One of Canada’s largest banks is considering the use of a public blockchain to digitally track assets.
In a patent application published Thursday, TD Bank outlined how it could use a public distributed ledger to help point-of-sale computers track transactions. In the scheme computers would create blocks of data storing information about the assets being sold, their value in a given currency, and the transactions themselves.
The filing offers ample praise for public blockchains, in which any individuals running the software may successfully approve transactions. The filing also details how a centralized ledger would decrease redundancy and reduce fraud.
“One advantage of blockchain based ledgers is the public nature of the blockchain architecture that allows anyone in the public to review the content of the ledger and verify ownership,” the application states.
Write: Sara Bauer