Bank of America has filed two patent applications for blockchain-based solutions for tracking the processing of electronic files. The applications published on October 12, 2017, and claim to use blockchain distributed network to housing applications for facilitating the processing of data without middleware.
Real-time, without requiring transmission of data
An abstract shared by both patents reads in part:
Will use blockchain distributed network to housing applications
The patent was filed on the background that existing systems for processing high volume data required multiple channels and multiple applications running which require middleware for transferring and holding data which in turn demands high memory, processing resource, and time requirements.
The solution will focus on reducing these time, memory and processing requirements by tracking real-time and processing high volume data, where applications interact in a blockchain network.
Bank of America has filed over 20 blockchain-based patent applications
Bank of America has filed over 20 blockchain-based patent applications to date. Earlier this year US Patent and Trademark Office published three blockchain-based patents applications by the bank which focused majorly on tracking and validating a user’s identification.
The patent applications as released by the US Patent and Trademark Office have titles ‘System for Transforming Large Scale Electronic Processing Using Application Block Chain’ and ‘System for Transforming Large Scale Electronic Processing Using Application Block Chain and Multi-Structured Data’ respectively.