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Bank of America Files Two Blockchain-Related Patent Applications

By

Adam

Reese

WriterETHNews.com

Bank of America has filed patent applications for blockchain-based solutions to data tracking issues.

On October 12, Bank of America filed two patent applications, 20170293503 and 20170295232, for blockchain-based solutions to challenges that surround the real-time tracking of data processing. The applications, which have identical abstracts and descriptions containing a great deal of overlap, detail inventions that aim to “transform the block chain [sic] from a distributed ledger of individuals into a distributed ledger of applications,” allowing these applications to act as “participants within an internal distributed ledger.”

Bank of America’s current data processing procedures involve multiple information channels and multiple applications that do the actual processing, a configuration that necessitates the use of “middleware for transferring and holding data between application processes.” This system is laden with “high memory, processing resource, and time requirements,” making it incapable of tracking the processing stages of these data in real time. 

By establishing the various applications involved in data processing as “participants on a block chain [sic] fabric,” the proposed inventions would enable the “tracking and monitoring of end-to-end transactional status,” as the apps “dynamically receive immediate updates to each processing event” from one another without requiring them to communicate directly.

To date, Bank of America has filed more than 20 patent applications relating to blockchain technology.

Adam Reese

Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam is a full-time staff writer for ETHNews and holds value in Ether.

ETHNews is commited to its Editorial Policy

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