Bank of America Corp. may not be willing to help customers invest in bitcoin, but that doesn’t mean it isn’t plowing into the technology underlying the cryptocurrency.
The Charlotte, North Carolina-based lender has applied for or received at least 43 patents for blockchain, the ledger technology used for verifying and recording transactions that’s at the heart of virtual currencies. It is the largest number among major banks and technology companies, according to a study by EnvisionIP, a New York-based law firm that specializes in analyses of intellectual property.
“Based on what’s publicly out there, the technology sector hasn’t embraced blockchain as much as the financial-services industry,” Maulin Shah, managing attorney for EnvisionIP, said in an interview.
International Business Machines Corp., which has targeted blockchain and artificial intelligence for future growth, tied with Mastercard Inc. for second on the list, with 27 each.