Bank of america files patent for cryptocurrency
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Various patent filings have been made public over the past few weeks and months.
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| Forex price action ea | Play Now! Indeed, the invention may be embodied in many different forms and should not be construed as limited here the embodiments set forth herein; rather, these embodiments are provided so that this disclosure will satisfy applicable legal requirements. The transactional record will provide information about what process or application the payment transaction was just processed through and metadata coded therein for searchability of the transactional record within a distributed ledger. To put this into perspective, the patent will offer validated permission to certain users. The third party systems 40 associated with a plurality of user 5 may include similar structure as that of the user computer systems |
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| Btc group joined the board | Thus, there may be instances where discrepancies occur, and both sides would need to work to remedy the discrepancies in order to facilitate the system without a distributed ledger. Bank of America is working on managing security and access to resources using a distributed validating network. For example, the user interface include a graphical user interface GUI or an interface to input computer-executable instructions that direct a processing device to carry out specific functions. 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. In some embodiments, the block chain system is closed, as click here the number of miners in the current system are known and the system comprises primary sponsors that generate and create the new blocks of the system. In various embodiments, a set of rules such as a smart contract dictates criteria for settlement, as represented by block |
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As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to securely store cryptocurrency. While it develops patents that talk of cryptocurrencies and the blockchain technology, the bank has been quite critical of cryptos in the past. Bank of America had even commented on cryptocurrencies during their most recent annual report, stating that cryptocurrency adoption is a threat to their business model.
The bank has, in the past, filed multiple patents that talk about cryptocurrencies and the blockchain technology. These patents include the likes of a blockchain-based data storage system , a system for external validation of data, tools for blockchain security, etc. Banks tapping into the cryptocurrency markets is rather strange, because cryptocurrencies were created in the first place to bypass the existing banking systems.
As technology advances, foreign transactions have become more common. For some customers, it may be desirable to conduct a foreign wire transfer in less time than what current foreign wire transfer systems allow. Further, it suggests that fund transfers using cryptocurrency would reduce the need to transfer customer information to a "third-party system", thereby "increasing control and security of customer data" during such transactions.
While the filing uses the term "cryptocurrency" generally throughout, it does name bitcoin, litecoin , Ripple and dogecoin as specific examples. Representatives from Bank of America did not immediately respond to requests for comment. Assessing need One of the more interesting aspects of the filing is the way in which it envisions the method by which cryptocurrency would be selected as the preferred option for transmitting funds.