If the patent application were directly related to the commitment of a company to innovate in a particular field, Bank of America would undoubtedly be one of the largest Wall Street bulls.
The bank, the second largest financial institution in the United States, has deposited some 50 patents related to blockchain technology, many of which also establish a framework for the integration of cryptocurrency services into the core business offerings of # 39; company. More recently, Bank of America has filed a patent to create a system of storing online cryptocurrencies, expanding on a previous patent that the company requested for the first time in 2014.
However, writing on Twitter Michael Wuehler, whose name is listed on eight of these patents as an inventor, said that they are fundamentally "meaningless" and serve only to buffer the press coverage and make the 113-year-old bank an innovator in fintech space.
"My name is out of 8 of the 50 Blockchain patents filed by BofA and from my point of view they make no sense except to create press releases and public perception of innovation."
According to his LinkedIn Profile, Wuehler spent over 11 years at Bank of America, leaving his post as senior vice president in 2016 to become a member of ConsenSys, the Ethereum development firm founded by Joseph Lubin. Soon after, he co-founded Infura, a project supported by ConsenSys that provides a blockchain infrastructure to help developers of decentralized applications (dApp) to scale their platforms. Wuehler also founded Ethereum NYC, a group of meetups that currently has 6,000 members.
According to Wuehler's point, Bank of America has been openly hostile to cryptocurrency, although it claims its blockchain patents as proof of its innovation. Along with other large institutions such as JPMorgan, the company has prevented its customers from using credit cards issued by banks to buy cryptocurrencies, and Merrill Lynch, the bank's brokerage arm, has taken the controversial decision to prohibit its customers to invest in the Bitcoin Investment Trust (OTC: GBTC), an investment fund that offers shareholders an exposure to BTC.
Even so, the bank acknowledged that the adoption of cryptocurrency poses a threat to its business model.
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