Among the patent holders of blockchain in the United States of America is Bank of America. According to the latest news, the organization has filed another patent in the field. According to the latest patent filings on Google Patents, the Bank of America will utilize the Ripple Blockchain. It will be put to use for interbank communication and settlement system.
Ripple is one of the leading companies providing blockchain solutions to other organizations. Currently, Ripple is providing over 200 financial companies with blockchain solutions. These companies include banks and many other financial institutions. XRapid and XCurrent are two online platforms of the network that have gained immense popularity globally amongst the finance organisations. With the addition of Bank of America in this user list, Ripple expects to see a further expand in its user base.
The application which was recently patented is an endeavor to facilitate real-time settlements and communications between banks. This in return will provide a faster cross border transactions. However, a point to be noted here is that it is only the blockchain from Ripple which is being used and not its token, the XRP.
Bank of America is not the first renowned global bank which has put blockchain on use. Apart from BOA, a London based global bank, HSBC has also utilized the blockchain technology. Earlier in the year, in January, HSBC released a statement informing that they will utilize the blockchain to settle forex transactions. The worth of these transactions were estimated at around $250 billion. The Indian division of the world’s largest bank also used the blockchain to make overseas payments.
In the year 2018, the Bank of America released a statement stating that it would finance two big firms, Microsoft and Amazon in their blockchain ventures. The blockchain industry is expected to reach the landmark of $7billion. The present value of the blockchain industry is around $2.2 billion. It was predicted by market pundits that the industry would cross the $20billion landmark soon in 2023. It is expected that more and more companies would start pouring cash in the world of blockchain.
No doubt, blockchain has transformed how we live today and has made everything lightning fast. Do you think blockchain can be seen as the ultimate solution to our modern-day problems?
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