Altcoin News: Bank of America Filed a Patent Application with Reference to Ripple Technology

July 22, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Bank of America filed a patent application, which describes the settlement system and mentions Ripple’s blockchain registry.

According to the application, Bank of America intends to patent the system to support interbank communications using distributed registry technology. The system will allow real-time settlements through the transfer of transactions through a single decentralized registry, to which both banks will have access.

The decentralized network will be used to verify and identify the sender and recipient of the transaction. It is noteworthy that on the set of illustrations included in the patent application, the distributed Ripple registry appears as an example of the technology used. In this case, the mention of XRP cryptocurrency in the application does not occur.

Earlier, Bank of America patented a mechanism for storing clients’ cryptocurrency by financial institutions and a number of other inventions in this area.

Note also that earlier this month, Ripple reported that through the Xpring program they spent $500 million on supporting initiatives that they found favorable for its ecosystem.

Author: Marko Vidrih