More businesses are starting to invest in Blockchain technology. Bank of America, the second largest bank in the United States, presented some patents for a Blockchain-based system. The bank is developing Blockchain technology to make easier the transfer of large volume of data. At the same time, the data could be tracked through the use of cryptographic keys during the transfer process.
“The present invention is directed to providing a novel technical solution that reduces transactional and informational complexities and transforms the processing of electronic files and management of data contained within such files.”, reads the patent.
As cointelegraph explained, the system would be able to handle the actual data transfer, and the log of the cryptographic keys identifying each data packet and its present processing stage.
The Banking Sector is investing hard in Blockchain technology
Bank of America is not the only bank that is giving attention to Blockchain technology. JP Morgan Chase & Co is also involved in Blockchain investing programs. The largest bank in the US, hopes that with Blockchain technology, its bank will be able to make transactions in US dollars, faster.
This is not the first patent that Bank of America registered related to new technologies. The bank filed over 20 patents related to Blockchain or digital currencies since 2014.
Those two banks together, have a market capitalization of 628 billion dollars. The cryptocurrency market capitalization should grow up 3.8 times in order to have the same market value than the two most important banks in the United States.