Bank of America Files for Trio of Blockchain Patents

Bank of America has filed three new patent applications over blockchain technology, which could mark the next phase of the group’s exploration of the tech.

The patents surround a blockchain system the bank has been developing, which could lead to significant process gains in collecting and validating information.

Originally filed back in February 2016, the three applications have only just been made public, with details available via the Patents and Trademarks Office.

The first application surrounds the process for tracking and validating user identities, which would look to record and store attributes and other information about users through the bank’s systems.

This could include information such as signatures, locations and other factors, and could be recorded and timestamped automatically via a distributed ledger. The system could also allow for authentication questions to be presented to users more effectively, including via third party platforms for better integrated access of banking systems.

The second application relates to the first, and provides a mechanism for this information to be verified and validated, including in the case of changes to information, which would allow the original blockchain to evolve its information in real-time for long-term accuracy.

The third application is more generic in its scope, relating broadly to ‘instruments’ that could be secured and validated through the same overarching blockchain technology.

The series of applications has been read as a signal of intent from the US banking giant, as it looks to move more of its systems onto the blockchain.

It demonstrates that Bank of America are striving to both collect and validate information automatically on the blockchain, which could result in significant cost savings, as well as improving the veracity of information recorded.

But while the current platform is arguably its highest profile move in the blockchain space to date, Bank of America is no stranger to filing patents around these technologies.

A further 10 patent applications that had been filed in late 2015 have recently become public, although the group is still awaiting the formal granting of any of the patents it has filed thus far.

Either way, it looks certain that Bank of America will be in a strong position to capitalise from the benefits of utilising the blockchain.