Bank of America files blockchain patent applications for processing system

Bank of America has filed two patent applications to explore the usage of blockchain to enhance the tracking process of file transfers in real time.

In the proposed system, blockchain could be combined  with communications and memory devices to simplify the procedure of data processing, as the current systems require the functioning middleware to have numerous memory, resource and time specifications.

These memory requirements prevent the tracking of the data status during processing.

That is why the system aims to use blockchain to quickly transfer large amounts of data, and track it at the same time. Cryptographic keys are used to identify each data packet and the processing stage at which it is.

According to the patent application, “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.”