Bank of America, one of the largest banks in the U.S., has just created a payment system based on Ripple's distributed ledger technology, according to the bank's patent application.
The patent describes a system that uses distributed ledger technology for interbank communications.
The system aims to provide real-time settlements and allow participating banks to access a general decentralized registry. This decentralized network would verify the identity of the originator and beneficiary of the transaction and allow communication between institutions.
The patent mentions Ripple's distributed ledger technology several times.
Bank of America has recently filed a patent application that describes a system to improve cash handling. It has also received a patent for a mechanism that allows large companies to store their customers' crypto assets.
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