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Bank of America registers patent for billing system citing ripple



Bank of America filed a patent for a billing system, citing the ripple ledger, pursuant to a filing with Google Patents.

The patent in question – the application of which was published on June 6 – describes a system that uses Distributed Ledger Technology (DLT) as an interbank communication tool. The proposed system would allow for real-time settlement where transactions are communicated through a common, decentralized general ledger, to which both banks would have access. In particular, Ripple DLT is expressly mentioned in several figures contained in the patent. Ripples base asset and the proposed settlement gateway asset XRP are not mentioned in the patent.

In June, it was announced that Siam Commercial Bank, Thailand's largest commercial bank, opposed any plans to use Ripples XRP tokens, contrary to earlier information. The rejection occurred after the bank had informed on June 5 via a tweet that an "XRP system will be announced soon".

Cointelegraph reported earlier this month that Ripple Inkubator and Investment Arm Xpring have distributed $ 500 million to over 20 XRP projects ̵

1; including the blockchain gaming platform Forte – since its launch in May 2018. The incubator's goal is to fund the development of use cases for Ripples XRP tokens.


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