Bank of America, a major U.S. bank Incorporates Ripple's Technology in Its Own Patent Applications.

Bank of America, a major U.S. bank, was found to have cited technology from Ripple blockchain in the application process of its own DLT payment patent.

The Bank of America patent application "Immediate Payment by Distributed General System," which was unveiled by the U.S. Patent Trademark Office in June this year, describes interbank communication tools using DLT. It is said that multiple banks using the system will be able to make payments on loans immediately.

In addition, the application, which describes the composition of Bank of America's devised system and others, includes a schematic diagram of Ripple's decentralized colon technology and the payment structure of Ripple. However, it was found that the virtual currency XRP was not mentioned.

Bank of America is known to own the largest number of blockchain patents in the United States, but has yet to reach actual use. The DLT payment patent is also awaiting approval at this stage.

Reporter Shin Won Kim (news@dailycoinews.com)의 기사 더 보기

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