Bank of America files Important Blockchain-Based Patents

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:

[perfectpullquote align=”full” cite=”” link=”” color=”” class=”” size=””]“In some embodiments, the invention enables tracking and monitoring of end-to-end processing status during processing of the electronic files in real-time, without requiring transmission of electronic file data between applications, while allowing for compatibility of data in multiple formats, and hence executing end-to-end processing of electronic files.”[/perfectpullquote]

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.