One of the most important banks in the United States, Bank of America, will start working with Blockchain technology. According to a patent application released on Thursday, the Bank could replace some of the existing data sharing systems with distributed ledger technology.
Bank of America Works with Blockchain
The patent application published by the U.S. Patent and Trademark Office explains that the bank wants to implement a blockchain that would record and authenticate personal and business data. In this way, only authorized parties would be able to access to it. Additionally, the system would keep a log of every person that requests and access the data.
The abstract of the patent reads as follows:
“Embodiments of the invention utilize a private blockchain to store various types of records to be conveyed to the service providers. In this way, the individual or entity may securely store on the blockchain all records relevant to service providers, then provide the service providers with secured access to said records such that the providers may access only the specific records for which they are authorized.”
The document was first filed in 2016, almost two years ago. Until now, several developments have taken place, and new implementations of Blockchain technology have been tested. With Blockchain, the bank will increase its efficiency, and have more control of its papers and documents. Other business and service providers would be able to access the same data in case it is needed.
Bank of America is not the only bank that is working with blockchain technology and/or cryptocurrencies. JP Morgan and Santander Group are two of the most known banks that are using blockchain and improving their services and products.
Some time ago, we wrote at UseTheBitcoin, that Morgan Stanley was searching for crypto talents in order to improve their stock research team. The recognized investment bank is searching for equity analysts that with a deep knowledge of cryptocurrencies. The main intention is to offer its clients the possibility to diversify their portfolios by investing in virtual currencies.