Bank of America Mentioned "Ripple Settlement" in Blockchain Patent | BTC-ECHO
Bank of America published a June 2012 blockchain patent filed a year ago. In it, the Bank presents a system for cross-border payments in real time. This should enable the use of distributed databases (Distributed Ledger Technology, in short: DLT). Also ripple Interledger Protocol is part of the new system.
Embodiments (of the present invention) receive at a node of a distributed block chain network a transaction record associated with a transaction between a payer and a payee accessing a distributed ledger, determining from the distributed ledger a net position between the entity and a third party .
this is stated in the abstract of the patent, which can be found on Google Patents.
Since the billing system uses a distributed ledger system, both "pages" of the transaction are informed of and can check the status of the account during a cycle, for example during a day. Because the distributed ledger system is a trusted system, there is no need to maintain individual, unambiguous accounts for every third party.
Apparently, Bank of America's new settlement solution will also use Ripple's Interledger protocol (Ripple ILP). This is evident inter alia from several graphs attached to the patent.
Bank of America: Ripple yes, XRP no?
It is unclear whether Bank of America's new transaction system will also make use of a cryptocurrency as a bridge asset. In any case, there are no indications in the application suggesting the use of the ripple asset XRP. XRP is designed to do just that within the xRapid platform.
The use of XRP is likely to significantly boost the XRP price, but the document does not provide any reason for Bank of America to adopt an XRP implementation.
Their Chief Operations & Technology Officer, Cathy Bessant, said he was sympathetic to CNBC's blockchain technology in March, but not without reason showing the benefits of the technology to their bank:
I have not seen any (use case) that goes beyond one person or a small amount of transactions. All major technology companies will come and say: Blockchain, Blockchain, Blockchain, Blockchain. I say: show me the use case. You bring me the use case and I try,
so Bessant to the US news channel.
Despite the over 80 blockchain-related patents filed by Bank of America alone, Bessant remains "privately bearish" in terms of future technology applications.
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