According to a patent filing at the United States Patent and Trademark Office (USPTO) released on July 17, the Bank of America filed a patent application for a new blockchain-based system that would allow external validation of data.
BoA’s filing proposes the use of blockchain to rack resource information and confirm resource transfers.
The bank notes that:
“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 patent filing describes how the system works, recording information on the blockchain based on what it calls “aggregated information associated with past transfer of resources executed by an entity.” The system would update the information on the blockchain everytime a new transaction activity is recorded.
BoA And Blockchain
Last April, The USPTO released another patent filing from the bank for a blockchain storage system. Fortune Magazine reports that BoA has 45 live patents related to blockchain currently pending, with their CTO noting that the amassed patents allows the bank to be prepared.
Despite its support for blockchain, BoA is notorious for its dislike for cryptocurrencies, stating in May that it found Bitcoin “troubling” and banning users who used their credit cards to purchase crypto.
BoA isn’t alone in the blockchain race. Mastercard revealed this week its own blockchain patent for a system that allows lightning-fast cryptocurrency payments