The 2nd Largest Bank In US, Bank OF America Is Keen On Hiring Blockchain Experts

The 2nd Largest Bank In US, Bank OF America Is Keen On Hiring Blockchain Experts

Blockchain News
October 16, 2019 Editor's Desk
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The second-largest U.S. bank has started hiring for blockchain positions. The job openings that appeared in recent months clearly indicate that Bank of America has plans set ahead for the future of its operations using the power of Blockchain technology. This hiring decision comes after 78 blockchain-related patents the bank has filed or won to date, which
Bank of America

The second-largest U.S. bank has started hiring for blockchain positions.

The job openings that appeared in recent months clearly indicate that Bank of America has plans set ahead for the future of its operations using the power of Blockchain technology. This hiring decision comes after 78 blockchain-related patents the bank has filed or won to date, which prove that the bank wants to utilize the technology for further use. 

The Charlotte, N.C.-based bank has six positions open that involve having blockchain experience: one is for a treasury product manager, three for enterprise payment technology senior architects and two for banking regulatory domain architects. The idea is to hire people who can apply the Blockchain in banking sector to improve the future of the industry.

LinkedIn recently had an ad which also gives the idea that the bank has plans to use Ripple’s distributed ledger-based payments network for their development. The post for a treasury product manager suggests that the role “leads the product management team for the Ripple Project.”

The one hired would have the responsibility of “driving product strategy and growth, overseeing daily product management routines, and overseeing the development of new initiatives that result in an innovative and highly-competitive product offering.”

The lender is also a member of the Marco Polo trade finance blockchain consortium, founded by startups R3 and Trade IX.

The bank’s chief technology officer, Cathy Bessant, in March told CNBC that she’s “bearish on the technology and that the patents exist only so that the bank can pivot to blockchain quickly if the need arises”. 

The pivot she mentions is soon to arrive. In an application filed in March 2018 and published by the United States Patent and Trademark Office (USPTO) this month, the bank has reportedly made a request for patent for a permissioned blockchain to record internet-of-things (IoT) node data. 

Each of the enterprise payment technology senior architect positions must have the potential and experience of working in the crypto industry. The “crypto-technologies,” that one needs to understand and be well acquainted with, according to Bank of America, include IoT and blockchain.

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