Bank of America Files 9 More Blockchain Patent Applications

Maddinson100

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Quote from: tyz on August 26, 2017, 06:09:09 AM

The U.S. Patent and Trademark Office has released nine more blockchain-related patent applications filed by Bank of America.

Data collected shows that the applications – which relate to conducting and settling transactions within a payment network – were all filed February 22. To date, Bank of America has filed more than 30 known patent applications related to the technology, including as many as 18 during 2016 alone.

Combined, the breadth of the applications suggests that work is being done on blockchain-based payment systems within Bank of America. At the same time, the bank has issued no definitive statements on the subject to date, and it's not clear whether any of the proposed inventions will see the light of day.

I think the person that posted this should try and make his headlines better, I almost died when I saw the headline because I thought bank of America was trying to cause problems for the people that already bought bitcoin when they were making patent claims.

jayhawk1

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Quote from: tyz on August 26, 2017, 06:09:09 AM

The U.S. Patent and Trademark Office has released nine more blockchain-related patent applications filed by Bank of America.

Data collected shows that the applications – which relate to conducting and settling transactions within a payment network – were all filed February 22. To date, Bank of America has filed more than 30 known patent applications related to the technology, including as many as 18 during 2016 alone.

Combined, the breadth of the applications suggests that work is being done on blockchain-based payment systems within Bank of America. At the same time, the bank has issued no definitive statements on the subject to date, and it's not clear whether any of the proposed inventions will see the light of day.

The first time I saw this post, I immediately started thinking of how to exchange my bitcoin to real cash because if Bank of America claims to be the creators of bitcoin then we are doomed, but when I read the post I then understood what it meant.

KEPLER99

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Quote from: tyz on August 26, 2017, 06:09:09 AM

The U.S. Patent and Trademark Office has released nine more blockchain-related patent applications filed by Bank of America.

Data collected shows that the applications – which relate to conducting and settling transactions within a payment network – were all filed February 22. To date, Bank of America has filed more than 30 known patent applications related to the technology, including as many as 18 during 2016 alone.

Combined, the breadth of the applications suggests that work is being done on blockchain-based payment systems within Bank of America. At the same time, the bank has issued no definitive statements on the subject to date, and it's not clear whether any of the proposed inventions will see the light of day.

They are probably doing that so that they can improve in their business while also increasing their networks and channels all around the world. I was actually shocked cos I thought they were trying to claim bitcoin blockchain.

Yanisumin

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Quote from: davis196 on August 26, 2017, 06:45:08 AM

Quote from: tyz on August 26, 2017, 06:09:09 AM

The U.S. Patent and Trademark Office has released nine more blockchain-related patent applications filed by Bank of America.

Data collected shows that the applications – which relate to conducting and settling transactions within a payment network – were all filed February 22. To date, Bank of America has filed more than 30 known patent applications related to the technology, including as many as 18 during 2016 alone.

Combined, the breadth of the applications suggests that work is being done on blockchain-based payment systems within Bank of America. At the same time, the bank has issued no definitive statements on the subject to date, and it's not clear whether any of the proposed inventions will see the light of day.

This is another way for banksters to try to "conquer" the blockchain,i guess.
Let`s hope that they won`t be successfull and won`t be approved for patent.
I think that patenting such technology won`t make the transactions cheaper,because the patent holder has to receive royalties for his invention.This is too far away from the original Satoshi Nakamoto`s consept about the blockchain.

This will be a game changer if this happens and a very dangerous attempt but this kind of things are expected. We all know that bankers know that the blockchain is far more promising than any other payment system and because they are rich and their credibility is top notch when in terms to the view of politics and governments they have a chance on this one and were gonna take a hell lot more than that.

Quote from: VikingCoin on August 26, 2017, 08:58:27 PM

This is sad news. Hopefully they won't succeed. Blockchain/crypto currency was meant to be free and decentralized.

They just cant stop taking the things that are free and just.

HeRetiK

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Existing cryptocurrencies and tokens will most likely not be affected by such as patents as they are protected as being prior work. I guess most of these patents mostly concern the implementation of private blockchains used for settlements between banks and payment providers.

The effectiveness of private blockchains remains to be seen, as they obviously seem to be beside the point from the view of a crypto-currency enthusiast. However there may be other benefits that can be leveraged within a permissioned environment as well. Either way it may indeed pave the way for further legitimization of crypto-currencies, although it will come with the risk of patent trench warfare in the future, greatly affecting future innovations. However it seems probable that those patent wars will mostly be held between private blockchain providers and thus not affect the public, decentralized, permissionless blockchains as we know it.

