With yet another blockchain-based patent filed with US Patent and Trademark Office (USPTO) on 23 August 2018, Bank of America (BofA) maintained its top position among enterprises with most number of blockchain-based patents. Filed last Thursday, the patent requests grant for a data security system that encrypts data units and publishes them on a blockchain.
The patent titled “Block Chain Encryption Tags”, works in tandem with a set of hardware, the patent for which was filed by BofA in April 2018.
Talking about the pre-requisite system, the patent filed in April embraces a device coupled with a processor that receives data elements and an encryption key to encrypt the data within a block on a ledger. Following that, the system generates and encrypts the “creator tag” by combining the encryption key with the pre-defined encrypted element map.
At present, Bank of America leads with most number of blockchain-based patents with more than 50 patents filed by now. Catherine Bessant, CTO of Bank of America, spoke about the firm’s positive-aggressive stance on blockchain stating that BofA wants to be ahead of the curve and aspires to be on the forefront when the large-scale use cases of blockchain come in the flesh.
Bank of America leads among the significant number of financial institutions that are aware of the industrial revolution that blockchain technology is set to create in near future. Recently, World Bank, the apex financial institution, launched ‘Bond-i’ – first-ever blockchain-based bond worth $73.16 million USD. The bank also communicated its take on blockchain stating that the technology holds immense potential in industrial applications, as well as in social initiatives like women empowerment, employment generation, and more.
That said, US still sees the acceptance of cryptocurrencies as a perilous affair, and remains wary when it comes to regulation or taking cryptocurrencies to traditional markets, as recently, Securities and Exchange Commission (SEC) rejected all nine Bitcoin ETF requests filed by some of the major financial players. This makes it quite perplexing for crypto communities as to how the parties zeroing-in on blockchain technology, will manage to keep the risk factor of cryptocurrencies out of the equation when cryptocurrencies are an inherent part of the decentralized blockchain systems.