In order to improve the tracking and transfer of files for processing in real time, the Bank of America has filed a patent pair for a Blockchain-based system. The bank intends to integrate Blockchain with memory and communication devices to enable faster data processing. The main use of Blockchain is to transfer large data. Cryptographic keys will be used in the transfer of data. The cryptographic will also protect the data during transfer thus not prone to attacks.
The patent application was made in mid-October. Just to quote part of the Patent, it says: “This invention is directed towards providing a technical solution for reducing transactional and informational complexes. More to that the invention transforms the processing of electronic files. Also, the management of data can be done in those files.”
Efforts made by the Bank of America on Blockchain
In the past Bank of America has been trying to establish a portfolio of protected applications of the Blockchain technology. In fact, since 2014 the bank has filed over 20 application all related to technology or digital currencies. Of the patents, three are based on the use of distributed ledgers to confirm the reliability of information.
The Bank has always tried to enhance its technology to ensure customer satisfaction. When there is a fast flow of information little time will be spent approving payment. This will enable the bank to concentrate issues such as marketing.
The appropriated Ledgers and the other two licenses in light of distributed installment framework fueled by Blockchain are taken care of by similar individuals. The bank has also filed several patents that cover cryptocurrency exchange. The process of payment and transaction validation, real-time conversion and online and offline storage are also contained in the patents. The offline storage is to offer security to the Blockchain transaction.