Ripple Distributed Ledger Technology Is Being Featured in Bank of America Patent
- Ripple has many partners in the traditional banking industry.
- Bank of America filed a patent that included the use of distributed ledger technology.
Bank of America has been filing multiple patents that involve cryptocurrency and blockchain technology, giving consumers in the space a little hope that a major financial institution is getting involved.
Now, according to reports, Bank of America has filed a patent that includes a real-time settlement system with the use of the Ripple ledger. Ultimately, this new patent should improve the efficiency and costs of transactions.
— Dillon (@Dillon) July 20, 2019
This patent document shows Bank of America’s recognition that distributed ledger technology could realistically change a lot of the banking industry and accounting. With the new patent, the financial institution lists multiple advantages, like the lack of physical accounts, real-time payment advisory, and other details.
Ripple has consistently stood by the fact that their protocol and ledger offer easier transactions that involve multiple currencies. With the use of the XRP token, which is native to Ripple, clients are able to easily convert between currencies without having to pay exponential feels.
Investigating accounts and management of balances can become much easier with those ledgers, because of the greater clarity in operations.
The patent explains this process by showing two clients transacting different currencies, exchanging them for XRP and converting them upon receipt. Bank of America basically just acts as the intermediary for the other bank and their own client.
Many people already felt confident in the way that Ripple can secure big partnerships, but the big criticism has been of the public sale of XRP. The token is primarily used by institutions for transacting, so there’s plenty of retail investors that have stated that the token is otherwise useless for capital appreciation.
Ripple Inc. has been securing multiple partnerships lately, including SBI Japan and Santander, ever since it first launched its products. Those products include xRapid, xCurrent, and xVia, which are protocols for payment remittance.