A now publicly available patent from Bank of America (BofA) has revealed a system of real-time settlement that utilizes the Ripple ledger for inter currency transactions, July 20, 2019.
Huge Breakthrough for Ripple
Bank of America’s patent reveals the exclusive usage of the Ripple ledger to improve efficiency and cost-effectiveness of transactions as well as bookkeeping.
In the patent document, BofA recognizes that distributed ledger technology (DLT) has the potential to truly disrupt banking and accounting. Advantages of their new patent include the option to eliminate physical accounts, real-time payment advisory, alternative implementations for the bank’s general ledger, and a change from end of day (EOD) settlement to real-time settlement among others.
Ripple has long said…