Bank of America Secures Patent for Cryptocurrency Exchange Software
As the official website of the US Patent Office, the U.S. Patent and Trademark Office, Bank of America has secured a patent for cryptocurrency software. The bank seems to have at least the opportunity to keep open in the crypto currency market, an official statement by Bank of America has not yet been published.
Despite the filing of the patent, therefore, it remains unclear whether Bank of America would like to create a state alternative to private crypto currency exchanges, such as Bitfinex, Bitrex and Co., or whether the patent application is purely for research purposes. Already in 2014, the bank had filed a patent for a transfer software, which allows using a cryptocurrency transactions across borders as a "transport medium" (similar to the ripple technology). Ultimately, however, the patent was not (yet) used.
How should the cryptocurrency change software work?
Simply put, the software is designed to fully automatically convert a digital currency into another digital currency. The basis for the exchange rate should be external data feeds.
The patent describes in detail three layers. The first layer represents the customer account. This would allow the user to save and manage their cryptocurrency.
Only the bank can access the other two shifts or accounts. The second account, a "float account", would act as a cache for the cryptocurrency sold by the customer, while the third account, also a float account, would have the equivalent amount of converted cryptocurrency. The third account would then transfer the converted amount back to the customer's account.
According to the patent application, this service is only offered to corporate customers and not to private individuals.
The Bank of America patent application joins the growing interest of institutional bank in cryptocurrencies. In recent months, u. a. the CME, CBOE and Cantor with Bitcoin Futures, as well as the Shinhan Bank from South Korea with the development of its own crypto wallet in the headlines.
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I'm not a big fan of software patents when they can't describe a specific algorithm. It doesn't seem like what they're doing with float accounts is anything revolutionary. I think this is just a blocker to keep other companies from innovating in cryptocurrency markets.
I feel the same. They're taking the apple route.
this will will be a huge devilment in the crypto world. bigger things are soon to Shannen in this space. =)
This software will be like one of the biggest thing to ever happen to cryto this year. And it will be a big development
Agree!
I think banks starts worrying about the crypto-world. So either go against the stream, or to go with it - we see that some take the right direction. For them to survive would be to join this revolution (a quite big part of the cake could be lost).
Thx for info ;)
it will effect the cryptos..because there is lot of black money invested in it,,,,especially in bitcoin..if govt will monitored all these thing...cryptos will lose it decentralize value,,,,,
Same thoughts
Thanks! Good info. resteemed
Thank you!
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