Bank of America is the US’ second largest bank, servicing more than 10% of total bank deposits across the country. With 4600 retail banking centers and total assets of over $2 trillion, BofA is a true giant of the financial services industry, both domestically and internationally. Over recent months, the bank has been hitting the headlines for its forward-thinking approach to blockchain, and this week they announced yet another blockchain-related patent.
Their latest application to the Patent and Trademarks Office (USPTO) last Thursday relates to a secure online crypto storage system. Essentially the system would offer a highly robust, blockchain-based encryption network for individuals and organisations, and as such would build a digital “vault” offering a far higher level of crypto security than existing platforms. It’s clear that as institutional investors begin to enter the space in numbers, there will be significant demand for such storage solutions.
This is just the latest in long series of Bank of America blockchain filings. Catherine Bessant, the bank’s Chief Technology Officer, has confirmed that they have submitted nearly fifty patents in the “blockchain/distributed ledger space.” Of course there’s a world of difference between filing patents and delivering a final working product, but it’s clear that the bank is one of the most active financial institutions in the world in terms of blockchain innovation.
Whilst BofA are active in exploring the use of blockchain tech, they continue to be critical of the crypto sector. Bessant has claimed that cryptocurrency transactions are inherently risky, since the identities of those involved can be concealed. The bank have in the past described the growth of cryptocurrencies as “troubling” and have conceded to regulators that they may be unable to compete with digital assets in the future.
CONNECT WITH CRYPTO TRADERS
