Bank of America had 56 patents in blockchain during Q1 2024. The Bank of America Corp filed patents in Q1 2024 related to implementing resource ownership verifications in a federated distributed ledger, multifactor user authentication leveraging secure tokenization, energy optimization for cryptocurrency mining, virtualization of non-fungible tokens, and intelligently storing data in a fault-tolerant system using robotic process automation and blockchain. These patents focus on enhancing security, efficiency, and reliability in various aspects of financial transactions and data management. GlobalData’s report on Bank of America gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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Bank of America grant share with blockchain as a theme is 32% in Q1 2024. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Systems, methods, and apparatuses for implementing resource ownership verifications in a federated distributed ledger in a distributed network (Patent ID: US20240104459A1)
The patent filed by Bank of America Corp. describes a system, computer program products, and methods for implementing resource ownership verifications in a federated distributed ledger. The invention involves receiving a query with a resource identifier, identifying the associated federated distributed ledger, querying entities associated with the resource to determine the current owner, and updating the ledger accordingly. The system allows access to the ledger for users and pre-selected entities, generates verifiable resource tokens, and includes data on historical ownership, geolocations, and timestamps associated with the resource.
The system, computer program product, and method outlined in the patent focus on verifying resource ownership through a federated distributed ledger. By receiving queries, identifying the relevant ledger, querying entities for ownership information, and updating the ledger with current ownership details, the system ensures accurate and transparent ownership verification. Additionally, features such as access control, verifiable resource tokens, and data on historical ownership, geolocations, and timestamps enhance the functionality and reliability of the system for various types of resources, including government identification certificates and owner certificates.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
