• About
  • FAQ
Newsletter
BlockBar
  • Home
  • About
    • Advertise
    • Contact Us
    • FAQ
    • Sitemap
  • News
    • Blockchain
    • Bitcoin
    • Ethereum
    • Business
    • Guides
  • Bitcoin
  • Blockchain
  • Business
    • Press Release
    • Market
    • Exchanges
    • Regulation
  • Ethereum
  • Press Release
  • Sitemap
No Result
View All Result
  • Home
  • About
    • Advertise
    • Contact Us
    • FAQ
    • Sitemap
  • News
    • Blockchain
    • Bitcoin
    • Ethereum
    • Business
    • Guides
  • Bitcoin
  • Blockchain
  • Business
    • Press Release
    • Market
    • Exchanges
    • Regulation
  • Ethereum
  • Press Release
  • Sitemap
No Result
View All Result
BlockBar
No Result
View All Result
Home Banking

Bank of America Submits a Blockchain Patent Related to The Ripple

Mo Chou by Mo Chou
July 22, 2019
in Banking, Blockchain, Market, Reviews
0
Bank of America Submits a Blockchain Patent Related to The Ripple
198
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

(BlockBar) Bank of America recently filed a patent for a real-time settlement system that uses the XRP Ledger network. In its patent filing, bank of America recognized the potential impact on banking and accounting practices for distributed ledger technology (DLT). The patent reveals the unique purpose of Ripple ledger for improving transaction efficiency and cost-effectiveness.

The Bank of America is leading the patent race for the informal blockchain, shunning companies such as IBM and alibaba. That doesn’t mean bank of America is bullish on cryptocurrencies, however, the company has been openly critical of cryptocurrencies, and its reliance on patents is largely seen as an advance in the fintech world. As early as March 2014, the bank applied for the first patent related to blockchain. Bank of America now holds the most blockchain patents

Related articles

Bakkt Tests Its Bitcoin Future Contracts and Expected to  be Online by September

Bakkt Tests Its Bitcoin Future Contracts and Expected to be Online by September

August 1, 2019
The Importer of Bitmainland Mining Machines is Facing a Criminal Investigation in Russia

The Importer of Bitmainland Mining Machines is Facing a Criminal Investigation in Russia

August 1, 2019

As stated by documents uploaded, the patent describes a system that employs distributed ledger technology (DLT) as a tool for inter-bank communication. The proposed system would make it possible to settle transactions in real time through a shared, decentralized ledger into which both Banks could access.

Decentralized networks can verify the identities of payers and recipients and allow communication between agencies. It is worth noting that the multiple illustrations included in the patent explicitly reference Ripple DLT. Ripple’s underlying assets and proposed settlement gateway asset XRP are not mentioned in the patent.

Siam commercial bank, Thailand’s largest commercial bank, revealed that it will soon integrate Ripple DLT, but denied any plans to start using Ripple XRP tokens. The XRP system will be announced on June 5, the bank said in a tweet.

Mo Chou

Weekend is the most representative female writer in the blockchain industry. She is known for her keen news capture ability and is good at English writing of blockchain news in the Chinese region.

Tags: bank of Americablockchainpatentsripple
Share79Tweet50

Related Posts

Bakkt Tests Its Bitcoin Future Contracts and Expected to  be Online by September

Bakkt Tests Its Bitcoin Future Contracts and Expected to be Online by September

by Mo Chou
August 1, 2019
0

(BlockBar) The Bakkt, a Bitcoin Futures Exchange, is now testing Bitcoin future contracts and is expected to be officially online...

The Importer of Bitmainland Mining Machines is Facing a Criminal Investigation in Russia

The Importer of Bitmainland Mining Machines is Facing a Criminal Investigation in Russia

by Mo Chou
August 1, 2019
0

(BlockBar) Bitcontinental's head of operations in Russia says the waiting time for Bitmain’s hardware increased this year, with the launch...

