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.