Bank of America exploring patent for Blockchain processing system

Bank of America is exploring how actually it may use a blockchain to access the processing of file transfers in real time.

Recently, released by the US Patent and Trademark Office, outlined in a pair of patent applications. However, detail a system by which a blockchain could combine with communications and memory devices to simplify the data processing process.

Furthermore, the system requires middleware to work and acquire the large number of memory, resource and time requirements. Meanwhile, the data’s status process cannot be track due to these memory requirements.

Additionally, the bank proposes using a blockchain to transfer large volumes of data more quickly. Simultaneously, a tracking the data using cryptographic keys as packets will transfers.

Also Read: Singapore adds Accenture for blockchain prototype interbank payments

Since the system aims to use blockchain to handle 2 types of data processing. The actual data transfer itself as well as a log of the cryptographic keys.

According to the applications:

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

Overall, the patents are the latest that find the US banking giant sustainably to develop a portfolio of secured blockchain uses. In August, Bank of America has filed for more than 20 patents related to the blockchain.

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Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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