Monetary Authority of Singapore Warns of New Bitcoin Scam by Forged Statement

Monetary Authority of Singapore Warns of New Bitcoin Scam by Forged Statement

by Mo Chou
August 1, 2019
0

The monetary authority of Singapore (MAS) has been alerted to an online bitcoin (BTC) scam that offers bitcoin investments using...

Ripple Asks US Congress to  Treat Cryptocurrency Industry Fairly

Ripple Asks US Congress to Treat Cryptocurrency Industry Fairly

by Mo Chou
July 31, 2019
0

(BlockBar) On July 28, Ripple, the Block Chain Payment Network, submitted an open letter to U.S. regulators, hoping to hold...

Based on FISCO BCOS, WeBank Comprehensively Displays Distributed Commerce with Blockchain Technology

Based on FISCO BCOS, WeBank Comprehensively Displays Distributed Commerce with Blockchain Technology

by Mo Chou
July 31, 2019
0

Summary: On the basis of FISCO BCOS, WeBank has laid a comprehensive commercial map of block chain and upgraded from...

Load More
  • Trending
  • Comments
  • Latest
Trump’s Advisor Is Urged to Promote Blockchain

Trump’s Advisor Is Urged to Promote Blockchain

June 1, 2019
Andrew Yang Pro Crypto

Presidential Contender, Andrew Yang States Crypto Framework In The U.S. Is Unclear, Unfair

May 17, 2019
David Schwartz Defends XRP Over Bitcoin, Drags Into An Online Debate

David Schwartz Defends XRP Over Bitcoin, Drags Into An Online Debate

June 10, 2019
Bitcoin Futures

Vancouver Puts A Ban On Bitcoin ATMs

June 10, 2019

A Major Vulnerability Has Frozen Hundreds Of Millions Of Dollars Of Ethereum

0

China Is Reportedly Moving To Clamp Down On Bitcoin Miners

0

Inside the Chinese Bitcoin Mine That’s Grossing $1.5M a Month

0

All You Need to Know About This Whole SegWit vs. SegWit2x Thing

0
Bakkt Tests Its Bitcoin Future Contracts and Expected to  be Online by September

Bakkt Tests Its Bitcoin Future Contracts and Expected to be Online by September

August 1, 2019
The Importer of Bitmainland Mining Machines is Facing a Criminal Investigation in Russia

The Importer of Bitmainland Mining Machines is Facing a Criminal Investigation in Russia

August 1, 2019
Monetary Authority of Singapore Warns of New Bitcoin Scam by Forged Statement

Monetary Authority of Singapore Warns of New Bitcoin Scam by Forged Statement

August 1, 2019
Ripple Asks US Congress to  Treat Cryptocurrency Industry Fairly

Ripple Asks US Congress to Treat Cryptocurrency Industry Fairly

July 31, 2019
BlockBar




Blockbar specializes in blockchain and cryptocurrency related reports, and our goal is to become the world’s leading news gateway for blockchain cryptocurrencies.





News Categories

  • Banking
  • Bitcoin
  • Blockchain
  • Business
  • Education
  • Ethereum
  • Exchanges
  • Guide
  • Market
  • News
  • Opinion
  • Politics
  • Press Release
  • Regulation
  • Reviews
  • Security

Got a tip? Feel free to let us know!

Newsletter

  • About
  • FAQ
  • Contact Us

© 2019 BlockBar. All Rights Reserved.

John Danie
John Danie

John Danie is a highly experienced marketing strategist and businessman in the blockchain industry who likes the pace of the development of cryptocurrency, especially in blockchain technology where it can move so fast. Being a fintech writer and crypto reporter with a fascination for tech and a passion for starting interesting conversations, he seeks to create authentic news stories in the industry.

No Result
View All Result
  • Home
  • About
    • Advertise
    • Contact Us
    • FAQ
    • Sitemap
  • News
    • Blockchain
    • Bitcoin
    • Ethereum
    • Business
    • Guides
  • Bitcoin
  • Blockchain
  • Business
    • Press Release
    • Market
    • Exchanges
    • Regulation
  • Ethereum
  • Press Release
  • Sitemap

© 2019 BlockBar. All Rights Reserved.