Blockchain technology is very popular in the financial industry. What impact did he bring to us? Some people think that blockchain technology may reshape the entire financial system, so what kind of role does Bank of America have to surpass IBM and become the company with the most patents in the blockchain?
According to foreign media reports, Bank of America Corp may not be willing to help customers invest in Bitcoin, but this does not mean that it will not invest in the underlying technology behind it.
Currently, the Charlotte, Calif.-based bank has applied for or obtained at least 43 blockchain patents. According to research by EnvisionIP, a New York-based intellectual property law firm, Bank of America has become the company with the most blockchain patents among major banks and technology companies.
“Public data shows that the technology industry is not as tightly embracing blockchain technology as the financial services industry,†EnvisionIP lawyer Maulin Shah said in an interview.
IBM ranks second among major banks and technology companies with 27 blockchain patents. The company hopes to use the blockchain and artificial intelligence technology to drive future growth, and has announced a partnership with Danish shipping giant Maersk to form a blockchain joint venture.
Bank of America does not offer Bitcoin futures contracts, and its Merrill Lynch also tells employees not to provide financial customers with financial instruments that directly hold Bitcoin. In response to media requests for comment, Bank of America spokesperson Mark Pipitone said the company holds 48 blockchain-related patents. He declined to comment further.
Historically, banks have been less active in pursuing patents, but in the last two years they have become more radical, working with the US Patent and Trademark Office to educate patent examiners on financial services. One of the purposes of this is to limit patents that may be unfavorable to banks, and another to ensure that they can obtain the patent they want.
Shah's research shows that 478 holders have submitted 1,045 blockchain-related patents or applications in the United States. Nearly 60% of patents are filed by so-called “blockchain professional companiesâ€, namely cryptocurrency exchanges and similar startups.
Fidelity Investment Group, Toronto Dominion Bank and Accenture are also ranked in the top ten in the blockchain patent list, in addition to Bitcoin Coinbase and technology company Dell. The two companies with the most blockchain patents, including all companies, are 405 Technologies SA and World Award FoundaTIon, which appear to be unrelated to any well-known company.
The impact of blockchain technologyBlockchain technology may reshape the global financial system, and banks hope to use it to speed up transactions, improve account records, and simplify back-end functions. According to the world's second largest payment network MasterCard credit card CEO revealed in October last year, the company is testing blockchain technology.
“The blockchain is mainly used to manipulate data, which is why it is rapidly gaining popularity in the payment processing industry. This will only continue to increase in the future,†Shah said.
Software companies that handle large amounts of data, such as Google, Microsoft, and Oracle, have not received much blockchain-related patents. But this may change in the future, as their patent applications will be made public 18 months after submission.
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