The last few months have brought numerous developments on the blockchain market. More and more companies are researching the benefits of the technology, and few of them are releasing blockchain-based projects to the public.
Recently, it seems like the Bank of America has filed a few patents for a blockchain system meant to improve the tracking aspects of live file transfer processing. With this system, the blockchain can reportedly be integrated with both memory and communication devices in order to help better the process associated with data processing.
With this in mind, the Bank of America proposes using the blockchain network to track large volumes of data during the transfer process by using cryptographic keys. A part of the patent states that: “The present invention is directed to providing a novel technical solution that reduces transactional and informational complexities and transforms the processing of electronic files and management of data contained within such files.”
Since August 2014, the Bank of America has reportedly filed more than 20 patents referring to blockchain technology, which is great news for the market, as it showcases that even big financial institutions see the potential that the technology has.
For instance, a couple of days ago, MasterCard, one of the world’s biggest debit and credit card providers has decided to start offering a blockchain-based alternative to sending and receiving cross-border payments to a couple of companies, merchants and individuals. While the deployment isn’t for everyone yet, and rather more of an invitation-based beta, it is nice to see such systems being available to the public, and exiting the research and internal beta testing processes.
With these aspects in mind, it is highly likely that during the next couple of months, more and more similar systems will be released to the general public. Therefore, analysts believe that by the end of 2018, the general public will have actual access to blockchain-based technology, thus helping reduce costs and the time it takes to facilitate financial transactions. On the other side of the spectrum, it is also highly likely that we will soon see blockchain uses for other purposes, such as data verification, storage, smart contracts and more.
Soon enough, no one will be surprised if the bitcoin casino sector for instance, decides to move to the next level and offer betting services that are transparent and publicly recorded on the public ledger, to increase security, decrease data manipulation and make online casinos a better place for everyone.
Based on everything that has been outlined so far, what do you personally think about the latest developments on the blockchain sector? Let us know your thoughts in the comment section below.