Financial institution of America has filed for a patent for a settlement system citing the Ripple ledger, in keeping with a submitting on Google Patents.
The patent in query — the appliance of which was printed on June 6 — describes a system utilizing distributed ledger know-how (DLT) as an interbank communication software. The proposed system would allow real-time settlement with transactions being communicated by means of a shared, decentralized ledger to which each the banks would have entry.
The decentralized community would each confirm the id of the payer and the payee and allow communication between the establishments. Notably, a number of illustrations included within the patent explicitly cite Ripple DLT. Ripple’s base asset and proposed settlement gateway asset XRP just isn’t talked about within the patent.
In June, information broke that Siam Business Financial institution, Thailand’s largest business financial institution, denied any plans to begin utilizing Ripple’s XRP token, opposite to earlier indications. The denial got here after the financial institution tweeted that an “XRP system will likely be introduced quickly” on June 5.
As Cointelegraph reported earlier this month, Ripple incubator and funding arm Xpring has distributed $500 million to over 20 XRP tasks — together with the blockchain-based gaming platform Forte — since its launch in Could 2018. The goal of the incubator is to fund the event of use instances for Ripple’s XRP token.