Categories: News

Bank of America files patents for blockchain system

While bankers do not believe that bitcoin will end up going mainstream, it is clear that they share a strong belief in the digital currency’s underlying system- the blockchain.

In fact, recently, it seems like the US Patent office published a total of 10 blockchain patents which have been filed by the Bank of America in the summer of 2014. The patents have not been granted yet, but it’s worth pointing out that the filing easily demonstrate the fact that the bank has an interest in blockchain, and plans to use the tech to revamp many of its backend operations.

Based on this, the patents include a couple of interesting projects such as a crypto-transaction payment system, but also risk detection, storing cryptocurrencies offline and even using the blockchain technology to measure and prevent fraudulent activity.

Other financial institutions are also increasing their research efforts on the blockchain. Last week, IBM, the London Stock Exchange, JPMorgan and Wells Fargo went ahead and announced the Open Ledger Project, which is a consortium that focuses on giving businesses the possibility to build and use their own blockchain technology.

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When asked to comment on these filings, the Bank of America did not provide an answer.

Based on everything that has been outlined so far, what do you personally think about these brand new patent filings?

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Daniel Dob

Daniel is a bitcoin investor and journalist for numerous news outlets in the financial sector. When he's not writing, trading, or interviewing people, you can find him swimming, reading or taking one of his hobbies to the next level.

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Daniel Dob

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