TD Bank plans to use Public Blockchain Technology to track assets

Toronto–Dominion Bank which is one Canada’s largest banks has filed a patent which uses a public blockchain to track assets.

In the patent application published on March 29th, TD bank mentions how it can use a public distributed ledger to help point of sale computers to keep track of transactions. Here the computers will create blocks of data containing information about sold assets, their value in the given currency and the transactions.

The patent mentions:

“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. The decentralized block chain approach also makes the system fairly robust in comparison to centralized server systems by allowing multiple distributed networks to verify the contents of a single ledger. This allows for redundancy and minimizes risk of falsification of ledgers.”

However, the patent was filed in September 2016 and it is unclear whether TD bank has made any implementations on the technology. It is notable that a bank’s interest in a public blockchain as most of the other banks implementing blockchain are confined to private blockchain like Hyperledger.

It is interesting to see the developments happening in the blockchain space as we see more and more use cases being implemented and tested.

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