Bank of America Might Be Working With Ripple’s Blockchain Technology

We’ve learned via Google Patents that the Bank of America it working on a blockchain-based system that takes advantage of Ripple technology, reports CoinTelegraph.

XRP Over Fiat

The patent went live on June 6. It discusses a project that takes advantage of distributed ledger technology (DLT). The idea is to use it as something that will help banks communicate with one another, which is Ripple’s main goal.

“A system operatively connected with a block chain distributed network and for using the block chain distributed network for facilitating real-time net settlement,” reads one of the claims. “The system maintained by an entity, the system comprising a memory device; and a processing device operatively coupled to the memory device.”

It continues, describing a “block chain distributed network” that acts as a “transaction record between a payor and a payee.” In terms of blockchain technology, that description is pretty spot on.

On top of this, a lot of the designs included talk about Ripple’s distributed ledger technology. That said, nothing in the project specifically talks about Ripple’s cryptocurrency asset, XRP, which is quite interesting.

In other news, the CEO of Ripple, Brad Garlinghouse, came out to defend Ripple and other cryptocurrencies after the United States secretary Steve Mnuchin went after them. “The comments made by Garlinghouse are, without doubt, aimed at reminding investors and regulators alike that XRP is different from Bitcoin,” reads our article. “And it does not support a parallel financial system. It is also a reminder that XRP is open to being fully regulated.”

Ripple, the project in third place regarding market cap, has always had a bit of a different standing in the cryptocurrency market than other projects like Bitcoin or Ethereum. Rather, banks and other traditional companies are more open to using XRP. To be fair, the project applies directly to more traditional industries than other cryptoassets do. Those that are interested to buy Ripple can do so in the linked page.