StevenRA

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Nah, I think it's actually good for blockchain. Lends it even more legitimacy--even large centralized organizations appreciate its value. And could lend more stability to some crypos, which are simply way too volatile to actually be a useful form of currency right now (way to make --or lose--money quick, sure. But currency, not as great).

VikingCoin

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Quote from: megynacuna on August 26, 2017, 09:34:00 PM

Quote from: VikingCoin on August 26, 2017, 08:58:27 PM

This is sad news. Hopefully they won't succeed. Blockchain/crypto currency was meant to be free and decentralized.

I hope these guys will just let Bitcoin be and get their hands off our decentralization/financial freedom because filing for patent in order to own and control the blockchain or a blockchain is a dangerous development against us and we ought to curb it somehow.

Those greedy banks feel threatened by decentralized financial systems, because it is outside of their control. Sadly, that is why they have relentlessly tried to gain control over it. Hopefully they will never gain control over any blockchain/crypto currency.

Kemarit

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Quote from: tyz on August 26, 2017, 06:09:09 AM

The U.S. Patent and Trademark Office has released nine more blockchain-related patent applications filed by Bank of America.

Data collected shows that the applications – which relate to conducting and settling transactions within a payment network – were all filed February 22. To date, Bank of America has filed more than 30 known patent applications related to the technology, including as many as 18 during 2016 alone.

Combined, the breadth of the applications suggests that work is being done on blockchain-based payment systems within Bank of America. At the same time, the bank has issued no definitive statements on the subject to date, and it's not clear whether any of the proposed inventions will see the light of day.

I don't like what I'm seeing here. I know blockchain is very much applicable in the banking sector but why are they trying to control it?

Those banks are indeed very greedy and they will get every penny they can have. I hope that what they patented is just a public ledger so that others who want to used it would definitely create a tailor made blockchain for themselves. I hope this patent application is rejected. And it be freely used by everyone and not pay a single penny to Bank of America.

megynacuna

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Quote from: VikingCoin on August 26, 2017, 08:58:27 PM

This is sad news. Hopefully they won't succeed. Blockchain/crypto currency was meant to be free and decentralized.

I hope these guys will just let Bitcoin be and get their hands off our decentralization/financial freedom because filing for patent in order to own and control the blockchain or a blockchain is a dangerous development against us and we ought to curb it somehow.

VikingCoin

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This is sad news. Hopefully they won't succeed. Blockchain/crypto currency was meant to be free and decentralized.

dealung

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I have just seen and heard this news, if this can happen, does it affect the crypto world, especially for bitcoin and its price?

Hydrogen

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Banks have been filing patents relating to bitcoin/blockchain for years.

If they can find a judge that is corrupt enough they might someday succeed in having their patent applications approved.

That day has not yet come, however.

Lieldoryn

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I've heard that in America someone has got a patent on blockchain technology. I think it's or the government's attempts to control bitcoin in the future or speculators with a good legal background who want to capitalize on promising technologies.

davis196

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Quote from: tyz on August 26, 2017, 06:09:09 AM

The U.S. Patent and Trademark Office has released nine more blockchain-related patent applications filed by Bank of America.

Data collected shows that the applications – which relate to conducting and settling transactions within a payment network – were all filed February 22. To date, Bank of America has filed more than 30 known patent applications related to the technology, including as many as 18 during 2016 alone.

Combined, the breadth of the applications suggests that work is being done on blockchain-based payment systems within Bank of America. At the same time, the bank has issued no definitive statements on the subject to date, and it's not clear whether any of the proposed inventions will see the light of day.

This is another way for banksters to try to "conquer" the blockchain,i guess.
Let`s hope that they won`t be successfull and won`t be approved for patent.
I think that patenting such technology won`t make the transactions cheaper,because the patent holder has to receive royalties for his invention.This is too far away from the original Satoshi Nakamoto`s consept about the blockchain.

tyz

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The U.S. Patent and Trademark Office has released nine more blockchain-related patent applications filed by Bank of America.

Data collected shows that the applications – which relate to conducting and settling transactions within a payment network – were all filed February 22. To date, Bank of America has filed more than 30 known patent applications related to the technology, including as many as 18 during 2016 alone.

Combined, the breadth of the applications suggests that work is being done on blockchain-based payment systems within Bank of America. At the same time, the bank has issued no definitive statements on the subject to date, and it's not clear whether any of the proposed inventions will see the light of day.

Topic: Bank of America Files 9 More Blockchain Patent Applications (Read 472 times)