TD Bank, one of the Canada‘s most influential and biggest banks plans as an alternative to use blockchain technology in order to track digital assets.
The US Patent and Trademark Office has published the patent on 29th March 2018, being entitled “REAL TME VIRTUAL DRAFT SYSTEM AND METHOD“. Through the document, TD Bank refers to the fact that a public distributed ledger could be used to track the transactions made on the computers.
The concept is simple. This assumes that personal computers will generate blocks every time a transaction takes place. These will be intended for information, but also for the transaction storage.
The TD Bank has submitted the patent in September 2016. For this reason, we can’t affirm with certainty whether the bank continued to be involved in the implementation of such a project or not. However, the draft seems to be promising, given that other banks of major importance have been limited to private registers.
The bank’s deposit will generate blocks
According to the patent, the bank’s deposit will be used to generate new blocks, where any individual will have the opportunity to approve and keep their transactions.
“One advantage of block chain [sic] based ledgers is the public nature of the block chain architecture that allows anyone in the public to review the content of the ledger and verify ownership“, according to the Application.
If the new project is going to be implemented, any individual will be able to check and secure its real estate transactions. Thus, using a decentralized platform, it will be possible to “minimize risk of falsification of ledgers“.
The patent also refers to the execution time of transactions, TD Bank becoming more advantageous compared to other banks.