Bank of America Reveals Blockchain Patent for External Data Validation

Published at: July 18, 2018

Bank of America (BoA) has filed a patent for a blockchain-based system allowing the external validation of data, according to a United States Patent and Trademark Office (USPTO) patent filing released July 17.

BoA’s patent filing proposes using blockchain for tracking resource information and confirming resource transfers, noting that

“A need currently exists for providing a more accurate indication of a user's financial standing by allowing external validation of data in a process data network.”

The patent describes how the system would record information on the blockchain based on “aggregated information associated with past transfer of resources executed by an entity,” and would update the information on the blockchain with each new transaction activity.

In April, the USPTO had published another patent from BoA for a blockchain-based storage system. According to Fortune, BoA currently has 45 live patents related to blockchain pending, with the bank’s CTO noting that the amassing of patents allows the bank to be “prepared.”

At the same time, the BoA has become infamous for its distaste for cryptocurrency, in May calling Bitcoin (BTC) “troubling” while upholding a previous decision to ban its customers from purchasing crypto using credit cards.

Despite its apparent foresight in the blockchain sphere, BoA is not without its competitors, Mastercard this week unveiling a patent of its own allowing transactions of what it calls “blockchain currencies.”

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