Crypto news

The Bank of America has filed an application for a patent for a settlement system citing the Ripple ledger.

The patent in question describes a system that uses distributed ledger technology as an interbank communication and payment tool.

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Bank of America has filed an application for a patent for a settlement system citing the Ripple ledger, according to a  filing.

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The patent referred to, describes a system using distributed ledger technology (DLT) as an interbank communication tool. The proposed system would enable real-time settlement with transactions being communicated through a shared, decentralised ledger to which both the transacting banks would have access.

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The decentralised network would both verify the identity of the payer and the payee and enable communication between the transacting institutions.

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Interestingly, Ripple’s base asset and proposed settlement gateway asset XRP is not mentioned in the patent.