Will Bank of America Defend their Bitcoin-related Patents?

10 Bitcoin-related patents filed by American multinational banking and financial services corporation Bank of America in 2014 have recently been published by the US Patents Office.
The patents include rights to a broad range of blockchain-based systems including cryptocurrency transaction payment system and alternative decentralized settlement systems which allow clients and other financial institutions to make cryptocurrency transactions and settlement of assets with risk detection, offline support and fraud detection.
‘A system comprises a memory operable to store a customer account associated with a customer and a processor communicatively coupled to the memory. The processor is able encode cryptocurrency information associated with the customer account onto a payment instrument. The processor is also able to receive a request for a cryptocurrency transaction from the customer using the payment instrument.’read the patent on Cryptocurrency Transaction Payment System, Patent #20150363770.

This post was published at NewsBTC on December 31, 2015.