Bank of America patents blockchain-based system for external verification of data

Bank of America has filed a patent application for the system based on the technology of the blockchain, allowing external data validation.

According to information on the website of the office for patents and trademarks (USPTO), the Bank intends to use the blockchain to track information about the resources and confirm their transfer.

«Currently, there is a need to provide a more accurate indication of the financial condition of user, which can be done when resolving external data validation», – stated the objectives of the project.

In the patent application also describes a method of recording information in the blockchain: it will be based on «aggregated information related to the last transmission resources», while the information will be updated «with each new transactional activity.»

For consideration by the USPTO filed for 45 associated with the technology of the blockchain patent applications Bank of America. According to technical Director of the Bank, waiting allows the Bank to «prepare» for their implementation.

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