Bank of America Reveals New Blockchain Patent

The Bank of America (BoA) is seeking to patent a system using blockchain technology to improve cash handling.

The abstract application which was originally submitted in June, 2017, patent references “banking systems controlled by data bearing records.” “Aspects of the disclosure relate to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions.”

According to BoA, due to the nature of cash handling duties in banks and difficulties in communication, blockchain is sure to ease the stress.

The documents reads: “Cash handling devices may be used in operating centers and other locations to provide various functions, such as facilitating cash withdrawals and deposit.”

It added that, “In many instances, however, it may be difficult to integrate such cash handling devices with technical infrastructure that supports banking operations and other operations while also optimizing the efficient and effective technical operations of the cash handling devices and various related computer systems.”

It would therefore be recalled that in November, BOA was said to have the most number of such blockchain patents numbering more than 50, as against a growing curiosity as to whether it would be able put all to use in the near future.

Follwing its believe in blockchain, BoA has adopted a highly risk-averse stance on cryptocurrency, becoming one of the few institutions to enact bans on associated fiat purchases by clients earlier in 2018.

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