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BofA applies for 3 blockchain patents

Bank of American has applied for 3 new patents involving distributed ledger technology. The US Patent and Trademark Office has revealed that the bank has filed these applications since February 2016, indicating the interest the bank has in this domain. One application is about the process for using a blockchain to track and validate user identification. The second one is about a design that enables the validation of changes to user identity, allowing the system to update and evolve that information over time. The third application is more generic, which is designed to convert unsecured ‘instruments’ through a validation process. Experts say the bank is looking to blockchain as a way to validate not only the people who are using a system, but also the information within it as well.

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