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Bank of America launches new Blockchain patent

Bank of America launches new Blockchain patent

Market observers have predicted that large institutional investors and traditional financial institutions have been planning their entry into the world of crypto currencies for some time. Such a push could put Bank of America, one of the largest banks in the world, in the lead. This is supported by a new patent application from the company filed with the US Patent Office.

Bank of America and Your Patent Crypto Patent Application

The patent filed by Bank of America concerns an encrypted one Storage system for cryptocurrencies. The application has since been published by the US Patent Office and is titled “Blockchain Encryption Mark”. In the application, the bank describes its research results. These relate to the development of a particularly secure, block-chain-based cryptocurrency storage system.

However, this is not Bank of America's first patent application for blockchain technology. As early as April, the bank had filed a patent application. This was entitled “Automated Data and Service Authentication via Cryptographic Keys on a Private Blockchain”. It is possible that the bank would like to use the new Blockchain technologies to improve their systems and processes. It is also conceivable that the bank would like to venture into the world of crypto currencies in order to meet the wishes of its customers.

Is Bank of America thinking about entering the crypto market?

< In the description of the most recent patent application, there are some hints on how to use the patent. So it says:

“In general, a company can offer a variety of financial services on a crypto basis. As an example may serve currency exchanges, which are used by customers, such as those from the field of financial institutions, there to exchange one currency for another. Some exchanges may change a currency in cryptocurrencies, such as Bitcoin, Litecoin, Ripple, Peercoin or Dogecoin. “

The description could be understood as the bank plans to operate in the cryptocurrency field to become. But at the very least, it is thought that she is thinking of offering services related to cryptocurrencies. This could also include the retention of cryptocurrencies for your customers. The number of patents submitted by the bank underlines the interest of the bank. In fact, Bank of America is one of the companies with the most blockchain patents, as Bloomberg reported earlier this year. In that regard, it should even lie before IBM.

Nevertheless, not all observers are convinced that the bank actually wants to penetrate the crypto market. Bank of America's former vice president, Michael Wuehler, tweeted his views on the patent applications. According to Wuehler, the patent applications are all meaningless. They were used only for press releases and to give the impression of innovation.

My name is on 8 of the 50 Blockchain patents filed by BofA and from my perspective they are meaningless other than making for public relations. https://t.co/5OUzbg7qKx

– Michael Wuehler (@wuehler) August 25, 2018

Bank of America launches new Blockchain patent

Sources: US Patent & Trademark Office, Bloomberg, Twitter, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bank-of-america-reich-neues-blockchain-patent-ein/

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