Three new patent applications reveal that Bank of America has been working on the use of distributed accounting technology (DLT) to validate the information and those who handle it.
Patents were first filed in February 2016; Last week, details of the three applications were made publicly available by the United States Patent and Trademark Office (USPTO). What is striking about the case is that the bank does not want to stay with just that and plans to register no less than 20 patents pending since 2016, before the presentation of another 15, including one that allows using digital coins to send funds between countries … A whole framework In which it seems that Bank of America is trying not only to remain at the forefront of modern technologies but also to monopolize the industry in the long run.
The first patent is called “System for monitoring and validating an entity in a process data network”, which would use the block chain to track and validate the identification of a user; The document details how a distributed database system could update information pertaining to the identification of a new user and subsequently store additional data such as physical attributes and locations. The idea is that authentication questions are generated based on a timeline, which could also be implemented by a third party service to allow access to users.
The second of the patents are based on a process that would validate the changes made in the user’s identity, while the third application is titled “System for the conversion of an unguaranteed instrument through a validation process” … the latter involves a computer system based on the Blockchain to facilitate the conversion of unsafe instruments to authenticated instruments, and therefore this would be the most generic patent application of the three.
To date, the institution has been among the most active companies in the patent application related to the block chain, requesting 10 by the end of 2015. However, so far it has not been granted any … Taking into account that the Total number of applications doubled in the first quarter of 2017, Blockchain technology will continue to evolve in this area.
Eduardo Gómez is a Venezuelan freelance writer and Information’s Technology Professional. He discovered Bitcoin in 2012 and has been drawn to it ever since. He also works as a Customer Support Agent at the San Francisco-based Bitcoin startup Purse.io