A new application published on December 25 affirms that Bank of America intends to patent a blockchain system to improve cash handling. This patent was originally submitted in June 2017 as ‘banking systems controlled by data bearing records’.
The abstract of the patent reads that ‘the conditions linked with the patent are deployment, configuring and utilising cash handling devices to provide dynamic and adaptable operating functions.’
Bank of America has come out and given reasons that the company faces communication obstacles concerning cash handling across banks and operations. The bank suggests that blockchain technology can help ease these problems. The patent document further reads that ‘Cash handling devices may be used in operating centers and other locations to provide various functions, such as facilitating cash withdrawals and deposits.’ ‘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 optimising the efficient and effective technical operations of the cash handling devices and various related computer systems’
For two years now, BoA has attempted to take adequate steps to hitch intellectual property in the blockchain sphere. BoA is believed to have the most number (over 50) of patents related to blockchain technology in November; however, we don’t know if all of them will be used soon. It is interesting to note that BoA shows a good level of confidence when it comes to blockchain technology, on the contrary, the bank has adopted a risk-averse stance on cryptocurrency.