Bank of America has filed three new blockchain-related patents geared towards data authentication and identity verification. The new patents are the latest in a growing number of blockchain patents filed by the financial services giant.
Creating Innovation With Blockchain
Financial services company Bank of America has submitted three new blockchain patents that focus primarily on authenticating information as well as those who handle it.
According to the official website of the United States Patent and Trademark Office (USTPO), one of the patents focuses on the conversion of non-secure “instruments” through a validation process into “transaction confirmation outputs”. The document explains:
The blockchain recordation component receives a plurality of transaction records for each of a plurality of transactions (…), and when the transaction amount is available, it cryptographically records the transaction in a blockchain comprising a plurality of hashes of transaction records
Essentially the patent would allow Bank of America to authenticate user and transaction information through a blockchain system.The second patent utilizes a distributed ledger system that monitors and verifies user identities on a network. In the patent documents, it is described as following:
[the system] integrates stored information, real time information and real-time information/data/image(s) from an object/array of objects (Internet of Things (IoT))
The last patent is centered around a system that monitors changes in user history at a specific timeline and creates a “map” of the user and his history. The patents suggest that Bank of America is going to heavily invest in Bitcoin and blockchain technology.
What are your thoughts on these patents?
Read more:http://bitcoinist.com/bank-of-america-files-three-new-blockchain-patents/
