Patent published on February 15, 2024

BANK OF AMERICA Patents Easy Way to Confirm Trades with Geolocation Device

Bank of America Patents Easy Way to Confirm Trades with Geolocation Device

Bank of America, one of the leading financial institutions in the world, has recently published a patent that aims to revolutionize the way trade transactions are authenticated. The patent, titled "Artificial Intelligence-Based System for Authenticating a Resource Exchange Event Based on Geolocation of a Carded or Wearable Device" (patent number: US20240056820A1), introduces an innovative solution to address the challenges associated with verifying the location of individuals engaging in resource exchange events.

The core problem this patent seeks to solve is the inability to accurately authenticate a resource exchange event when users don't have access to or possess a mobile communication device that enables GPS-based location determination. In such cases, alternative systems are needed to determine the user's location, ensure authenticity, and mitigate potential risks.

By developing a system that integrates artificial intelligence (AI) capabilities, Bank of America's patent proposes a highly secure and simplistic approach to authenticate resource exchange events. The underlying concept involves utilizing a special card or wearable gadget equipped with short-range wireless components such as Radio Frequency Identification (RFID), Zigbee, Bluetooth, or Bluetooth Low Energy (BLE).

Unlike traditional methods that rely on GPS signals, this invention leverages location determination from signals emanating from these short-range wireless components. As a result, resource exchange event authentication can take place even without the need for internet or cellular network connectivity. This approach not only enhances security but also reduces the cost of the card or wearable gadget as it doesn't require the additional functionalities associated with GPS-based systems.

Moreover, the patent suggests implementing AI algorithms that can customize and adapt authentication rules and parameters based on various factors such as the time of day, the nature of the exchange, and the specific circumstances surrounding the event. This flexibility ensures that the system remains dynamic and can adjust authentication requirements based on real-time conditions, offering enhanced security and accuracy.

Once this patented solution is deployed, it will have a profound impact on how resource exchange events are conducted. Imagine a world where individuals can seamlessly trade goods, services, or even information, knowing that the authenticity of each transaction is guaranteed. For example, in the realm of e-commerce, buyers and sellers can engage in secure transactions without the fear of fraudulent activities or identity theft.

Furthermore, this innovation opens doors for countless possibilities where resource exchange events require authentication. From ticketless entry at events and public transportation systems to secure building access and personalized services based on real-time location information, there are boundless practical applications.

It is essential to bear in mind that receiving a patent does not necessarily guarantee that the invention will make its way to the market. While Bank of America's patent holds immense promise in revolutionizing resource exchange event authentication, further development and market readiness assessments are necessary before any implementation can take place.

In conclusion, Bank of America's patent for an AI-based system using geolocation of a carded or wearable gadget offers a promising solution to the challenges associated with authenticating resource exchange events. By leveraging short-range wireless components and integrating AI algorithms, this invention provides a secure, cost-effective, and flexible approach to verify the authenticity of trades. While its potential impact on various industries and daily life scenarios holds great promise, further considerations and developments are required before its possible introduction to the market.

Explore more