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Bank of America Registers New Settlement System Patent

The Bank of America recently registered a patent for a settlement framework similar to the Ripple ledger. The application for said patent was published back in June. 

Distributed Ledger Technology

A patent filed on Google Patents revealed that the said paper described a system that utilizes distributed ledger technology (DLT) as a communication tool between banks. The prospective system will allow for real-time agreement with transactions disseminated via a decentralized, shared ledger to which partnered banks will have access. 

The distributed network will perform dual roles. It will authenticate the identities of both the payee and the payer, and also facilitate communication between the banking institutions. 

XRP not Mentioned

What’s striking is that several illustrations with the patent specifically mentioned Ripple DLT. However, the system’s base asset and its corresponding settlement gateway asset, the XRP, is not mentioned anywhere in the patent. 

There are mixed reactions to Ripple. In early July, the company’s investment sector and incubator Xpring has appropriated $500 million to more than 20 XRP projects since it was launched back in May 2018. Among the projects invested in is the Forte, the blockchain-powered gaming platform. The incubator plans to finance the design and growth of use cases for the XRP token. 

However, some sectors appear to be wary of the token. In June, the largest commercial bank in Thailand, the Siam Commercial Bank, refuted plans to start utilizing the Ripple XRP token. This was in direct contrast to earlier signs the institution gave. The bank’s denial came after it tweeted that an XRP system will soon be announced.

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