Bank of America Developing a Blockchain for 'Real-Time' Card Settlement

If you 're a programmer and want to ensure the success of your career, you seemingly can't go wrong with focusing on Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology, as it promises to be at the base of all money-related systems in the future.

Bank of America (NYSE: BAC), the second largest bank in the United States by assets, revealed on Thursday that it is looking to develop a new system based on blockchain technology and it needs people with experience in the field to create it.

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According to the wanted ad, Bank of America has a job for someone with hands on experience developing blockchain / Distributed Ledger Technology / Ethereum - Frontier/Solidity or Hyperledger Fabric. The position is for a mid-range developer with strong Java skills, database skills, and a strong passion for application architecture development of a brand new Card Account and 'Real-Time' Settlement system on the new Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term as a Service (PaaS) Platform.

Bank of America has been eyeing blockchain technology for different uses for quite a while now. Bank in June 2014, it filed ten cryptocurrency related patent applications.

These patent titles are: Cryptocurrency Offline Vault Storage System; Cryptocurrency Transformation System; Cryptocurrency Risk Detection System; Cryptocurrency Transaction Validation System; Cryptocurrency Electronic Payment System; Cryptocurrency Suspicious User Alert System; Cryptocurrency Aggregation System; Cryptocurrency Online Vault Storage System; Cryptocurrency Transaction Payment System; and Cryptocurrency Real-Time Conversion System.