which are still pending. The BoA’s CTO has been quoted saying that the patents allow the bank to be “prepared.”

Mastercard Wins US Patent To Speed Up Crypto Payments

In the meantime, the BoA has also been noted for its cryptocurrency criticism. Back in May, the bank officials have called Bitcoin “troubling” while still sticking to their previous decision to ban BoA customers from buying cryptocurrencies using credit cards.

Another US credit card market giant, Mastercard, has won a patent for a method of speeding up cryptocurrency payments. In a bid to reduce these transaction times, the company plans to offer a new type of user accounts to transact in cryptocurrencies via existing systems for fiat currencies. The account would link a series of profiles able to spot a users’ “fiat currency amount, a blockchain currency amount, an account identifier and an address.”

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