The US Patent and Trademark Office (USPTO) published the details of the three patent applications filed by Bank of America for distributed ledger technology (DLT) or Blockchain technology.
Based on the document, the patents were filed in February 2016, and the bank does not seem to be stopping at that as it plans to go big on Blockhain with
Details of the patent applications
Based on the patent applications, the bank wants to use the Blockchain technology to validate both individuals who are using its system, as well as the information within the system to better facilitate the transactions.
No patent approvals yet
Based on public data, there were already several companies applying for various patents related to Blockchain technology, including IBM, PayPal and Verizon.
Bank of America has also filed 10 patents in 2015, making it one of the most active companies with patent pending applications.
However, USPTO is yet to approve a single patent from them so far as the total number of patent applications actually doubled in the first quarter of 2017 from various companies and industries trying, signaling that Blockchain technology is here to stay and what we see of its applications is just the tip of the iceberg.