While numerous reports from regulators, settling houses and even governments talk up the potential of Bitcoin’s underlying technology – the blockchain, Bank of America (BOA) is trying to get ahead in the blockchain space.
The end of December 2015 saw 10 Bank of America patent applications published by the USPTO in relation to cryptocurrencies. These patents were originally filed by the bank in June 2014. The patents filed were in addition to an existing patent application by the bank for a wire transfer system using cryptocurrencies.
While it serves as idle speculation for now, a look at the patents filed reveals the bank’s plan to possibly devise a fully-customized cryptocurrency system and platform that facilitates and runs in tandem with fiat currency.
Bank of America and Goldman Sachs are also collaborating members of the R3-led blockchain consortium that is made up of 42 global banks. The consortium recently revealed the completion of a blockchain test spanning 11 global banks across four continents, connected together on an Ethereum powered, R3-managed distributed ledger.
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