Bank of America Files Patent for Blockchain-based Processing System
Bank of America has filed a pair of patents for a Blockchain-based system
aimed to improve the tracking of file transfer processing in real time. Under the system, a Blockchain can be integrated with communications and memory devices to facilitate the data processing process. Based on the patent applications as of mid-October 2017, the bank proposes the use of a Blockchain to facilitate the transferring of large volumes of data while simultaneously tracking the data through the use of cryptographic keys during the transfer process.
The system will be able to handle two types of data processing, namely, the actual data transfer itself, and the log of the cryptographic keys identifying each data packet and its present processing stage.
Part of the patent applications read:
"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’s research efforts on Blockchain
The latest applications are part of the major American bank’s effort to establish a portfolio of protected applications of Blockchain technology. The bank has already filed over 20 patents related to the technology or digital currencies since 2014 as of August. Among the patents filed are three patents based on the use of distributed ledgers to authenticate the veracity of information and the parties who handle it and two patents based on a peer-to-peer (P2P) payment system that is powered by a Blockchain. The mega-bank has also filed a batch of patents covering almost the entire cryptocurrency exchange and payment process including transaction validation, risk detection, real-time conversion, as well as online and offline storage.
World’s Largest Money Manager Says No Fair Value for Bitcoin
Richard Turnhill, the strategist for BlackRock Financial
and therefore the largest money manager in the world, owns no Bitcoin, and doesn’t know what a fair price would be. According to a recent interview, the analyst was quick to point out that commodities prices are based on inherent value, and he sees none in cryptocurrencies. The interview includes bullish predictions on effectively everything, from equities to stocks, with the final statement about Bitcoin being the only relatively negative comment. Turnhill made is clear that his position is one based on research.
Per the interview:
“I would say that cryptocurrencies show many characteristics of a bubble right now, which is [to say] you've seen spectacular price increases. The main argument for buying them is that prices have risen, and are therefore going to continue to rise over time. But there's no inherent right or wrong price for bitcoin. You could say 'what's the fair value?' you know, I'm an investor, I like to think about the fair value of stocks of bonds. I can't answer what's the fair value for bitcoin or any cryptocurrency. For that reason, I'm not an owner.”
The information from Turnhill reflects statements made last week by Larry Fink, BlackRock’s CEO, who said that Bitcoin was essentially only good for money laundering. Nonetheless, bulls point to the continued price increases, and other stock analysts see substantial gains ahead. While the rising price is certainly good, in the short term, long term increases in value will come as more people begin to understand the nature of Bitcoin, consensus systems, and how value is defined.