Bank of America is going big on blockchain, plans

Follow us on, telegram. Based on the patent applications as of mid-October 2017, the bank proposes the use of a Blockchain to facilitate the transferring of large volumes of data while simultaneously tracking the data through the use of cryptographic keys during the transfer process. For example, a healthcare provider will only have access to relevant healthcare records.

Bank Of America Building With Blockchain, seeking Alpha

Bank of America has filed a pair of patents for a Blockchain-based system aimed to improve the tracking of file transfer processing in real time. A user will authorize service providers to securely access their data, but only for the specific records they have access.

Bank of America, hsbc Unveil Blockchain Supply

Under the system, a Blockchain can be integrated with communications and memory devices to facilitate the data processing process. For second on the list, with 27 each.

Bank Of America, leader In, blockchain Patents, pymnts

Patent and Trademark Office to educate examiners about financial services. Bank of America has revealed the development of a blockchain-based trial for trade finance, as a part of the financial institutions foray into pushing for the adoption of the underlying technology that powers. Finally, traditional methods are more prone to attacks from unauthorized parties. EnvisionIPs study only included issued patents and applications that are made public, which typically occurs 18 months after theyre filed. Bank of America feels providing access to documents, through this private blockchain implementation, has many benefits including: Utilizing the blockchain to store relevant records reduces the number of back-and-forth queries that must be made between the computer servers owned by an individual or entity and.

BofA Tops IBM, Payments Firms With Most

While this patent was originally filed in 2016, the release of this filing comes at a time when Facebook was recently called to United States Congress over the Cambridge Analytica data scandal and ahead of the upcoming European Union. Bank of America patents published by the uspto showed proposals for a "cryptocurrency risk detection system" and "suspicious user alert system" among others. Furthermore, Bank of America is also among the.