Bank of America (BoA) Files Blockchain Patent For External Data Validation

Blockchain Patent Filed by Bank Of America to Permit External Validation of Data

While many financial institutions and other entities have been rejecting cryptocurrency for their customers, Bank of America’s voice has been quite loud in their disdain. In May, they went as far as to call Bitcoin “troubling,” and their customers are restricted from using any BoA credit card to purchase any crypto token. However, blockchain technology has never been off limits.

Bank of America has decided to integrate a blockchain-based system for external data validation, which they filed a patent for. The United States Patent Trademark Office released the announcement of the patent on July 17th. Within the filing, Bank of America requests that blockchain is used to help to track important information relating to transfers and their resources. They stated, “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.”

The application for the patent further explains that the blockchain would document necessary details on their blockchain, depending on “aggregated information associated with past transfer of resources executed by an entity.” The blockchain would remain updated in real time, showing each new transaction as it occurs.

This is not the first patent published from Bank of America. Back in April of this year, they were granted a patent for a storage system that thrives entirely on blockchain as well. In fact, there are still approximately 45 active patents that are pending with the USPTO. Bank of America has supported these patents by saying that they are trying to be prepared and proactive in their adaption with blockchain.

Bank of America is not alone in their desire to adapt to the future of blockchain. Mastercard even announced their own patent application this week, which would allow consumers to participate in “blockchain currencies” transactions.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,269FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Kanye West and Kevin Hart Gives Bitcoin (BTC) a Shout Out

Over the weekend, Bitcoin got a shout out from two celebrities. The first one came from Kanye West, who appeared on Joe Rogan’s popular podcast...

Ethereum 2.0 Deposit Contract Almost Ready, Awaiting NCC Group Audit Approval

The Deposit Contract of Ethereum 2.0 is almost ready, according to Danny Ryan, a researcher from the Ethereum Foundation. He revealed this development when...

DeFi Harvest Finance Total Value Locked Halves & FARM Tanks Following ‘Economic Attack'

Another day, another DeFi exploit. It was last week that the less than two-month-old Harvest Finance saw its total value locked (TVL) surge to $1.175...

Crypto Market Sentiments Do A 180; From Fear to ‘Borderline Euphoric' Following Bitcoin Rally

Since surging last week to hit $13,000, Bitcoin has been keeping around this level. More importantly, over the weekend, Bitcoin made its first close above...

Biggest News of the Week: Going Mainstream or A Sacrifice in the Name of Pump?

This week, the big news came in the form of PayPal announcing support for cryptocurrencies. Not only the payments company would allow its users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today