Unraveling Bank of America’s Bold Move into Blockchain
The Bank of America has been busy filing patent applications as if they were going out of style. With three applications for distributed ledger technology (DLT) filed back in February 2016, they’re not just dipping their toes in the water—they’re ready to dive in headfirst! Looking to secure their position, they’ve got an astonishing 20 patents pending overall since then, raising eyebrows across the financial world. What are they up to? Let’s take a closer look.
Patents Galore: Details of the Applications
So, what exactly did Bank of America apply for? Here’s the breakdown of their three patent applications, all dressed up in legal jargon:
- First Patent: Tracking and Validation System
This snazzy system is titled “System for Tracking and Validation of an Entity in a Process Data Network”—a mouthful, right? Basically, it uses Blockchain to keep tabs on your identity. If you’re wondering what that means, think of it as a digital bouncer that verifies who you are. The system can store updates like signatures and even your address. Forget your ID at home? No problem—as long as the digital bouncer stays sober during the process.
- Second Patent: Evolving Identity
This one’s all about change. The second patent describes a process to validate and update user identities over time, ensuring that the system evolves just like that old Nokia you used to have—only without the annoying ringtone.
- Third Patent: Securing Instruments
The final act is titled “System for Conversion of an Instrument From a Non-Secured Instrument to a Secured Instrument in a Process Data Network.” Sounds fancy, right? It’s all about taking something unsecured and making it as safe as a vault, thanks to Blockchain. Think of it as getting a super secure lock for that precious collection of rubber ducks you have on display.
The Competition is Fierce
Now, don’t think Bank of America is the only kid on the Blockchain block. They’re up against big names like IBM, PayPal, and Verizon, who are also gunning for their piece of the Blockchain pie. But despite their ambitions, nothing has been green-lighted from the USPTO yet, and they’re still waiting for someone to hit the approval button. Patience is a virtue—or maybe it’s a vice in this fast-paced tech world!
The Bigger Picture: Why Bank of America Cares About Blockchain
In a world where transactions can slide around like greased lightning, Bank of America’s strategy to use Blockchain technology isn’t just for show. They’re looking to validate user identities and the information within their systems, ideally ensuring that every transaction is safe, secure, and perhaps, just a tad less nerve-racking for everyone involved.
A Promising Future for Blockchain Technology
Although Bank of America and others are wrestling with patent applications, one thing’s clear: Blockchain technology is heating up. The recent doubling of patent applications in early 2017 alone shows that we’re still at the tip of the iceberg when it comes to Blockchain applications. Who knows, one day your morning coffee order might be processed on a Blockchain—hold on to your barista!
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