Cathy Bessant, chief operating and technical officer of Bank of America, told FutureFintech that the financial institution system is based on the concept of transparency. Banks do need to understand the identity of the parties to the transaction. When criminals ask for a ransom, they will demand cryptocurrencies. There is a reason for this. Bank of America has 50 patents in distributed ledger technology and blockchain. When the opportunity comes, it will be “ready” to implement blockchain technology.