Bank of America files for patent on digital currency wire transfers from USPTO

Bank of America has officially applied to the U.S. Patent and Trademark Office for a patent for digital virtual currency wire transfers.

     According to the description, the patent is a system for sending account funds through digital virtual currency technology, but words such as "blockchain" or " blockchain " do not appear in the introduction of the patent.

Co-applicants Thomas Edward Durbin and James Gregory Ronca stated in their patent application opening statement:

"With the advancement of technology, cross-border transactions have become more and more common, and companies have to deal with a large number of outbound wire transfer applications every day. For some special customers, companies need to remit funds abroad in a very short time."

The patent application summary mentions Bitcoin, Litecoin, Dogecoin, and Ripple Labs.

In fact, in addition to Bank of America, other corporate institutions have had the same idea, Factom and BITX are among them.

     The head of BITX once wrote in a blog:

“Wire transfers are notoriously inefficient and often take many days. The reason for this inefficiency is paper checks. The introduction of digital virtual currency technology will change the existing wire transfer market and, in turn, change world finance.”