TD Bank considers using public blockchain to track transactions

Monday 2 April 2018 09:28 CET | News

In a patent application, TD Bank has outlined how it could use a public distributed ledger to help point-of-sale computers track transactions.

In the scheme, computers would create blocks of data in which information about the assets being sold, their value in a given currency and the transactions themselves would be stored. The patent was filed in September 2016, and even if it is not clear if the bank has pursued the idea further than the application, it is a notable indication of interest, as big bank blockchain work has generally been confined to private or permissioned ledgers, according to CoinDesk.

The document offers ample praise for public blockchains, in which any individuals running the software may successfully approve transactions. Moreover, such a ledger would allow anyone to verify that a transaction occurred, while using a decentralized platform increases redundancy, thereby “[minimizing] risk of falsification of ledgers”.

The patent also comments on the slower speed of such a system, suggesting TD Bank may be becoming more accustomed to the attributes of blockchain systems that have been treated by other institutions as drawbacks, the online publication concludes.

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Keywords: TD Bank, public blockchain, distributed ledger, transactions , Canada, asset tracking, personal banking
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies