Bank of America (NYSE:BAC) is rumored to be exploring the use of a blockchain to optimize its tracking of file transfers in real time.
The system, outlined in a pair of patent applications recently released by the US Patent and Trademark Office, detailed a system through which a blockchain would be combined with communications and memory devices to simplify the data processing process. Current systems require middleware to function properly and have a large number of memory, resource, and time requirements. The data’s status during processing can’t be traced, due to these memory requirements.
So, the bank is proposing the use of a blockchain to transfer large volumes of data in a more efficient manner, while simultaneously tracking the data using cryptographic keys as packets are transferred.
The system will apply a blockchain to handle two types of data processing: the transfer itself, and as a log of the cryptographic keys that identify each data packet and its current processing stage.
As of August 2017, Bank of America has filed for more than 20 patents related to blockchain or cryptocurrency since 2014.
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