Top 5 Blockchain Related Patents of Bank Of America

The Bank of America Corporation, an American multinational investment bank, and financial services company has won many blockchain related patents. The bank has studied blockchain as a possible way to speed up payments. The technology provides various parties to hold the same, regularly renewing ledger of transactions—making it remarkably challenging to modify. The following is the list of top 10 various blockchain related patents of Bank of America.

Banking systems controlled by data bearing records

The bank of America has filed a patent for Blockchain-enabled ATMs. According to the patent, a cash handling machine having one processor, a memory, and a communication interface may store a device registration module, a containerized driving module, a reliable messages module. The device registration module may involve directions that form the cash administration device to record with a patron server and a majority of commercial business servers.

Resource allocation and transfer utilizing holds and a distributed network

According to this patent, blockchain can be used for designating and shifting resources between objects (e.g., users, institutions, or the like) by implementing clutches (e.g., soft or hard) on the devices, designating the devices, and shifting the resources by using allocation identifiers and/or holding funds, if required. The application of allocation identifiers and/or holds on the devices updates upon the processing activities and power of systems utilized for the device transfers between entities.

System for external validation of distributed resource status

According to this patent, blockchain can be effectively used for tracking and verifying the situation of shared parts of a limited resource and the responsibilities of users to recover parts of the limited resource. In example implementations, the blockchain database involves a distributed ledger that is renewed to show the situation and availability of special parts of the limited resource such as the partial return of resource parts by users to whom such part had earlier been designated.

Example implementations also realize the advantage of queries to the blockchain to approve applications for access to selective portions of a finite resource, determine the availability of the portion and verify the satisfaction of resource-return obligations incurred by users.

System for external validation of secure process transactions

According to this patent, A closed-loop system is operatively connected with a blockchain shared network for utilizing the blockchain shared network for promoting the progress of a transaction record distribution system between constituent organizations covering a host system and a root system. Host and root systems function to distribute the business records from member institutions such that a host organization that is a member of the blockchain may get the business records of all root organizations of the blockchain. The transaction records are confirmed on the blockchain such that the transaction records are secure represent a source of truth.

Real-time event capture, analysis and reporting system

According to this patent, blockchain can be effectively used for monitoring, recognizing and connecting modifications to migrating event data as a majority of technology functions are concocted by a majority of applications. The representative module of the system is automatically triggered by the addition of event data to ephemeral memory areas connected with the majority of applications.

The proctor module is configured to catch the migrating multiple-attribute event data, in real-time, before the data is dequeued. The technology event processing module is configured to format, log and index the seized data from the proctor module. The system then outlines an event/record of formatted data connected with a first migrating memory location with a secondary event to another event of formatted data from a second transient memory location and consequently investigates the multi-attribute data to recognize variations.

The blockchain is the dynamic technology and various companies have adopted this technology for numerous purposes. Just a few days ago, Mastercard, an American multinational financial services corporation headquartered in New York, United States had developed a new way to anonymize cryptocurrency transactions. According to a patent application published by the U.S. Patent and Trademark Office, the company has introduced a method of managing transactions over a blockchain which would anonymize both the point of source and the amount being transacted.

The patent further described that this anonymizing method involves storing a key pair holding a private key and public key. It also involves receiving an anonymization call from a computing device and collecting one block in a blockchain which is being composed of a block header and one or more transaction data values including a specific transaction data value. The amount will also be protected by utilizing various transfers through added addresses.

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