Cryptocurrency breakthroughs: Bank of America patents virtual currency transfer system, TOR-inspired anonymity tool and first computer for Bitcoin mining

Say what you want, but virtual currency is here to stay. From tools, computers and even patents, there’s just no stopping bitcoin and its underlying technology from redefining online commerce.

Bank of America filed an application before the U.S. Patent and Trademark Office to patent an alternative wire transfer system, which uses cryptocurrency as a transparent intermediate step for fiat currency transfers. The patent was filed on March 17 and published on Sept. 17.

The patent application (read the content here) seeks to protect a system that can be used to transfer electronic funds between customer accounts using the blockchain technology of cryptocurrency as means of payment.

“Enterprises handle a large number of foreign wire transfer requests on a daily basis. As technology advances, foreign transactions have become more common. For some customers, it may be desirable to conduct a foreign wire transfer in less time than what current foreign wire transfer systems allow,” authors Thomas Edward Durbin and James Gregory Ronca wrote in the filing.