Traveling waves are a fundamental phenomenon in the brain, playing a crucial role in short-term information storage. In this study, we leverage the concept of traveling wave dynamics within a neural lattice to formulate a theoretical model of neural working memory, study its properties, and its real world implications in AI. The proposed model diverges from traditional approaches, which assume information storage in static, register-like locations updated by interference. Instead, the model stores data as waves that is updated by the wave's boundary conditions. We rigorously examine the model's capabilities in representing and learning state histories, which are vital for learning history-dependent dynamical systems. The findings reveal that the model reliably stores external information and enhances the learning process by addressing the diminishing gradient problem. To understand the model's real-world applicability, we explore two cases: linear boundary condition and non-linear, self-attention-driven boundary condition. The experiments reveal that the linear scenario is effectively \textit{learned} by Recurrent Neural Networks (RNNs) through backpropagation when modeling history-dependent dynamical systems. Conversely, the non-linear scenario parallels an attention-only transformer. Collectively, our findings suggest the broader relevance of traveling waves in AI and its potential in advancing neural network architectures.