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