The Latest News From Bank Of America: It Is Applying For A Blockchain-Based Crypto Storage Patent

For Bank of America, it is all about the new blockchain-based crypto storage patent. Get the details on the new step ahead. Enjoy this short write-up.

The Position Of BofA In Blockchain Technology

In the context of blockchain, it was recently reported by Coin Telegraph that the mainstream financial institutions maybe thereby moving even closer toward the cryptocurrency space as the second-largest bank in the US, Bank of America has now reportedly applied for a blockchain-related patent that is associated with the development of a more secure cryptocurrency storage system. Hence the patent is entitled Block Chain Encryption Tags whereby according to the report and the latest in a string of almost 50 blockchain-related patents that the bank had filed as of June of 2018. 

The Secure Crypto Storage System

Recently the latest BofA patent was describing a system used to record and store digital currency transactions for enterprises where the invention aims to create a system of data security thereby utilizing the encryption and the linking of these data units to specific blocks within the given blockchain. Hereby the patent document was filed on April 18, 2018, although the document wasn’t published by the US Patent and Trademarks Office until late August. 

Hereby BofA’s new system is surely combining an encryption key with an encrypted element map which then generates and encrypts a so-called creator tag that is embedded and published within the first block of the blockchain. Hence the patent application suggests that the new invention is a reproduced version of a US nonprovisional application for 2014 as it was titled Cryptocurrency Online Vault Storage System.  

What Are The Latest Efforts From BofA?

Eventually, BofA has already shown great interest in the blockchain space, whereas several dozen patents filed by BofA is likely the largest holder of blockchain-related patents in the country as it even beats out tech giants like IBM. Hereafter BofA still takes the lead on innovation in the blockchain space as the bank remains skeptical towards cryptocurrencies more broadly where it acquired a patent related to the development of the cryptocurrency exchange system. It has since clarified that its opposition toward digital tokens calling cryptocurrencies troubling. Henceforth BofA has also moved to ban clients from buying digital currencies with banks credit cards as all of the opposition may be moot though BofA has admitted that it may be unable to compete with cryptocurrency that is particularly if digital tokens go mainstream. 

Here Is The Japanese Bank Offering Blockchain Payments In 2020

Recently Mitsubishi UFJ Financial Group (MUFG) which has partnered with US Tech Company Akamai Technologies has developed a blockchain technology service that the two firms say will drastically reduce transaction times without compromising security. Hereby the news marks the latest plunge by a large corporation in the blockchain space as leaders across industries such as finance, retail, manufacturing, and tech experiment with the underlying distributed ledger technology that is powering those cryptocurrencies such as Bitcoin.

How Are Faster Transactions Possible Without Compromising Security? 

It was then found that over the past 18 months, MUFG comes as the world’s fourth-largest bank and has been working with Akamai to design a blockchain built on Akamai’s product that is a cloud-based Intelligent Platform to handle the1million transactions per second as at latencies of less than 2 seconds. Hereafter the firms continue to work on enhancing the technology as they foresee the new service that will be capable of processing 10 million transactions per second. Hereby it was found that Bitcoin which is the world’s largest digital coin by its market capitalization has been criticized for the long transaction times as the virtual currency can only process as many as seven transactions per second at the latencies exceeding around 10 minutes.

Thereafter the chief technology officer of Akamai Labs Andy Champagne has said that the new blockchain service is best suited for making traditional payments online. It is therefore ultimately he says the service could pave the way for micropayment type transactions in a world where connected devices on the internet of Things operate autonomously and make small orders for things such as detergent when the washer runs out of supplies. Hence Champagne said the payment network application with Mitsubishi should roll out in early 2020.

Finally, How Is MUFG Being Influenced By Blockchain Technology?

Thereby here is MUFG which is no stranger to the blockchain which was first reported by the local news publication Manichi that the Japanese financial giant would launch its digital currency. Whereas the cryptocurrency which will be pegged to the Japanese yen is slated to launch as MUFG is also an investor in leading US cryptocurrency exchange Coinbase which has dabbled in blockchain projects with partners such as IBM, financial industry consortium R3 and digital payments provider Ripple among others. 

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