Bank of America is studying the possibilities of using blockchain technology to track the processing of data in real time. As part of this initiative, the financial institution filed a patent application describing the use of technology in conjunction with data communication devices to simplify the data processing process, CoinDesk reports.
The system is presented in two separate documents and assumes the use of a blockchain system for the transmission of data. Data processing process will be monitored in real time, by using cryptokeys for every data package.
The present invention is directed to providing a novel technical solution that reduces transactional and informational complexities and transforms the processing of electronic files and management of data contained within such files.
Bank of America application