Bank of America Seeks Patent for Blockchain Processing System

Nikhilesh De
Oct 19, 2017 at 09:00 UTC
NEWS

Bank of America is exploring how it might use a blockchain to better track the processing of file transfers in real time.

The proposed system, outlined in a pair of patent applications recently released by the US Patent and Trademark Office, detail a system by which a blockchain could be combined with communications and memory devices to simplify the data processing process.

As put forward in the filings, current systems require middleware to work, and have a large number of memory, resource and time requirements. At the same time, the data's status during processing cannot be tracked, due to these memory requirements.

Instead, the bank proposes using a blockchain to transfer large volumes of data more quickly, while simultaneously tracking the data using cryptographic keys as packets are transferred.

The system aims to use a tblockchain to handle two types of data processing: the actual data transfer itself, as well as a log of the cryptographic keys that identify each data packet and its current processing stage.

According to the applications:

"The present invention is directed to providing a novel technical solution that reduces transactional and informational complexities and transforms the processing of electronic files and management of data contained within such files."

All in all, the patents are the latest that find the U.S. banking giant continuing to build a portfolio of protected blockchain uses. As of August, Bank of America has filed for more than 20 patents related to blockchain or cryptocurrency since 2014.

Image Credit: Roman Tiraspolsky / Shutterstock.com.

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