The details of a three patent application that were filed by the Bank of America in relation to distributed ledger technology (DLT) or Blockchain tech
The details of a three patent application that were filed by the Bank of America in relation to distributed ledger technology (DLT) or Blockchain technology were published by the US Patent and Trademark Office (USPTO). According to the document, the filling of the patents was made in February 2016.The bank is not giving an impression of stopping at that as it intends to go huge on Blockchains as it still has twenty patents that are still pending from the year 2016.The bank is giving an impression of monopolizing the industry in the long run.
Patent Application Details
The title of the first patent is System for Tracking and Validation in a Process Data Network. Blockchain technology is used by the system to trace and confirm the identification of the user. This system can also be used to update any new information found on a user. The system goes ahead and stores and time stamps any additional facts with the progression of time. Some of the information that can be saved and retrieved by the system includes physical features and locations, signatures and addresses of the person using the system.
The second patent is made up of functions that can be used to confirm any changes made to the identity of a user. This enables the system to update and advance the given information over a period of time.
System for Conversion of an Instrument from a Non-Secured Instrument to a Secured in a process Data Network is the title of the third patent application. This patent is all about a computer program or system for producing and making use of a Blockchain distributed network to help with the changing of an instrument into an instrument that is authenticated and secured.
The bank would like to use the Blockchain technology to certify both individuals who are making use of their system as well as the information available in the system to facilitate the transaction in a better manner as per the patent applications.
There have been no patent approvals but according to public data, there have been a number of organizations applying for a number of patents that are related to Blockchains. Some of these companies include PayPal, IBM and Verizon. Bank of America is also one of the companies that filed for up to ten patents in 2015.
The US Patent and Trademark Office (USPTO) have not yet approved a single patent from any of the companies mentioned above. In the first quarter of the year 2017, the total number of patent applications doubled. This is shown by the industries and companies that put in their application for patents. This is a clear signal that Blockchain technology is not going anywhere any time soon. The current applications from various stakeholders are just a tip of the iceberg.