TD Bank has filed a patent for a ” Real Time Virtual Draft System and Method”, based on an open-source distributed ledger on March 28th.
The bank is planning to use the blockchain technology as a “digital asset tracking system,” which includes a storage device and a processor coupled to the storage device.
The document emphasizes on the utility of a public distributed ledger in which every user of the system will be able to verify transactions.
“One advantage of blockchain 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,” the filing explained.
Since every user will be able to approve transactions, the security of the ledger would be increased and would considerably diminish the risk for a ledger to be falsified.
Last week, the Bank of England also announced taht it was considering the use of blockchain technology.