Bank of America snaps up blockchain patents in bid to avoid being cryptocurrency ‘Neanderthal’

Bank of America has become the latest financial institution to jump on the bitcoin and blockchain bandwagon by buying up a group of blockchain-related patents.

The bank has taken further steps than most, however, by attempting to grab patents on the use-cases of distributed ledger technology. 15 patents have been filed by Bank of America, with another 20 believed to be in the drafting stage.

The bank is trying to strike a balance, chief operations and technology officer Catherine Bessant told CNBC, between being ‘Neanderthal’ and putting something out commercially that doesn’t make sense.

‘It’s very important … to reserve our spot even before we know what the commercial application might be,’ she adds.

Among the patents are a ‘cryptocurrency risk detection system’ and a ‘suspicious user alert system’. The patents have not yet been granted.

Read more at IBS Intelligence.

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