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Bank of America Files Patent for Settlement System Naming Ripple

XRP Ripple ILP Bank of America

Don’t you worry, you read that title correctly. It is true and we have the document! Bank Of America the ninth-largest bank in the world by total assets ($2,281.23 billion) has files a patient for a new settlement system that has Ripple right in the middle.

Brandon Matthew Castagna was one of the inventors of this patent which we can find on Google Patents – link below.

Real-time net settlement by distributed ledger system US2019/0172059 AI

This patent was filed back in 2017, but was just published on June 6th.  The patent describes a system using distributed ledger technology otherwise know as DLT as an interbank communication tool.  The proposed system by Bank Of America would enable real-time settlement with transactions being sent through a shared, decentralized ledger to which both banks would have access.

The patent by Bank Of America contains a lot of technical banking terms and as they do not mention the word XRP, they are talking about instant settlement.  How else does a bank instantly settle?

As per the Google patent, the system refers to a real-time settlement wherein it highlights the transactions to be communicated through a shared and decentralized ledger. The bank will have access to both the system, according to the patent.

BOA Ripple Patent XRP

  • Bank of America Files Patent for Settlement System Naming Ripple - Cryptocurrency Headlines Today | CoinHeaven
    July 22, 2019 at 11:38 am

    […] Don’t you worry, you read that title correctly. It is true and we have the document! Bank Of America the ninth-largest bank in the world by total assets ($2,281.23 billion) has files a patient for a new settlement system that has Ripple right in the middle. Brandon Matthew Castagna was one of the inventors of The post Bank of America Files Patent for Settlement System Naming Ripple appeared first on XRP Right Now. […]Read More […]

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