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U.S. Payroll Software Company ADP Files Ripple-linked Patent Application

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U.S. Payroll Software Company ADP Files Ripple-linked Patent Application

United States Payroll and Human Resource software company, ADP, has filed a patent referencing Ripple’s distributed ledger technology (DLT) to achieve what the firm calls “Payroll Based Blockchain Identity”.

The patent was filed in 2017, and has not been granted till now. However, ADP intends to join the series of firm wanting to use DLT to reduce their payroll challenges. Although it is not very clear if ADP will be using cryptocurrency as a form of payment with its payroll based blockchain identity, there are big firms looking up to using crypto to pay their workers.

About the Ripple-linked Project

As contained in the abstract of the application, ADP is seeking to patent a system that makes it easy to pay wages using a distributed ledger that is solely maintained in a computer network.

When wage payment information is collected from an employer, a digital public key that is uniquely associated with the employee is received.

Then a transaction is issued to the distributed ledger at a time of wage issuance along with identity data encrypted with the digital public key that is uniquely associated with the employee.

The identity data, according to ADP, is a multi-level identity data based on levels of data sensitivity. According to the application, the multi-level identity data can be accessed using a data level code and a digital signing key belonging to the employee. A level of the multi-level identity data can be made available to a third party upon being identified with the data level code.

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ADP has been a well-known firm offering solutions to human resource challenges in the industry. The firm has been around for close to 70 years, leading others is designing and defining the future of business solutions.

ADP has received FORTUNE Magazine’s “World’s Most Admired Companies” list for 12 consecutive years.

The global payroll and HR tech firm revealed in the past it had deployed developers to help it achieve the blockchain payroll system.

The firm’s Vice President, Tashina Charagi, said at some point that the ADP envisions a faster, reduced cost, and error-free cross-border payment through blockchain technology.

ADP Follows Bank of America’s Step

Like ADP, Bank of America recently filed a patent. The reputable bank is as well going to use Ripple’s Distributed Ledger Technology for a payment system that is not completely clear to the world.

Also READ  UK’s Financial Regulator Clears Air, infers Ripple’s XRP not Security Token

When Brad Garlinghouse, the CEO of Ripple spoke about the reported Bank of America’s Patent Application with reference to Ripple, the cerebral CEO was taken aback.

Speaking on Bloomberg, the CEO said he was surprise to hear that Bank of America filed a patent application with a good reference to Ripple’s DLT.

While Brad has not confirmed the report, he is yet to disbelieve in it as many banks are making use of Ripple’s to reinforce their systems.

As prominent banks make use of Ripple, other firms across the globe in need of a fast and responsive payment system are also looking up to Ripple.

Olayode grows businesses and develop ideas! He has made meaningful guest contributions to Huffington Post, Oracle Times, The Independent Republic and a host of other tech platforms.He's a blockchain enthusiast, with love for international politics.

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