Ripple DLT Referred to in Bank of America Patent Filing

As per a filing listed on Google Patents, the Bank of America has apparently filed for a new patent. The proposed patent is for a settlement system that refers to the Ripple Ledger. The application for the same was reportedly published on the 6th of last month. The said patent describes the use of DLT (distributed ledger technology) as a communication tool between between banks.

The system that is being proposed would apparently allow to easy and speedy real-time settlement, as transactions would be communicated between the banks through the means of a decentralized ledger that is shared out amongst the organisations.

What the decentralized network would basically do is it would carry out a thorough verification of the identities of both parties: the payee as well as the payer. Then, it would facilitate a clear communication channel between the organizations involved. The interesting part of these filings is the fact that several illustrations that are a part of the patent specifically refer to the Ripple DLT. However, XRP, which serves as both the base asset and proposed gateway asset for Ripple, is not explicitly mentioned in the patent.

This is an interesting development in the field of fintech and we would keep our eyes firmly trained on how the proposed patented project pans out. Distributed ledger technology has long had beneficial implications for the financial technology industry and this seems to be yet another example of that.