Based on the blockchain technology, Bank of America (BoA) is looking to patent a system to improve the process of cash handling, reveals a newly published patent application on December 25.
The application was originally submitted on June 2017, it introduced as “banking systems controlled by data bearing records.” The abstract part of the application reads, “Aspects of the disclosure related to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions.”
Explaining the problem of current cash handling system BoA highlights different aspects of it and mentions how the integration of blockchain technology into the system can help solve the problem.
The application continues as. “Cash handling devices may be used in operating centers and other locations to provide various functions, such as facilitating cash withdrawals and deposits,” adding, “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.”
Last two years have seen many big names in the market across various dynamics entering the domain of blockchain technolgy and experimenting with it and certainly, BoA is not different from them. As reports from November suggests BoA has around 50 blockchain-based patent but it’s vague how many of them are going to be implemented.
These ongoing developments towards blockchain technology put BoA in a favorable light but they are also among organizationS which have adopted the harsh stand towards fiat related transaction with cryptocurrencies.