Bank of America Drawing up 20 More Cryptocurrency & Blockchain PatentsIn addition to 15 previously filed blockchain-related patents, Bank of America is now reportedly drafting up another 20 patents that will be submitted to the US Patents and Trademark Office (USPTO) later this month.While numerous reports from regulators, settling houses and even governments talk up the potential of Bitcoin’s underlying technology – the blockchain, Bank of America (BOA) is trying to get ahead in the blockchain space as one of the few big financial institutions actively filing patents related to crypto technology.
Speaking to CNBC, a spokesperson for the bank revealed that BOA is “currently in the process” of drafting 20 patent applications that are to be submitted to the USPTO later this month.
Chief operations and technology officer at BOA, Catherine Bessant spoke about blockchain technology at Davos last week. In an interview with CNBC, she stated:
As a technologist, the technology is fascinating. We have tried to stay on the forefront. I think we have somewhere around 15 patents, most people would be surprised at Bank of America with patents in the blockchain or cryptocurrency space.
The end of December 2015 saw 10 Bank of America patent applications published by the USPTO in relation to cryptocurrencies. These patents were originally filed by the bank in June 2014. The patents filed were in addition to an existing patent application by the bank for a wire transfer system using cryptocurrencies.
“It’s very important in the intellectual property world to reserve our spot, even before we know what the commercial application [of blockchain] may be,” she added.
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