Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

BofA Tops IBM, Payments Firms With Most Blockchain Patents

CryptocurrencyJan 17, 2018 03:39
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. BofA Tops IBM, Payments Firms With Most Blockchain Patents

(Bloomberg) -- Bank of America Corp (NYSE:BAC). may not be willing to help customers invest in Bitcoin, but that doesn’t mean it isn’t plowing into the technology underlying the cryptocurrency.

The Charlotte, North Carolina-based lender has applied for or received at least 43 patents for blockchain, the ledger technology used for verifying and recording transactions that’s at the heart of virtual currencies. It is the largest number among major banks and technology companies, according to a study by EnvisionIP, a New York-based law firm that specializes in analyses of intellectual property.

“Based on what’s publicly out there, the technology sector hasn’t embraced blockchain as much as the financial-services industry,” Maulin Shah, managing attorney for EnvisionIP, said in an interview.

International Business Machines (NYSE:IBM) Corp., which has targeted blockchain and artificial intelligence for future growth, tied with Mastercard Inc (NYSE:MA). for second on the list, with 27 each.

Bank of America has refrained from offering Bitcoin futures contracts and its Merrill Lynch unit told employees not to offer brokerage clients access to one of the few financial instruments directly holding Bitcoin. Mark Pipitone, a BofA spokesman, said in an email that the bank has 48 blockchain-related patents and applications, declining to comment further. EnvisionIP’s study only included issued patents and applications that are made public, which typically occurs 18 months after they’re filed.

Historically less active in pursuing patents, banks in the past two years have become more aggressive, working with the U.S. Patent and Trademark Office to educate examiners about financial services. One goal was to limit patents that could be used against them; the other was to ensure they’d be able to get the patents they want.

Shah’s study, published last week, identified 1,045 patents or applications related to blockchain filed in the U.S. by 478 owners. Almost 60 percent were filed by what Shah called “blockchain-specific companies,” meaning startups like cryptocurrency exchanges.

FMR LLC’s Fidelity Investments, Toronto-Dominion Bank and Accenture Plc also were in the top 10, as was Coinbase Inc. and Dell Inc. Two of the biggest holders, 405 Technologies SA and World Award Foundation, weren’t easily linked to any known companies, Shah said.

Blockchain’s Impact

Blockchain technology could reshape the global financial system as banks look to use it to speed trading, improve record-keeping and simplify back-end functions. Mastercard, the world’s second-largest payments network behind Visa Inc (NYSE:V)., is testing the technology to facilitate payments between businesses, Chief Executive Officer Ajay Banga said on a conference call with analysts in October.

“The challenges of speed, of transparency and costs -- both in domestic and cross-border payments in B2B -- are more interesting than trying to find technology looking for a problem to solve in consumer payments,” Banga said on the October call.

Blockchain is geared toward “manipulation of data, and that’s why it’s really taken off in the payment-processing industry,” Shah said. “This is only going to increase.”

Software companies that deal with large amounts of data, like Alphabet (NASDAQ:GOOGL) Inc.’s Google, Microsoft Corp (NASDAQ:MSFT). and Oracle (NYSE:ORCL) Inc., haven’t received many patents related to blockchain. That may change as recent applications are made public.

BofA Tops IBM, Payments Firms With Most Blockchain Patents
 

Related Articles

Ethereum Climbs 10.10% In Bullish Trade
Ethereum Climbs 10.10% In Bullish Trade By Investing.com - Oct 21, 2021

Investing.com - Ethereum was trading at $4,237.84 by 20:32 (09:32 GMT) on the Investing.com Index on Thursday, up 10.10% on the day. It was the largest one-day percentage gain...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email