Banking/FinanceNews

Bank of America has more number of patents filed

Bank of America is the company that has a number of patents than any other. It is in many bitcoiners’ view that is opposite of everything decentralized currency.

According to Bitcoin patent report, Bank of America (BofA) has filed 45 numbers of a patent. However, 50 percent or 910 patents in cryptocurrencies come from China. The United States follows at 676 patents, then U.K. with 112 and South Korea with 98.

At the same time, companies filed about 1,250 cryptocurrency patents last year. This signifies an increase in interest for cryptocurrency and blockchain as a whole.

Moreover, the patent explains regarding the three-part system, in which the first part is a customer’s account and another two accounts owned by the business. Thus, the user would use customer account.

The “float account” comes under the second account and holds the niche of cryptocurrency that customer is selling. And the third account would then deposit the converted funds back into the original customer account for withdrawal.

The report reveals that the patent authorities received over 2,000 patents in the area of Bitcoin. The average number of a patent was 50 per year, but the number was increasing by 2015 and growing exponentially by 2016.

Regarding organizations or companies filing patents, the Bank of America leads in filing patents, with 45 patents, followed closely by EITC holdings with 42 patents. Coinplug is third with 39 patents while Alibaba and IBM are next with 36 and 34 receptively.

Mastercard is eighth with 21 patents. Coinplug is a Digital Asset Exchange platform, and the report says the company filed a large number of patents especially in the last two years.

Some organizations listed will surprise many given their little interest in cryptocurrency or even some setbacks. For instance, Mastercard recently made Bitcoin purchases more expensive to produce using credit cards. The reclassification leads to 5 percent fee increase in the fee charged by credit card merchants.

However, people are still able to buy using debit cards.

Bank of America recently said it was for the idea of the digital movement of money on the blockchain. However, the approach will allow users to transfer funds by converting the sender’s local currency into a cryptocurrency. Later on, sending it to foreign exchange and then turning it into the destination country’s currency.

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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