US Patent Issued to Bank of America on Aug. 25 for "Geolocation-based consensus algorithm for use in monitoring proposed data records for a distributed ledger" (Indian Inventors)

ALEXANDRIA, Va., Aug. 25 -- United States Patent no. 12,718,246, issued on Aug. 25, was assigned to Bank of America Corp. (Charlotte, N.C.).

"Geolocation-based consensus algorithm for use in monitoring proposed data records for a distributed ledger" was invented by Sujatha Balaji (Chennai, India) and Maharshi Pravinbhai Soni (Ahmedabad, India).

According to the abstract* released by the U.S. Patent & Trademark Office: "In conventional distributed ledger systems, consensus mechanisms are required to maintain a common state of agreement among nodes while maintaining the distributed nature of the network. However, conventional consensus mechanisms require that the system access incoming data blocks during the consensus process, which can ope...