Bank of America Seeks Patent for Blockchain Processing System

Bank of America is exploring how it might use a blockchain to better track the processing of file transfers in real time.

The proposed system, outlined in a pair of patent applications recently released by the US Patent and Trademark Office, detail a system by which a blockchain could be combined with communications and memory devices to simplify the data processing process.

As put forward in the filings, current systems require middleware to work, and have a large number of memory, resource and time requirements. At the same time, the data's status during processing cannot be tracked, due to these memory requirements.

Instead, the bank proposes using a blockchain to transfer large volumes of data more quickly, while simultaneously tracking the data using cryptographic keys as packets are transferred.

The system aims to use a tblockchain to handle two types of data processing: the actual data transfer itself, as well as a log of the cryptographic keys that identify each data packet and its current processing stage.

According to the applications:

All in all, the patents are the latest that find the U.S. banking giant continuing to build a portfolio of protected blockchain uses. As of August, Bank of America has filed for more than 20 patents related to blockchain or cryptocurrency since 2014.

Image Credit: Roman Tiraspolsky / Shutterstock.com.