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Bank of America is looking for a patent on the blockchain processing system

Bank of America is exploring how it can use a blockchain to better track the processing of file transfers in real time.

19.Oct.17 9:59 AM
By Daria Zaytseva


Bank of America is looking for a patent on the blockchain processing system

The proposed system, described in a pair of patent applications recently released by the US Patent and Trademark Office, describes in detail the system by which a blockchain could be combined with communication and memory devices to simplify the processing of data.

As indicated in the documentation, current systems require the use of middleware and have a large number of memory, resource and time requirements. At the same time, the state data's status during processing cannot be monitored because of these memory requirements.

Instead, the bank suggests using a blockchain for faster transfer of large amounts of data while simultaneously monitoring the data using cryptographic keys as the packets are transmitted.

The system aims to use a blockchain technology to handle two types of data processing: the actual data transmission, and a cryptographic key log that identify each data packet and its current processing stage.

In general, the patents are the latest that find the United State’s banking giant continuing to build a portfolio of protected blockchain uses. As of August, Bank of America has applied for more than 20 patents related to blockchain or cryptocurrency since 2014.

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