Bank of America (BoA) has applied to patent a new blockchain systems that allow for external validation of data. The application was accepted by the patent and trademark office (USPTO) on July 17.
The document stated that the technology of the distributed registry is used for control of resource information and confirmation of transfer of funds.
“Now there is a need for more accurate reporting on the financial status of the client. This is required for external validation data during their processing in the network” — explain the authors of the document.
The system will collect information related to the transfer of funds between entities. Data will be updated with each new transaction.
We will remind that in April, BoA filed in the USPTO another patent application which describes a blockchain-system with automatic authentication data, intended mainly to store and protect personal and business information of users.
According to the newspaper Fortune, is now under consideration are 45 patents related to the technology of distributed registry filed by BoA. According to technical Director of the Bank, the accumulation of such documents is beneficial to the company in the strategic plan.
It is interesting that, despite the activity of the Bank in the blockchain, he is famous for his negative attitude towards bitcoin. For example, in February the company released a report in which he called the digital currency a threat to the business model of the holding, and in may, technical Director BoA described the cryptocurrency word “disturbing”. This statement was followed by the prohibition of the Bank to buy cryptocurrency using their credit cards because of the risk caused by high volatility.
comments powered by HyperComments