The Bank of America is currently investigating how it may utilize a blockchain to track and monitor the document transfers in real time.
The suggested system, outlined in two sets of patent software fillings recently published by the US Patent and Trademark Office, detail a scheme where a blockchain may be amalgamated together with memory and communications devices to simplify the information processing procedure.
Specifically, on October 12, Bank of America filed two patent applications. These are the System for Transforming Large-Scale Electronic Processing using Application Block Chain and the System for Transforming Large-Scale Electronic Processing Using Application Block Chain and Multi-Structured Data Stores. These were filed patent applications for blockchain-based answers to challenges the real-time monitoring of information processing.
The Applications, which have descriptions and abstracts comprising a great deal of overlap, detail creations that aim to “alter the block series to a dispersed ledger from a dispersed ledger of people of Applications,” allowing those programs to act as “participants at an internal dispersed ledger.”
In addition, as put forward in the contents, the existing system demands middleware to operate and get the number of time, resource and memory requirements. Meanwhile, the status procedure of the data can't be monitored because of these memory conditions.
Relatively, the bank proposes utilizing a blockchain to transfer large volumes of information quickly, while monitoring the data as packets are moved utilizing cryptographic keys.
The system intends to utilize a blockchain to manage a log of the keys that identify its stage and every information packet, in addition to two kinds of information processing: the information transfer itself.
Bank Of America Patent
“The current invention is directed to providing a publication technical option that reduces informational and sociological complexities and transforms the processing of electronic files and management of information contained in such documents.”
Though the patents represent a fresh leadership for its improvements in blockchain and Bank of America, it is not anywhere near the bank dalliance.
The Bank of America has been active in submitting many patents to its technology, which now stands at more than 20 as of August this year. Since 2014, filling patents make it one of the most active proponents of the technology in the banking sector to date.
Together with the delay in patent applications, there may be more programs in the market. In any event, it's clear that the Bank of America recognizes the advantages of using the blockchain across a variety of their capabilities that are internal as well as operating the disseminated ledger technology.