Bank of America Filed 10 New Cryptocurrency Patent Applications

Bank of America Filed 10 New Cryptocurrency Patent Applications

10 new patent publications filed by Bank of America have been published by the U. S. Patent and Trademark Office (USPTO) last week. The bank's patent applications were filed in June, last year. The USPTO has published 10 patent applications filed by Bank of America in relation to cryptocurrencies. The original filing was done in June 2014 and the 10 new applications add to an existing filing for a wire transfer system involving cryptocurrencies by Bank of America, published in September. While the bank's official plans or endeavors with cryptocurrencies are still unknown, the following....


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10 New Bank of America Cryptocurrency Patents Published

The US Patent & Trademark Office (USPTO) published 10 patent applications yesterday that were filed by Bank of America in June of last year. The list of proposals includes a "real-time conversion system", a "cryptocurrency transaction payment system" and a "cryptocurrency suspicious user alert system". Patent applications for offline storage, "risk detection" and transaction validation were also published, among others. To date, Bank of America has submitted 11 patent applications related to cryptocurrencies, suggesting that the firm may be looking to build, or at least conceptualize, a....

Bank of America Files A Patent That Could Revolutionize Wire Transfers

The Bank of America Tower in New York City. Bank of America has filed a patent with the US Patent & Trademark Office (USPTO) for a system of wire transfers using cryptocurrency. Published 17th September, the patent describes a system in which funds are sent between accounts using cryptocurrency technology. The word "blockchain" or "block chain" does not appear in the patent. Thomas Edward Durbin and James Gregory Ronca, authors of the filing, state: "Enterprises handle a large number of foreign wire transfer requests on a daily basis. As technology advances, foreign transactions have....

Bank of America Files Patent for Cryptocurrency Wire Transfer System

The US Patent & Trademark Office (USPTO) has published a patent filed by US financial services giant Bank of America that seeks to protect a system for wire transfers using cryptocurrency technology. The patent, filed on 17th March, 2014, and published 17th September, seeks to protect a system by which electronic funds could be sent between customer accounts using the underlying blockchain of a given cryptocurrency as the rails for payment. The system described, for example, would enable customer funds to be converted at a cryptocurrency exchange and then sent to a second cryptocurrency....

Bank of America Files Patent Application for Cryptocurrency-Mediated Wire Transfers

Bank of America (BoA) has filed a patent application titled "System and Method for Wire Transfers Using Cryptocurrency ." The application was filed in March and published on September 17 by the U. S. Patents and Trademarks Office. The BoA filing describes an alternative to traditional wire transfers. The funds are first transferred to a cryptocurrency exchange, then converted to a cryptocurrency such as bitcoin, then sent to another exchange, and finally converted into another currency for the recipient. In other words, BoA wants to patent the concept of using a cryptocurrency as a....

Bank of America Develops Blockchain Trade Finance Test

The Bank of America is developing a trail based on the blockchain for trade finance transactions in an attempt to tap into the applications of blockchain or distributed ledger technology for real world applications. Bank of America has revealed the development of a blockchain-based trial for trade finance, as a part of the financial institution’s foray into pushing for the adoption of the underlying technology that powers Bitcoin. The application of blockchain technology to trade finance is seen to be as a significant leap for an industry that still relies predominantly on manual,....

Quotes

The early days of the internet was like this scary thing, all gambling, and porn and you couldn't even transact on there. And then nice walled gardens came along and made everyone quite comfortable with it, which may be like banks and financial institutions are doing now. But it kind of misses the point. The idea of the web and the internet is supposed to be open to everyone.

Paul Gordon, CEO of Quantave