Categories: News

Bank of America Set To File 20 Additional Blockchain Patents

Whenever a major bank decides to file for patents regarding blockchain technology, people’s interests piqued immediately. The main goal of digital currencies such as Bitcoin is to create an ecosystem where everybody can be part of the system, by using blockchain technology in open source format accessible to everyone. Bank of America feels this is an opportune time to register another 20 blockchain patents, which can be seen as a way to commercialize distributed ledgers.

Also read: Building New Trust Relations Through Distributed Ledger Technology

Bank of America Likes Blockchain Patents

It is no secret that both Bitcoin and its underlying blockchain technology are getting a lot of interest as of late. Various financial players are exploring how distributed ledgers can be of benefit to their internal systems, in the hopes of reducing overhead costs and speeding up clearance and settlement for domestic and international transfers.

Over the past 18 months, the term “blockchain” has become quite the buzzword, to an extent where a lot of people are being put off by the concept alone.However, it seems as if the term “distributed ledger technology” will be the new terminology to address this innovative solution. Bank of America is planning to capitalize on the benefits of the blockchain, by filing even more patents.

During 2014, Bank of America filed 15 patents regarding various blockchain technology use cases. None of those patents have been granted just yet though, as the blockchain technology is open source and belongs to everybody on this planet. Attempting to patent certain use cases will stifle innovation in the blockchain industry and create an adverse effect.

Related Post

However, Bank of America is drafting up the paperwork to file patents for another 20 blockchain use cases, although no exact details had been released at the time of publication. The US Patents and Trademark Office will receive the necessary details later this month, which means details should be available within a few days from now.

So far, only ten of the 15 patent filings have been revealed to the public. Keeping in mind how details will only be published 18 months after filing the patent itself, it will take some time before we know the full extent of all 35 filings by Bank of America. Needless to say,  this approach by the major bank could very well end up working counterproductive.

It will take a few more years until the patents will lead to usable technology, though. Industry experts feel blockchain technology will not make it to a mainstream level for a few more years. At the same time, a lot of banks are keeping an open mind towards collaboration, whereas Bank of America wants to venture into the world of blockchain technology for themselves by patenting certain use cases.

Source: CNBC

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Aptos (APT) and Tron (TRX) Prices Slide, As Volume Soars For Rollblock Suggesting Parabolic Rally

As Aptos and Tron prices take a recent downturn, the spotlight shifts to Rollblock, whose…

48 mins ago

Altcoins to Watch in November: Binance Coin (BNB), Rollblock (RBLK), and Neiro (NEIRO)

As the crypto markets roll into their most bullish time of year, we present three…

54 mins ago

Analysts Forecast $1 for Cardano and Lunex Network As Dogwifhat Plunges To Former Lows

As the crypto market prepares for a major rally, experts believe that two top altcoins,…

1 hour ago

Retail Traders Panic Sell During ‘Fake Dip’; Whales Hold Tight to SOL, DTX, and SHIB for a Millionaire-Maker Bull Run

Solana (SOL): A Strong Ecosystem Despite Volatility Solana (SOL) has been all over the place…

2 hours ago

Llama 3.2 Predicts Price For Dogecoin: $2 Peak By 2025 And $5 Rally For DTX Exchange This Winter

Cryptocurrency trends are keen on the forecast that was recently released by Llama 3.2 model…

2 hours ago

Crypto Whale Sparks 8x Surge In $OPK Price with Massive Buy-in

A mysterious crypto whale, who previously invested 9,600 SOL into tokens $Pnut and $FRED, has…

4 hours ago