In line with a recent ‘publication‘, BoA [Bank of America] patents a system employing blockchain technology to boost cash handling.
Originally submitted, earlier in June 2017, the patent references “banking systems controlled by information bearing records.”
“Aspects of the disclosure relate to deploying, configuring, and utilizing money handling devices to supply dynamic and labile in-operation functions,” its abstract reads.
BoA adds there stay communication difficulties in aspects of money handling duties across banks’ immense operations, and suggests blockchain may facilitate ease these.
“Cash handling devices may also be employed in operating centers and alternative locations to offer varied functions, like facilitating money withdrawals and deposits,” the patent document continues.
“In several instances, however, it’s going to be troublesome to integrate such money handling devices with technical infrastructure that supports banking operations and alternative operations while additionally optimizing the economical and effective technical operations of the money handling devices and varied related computer systems.”
BoA has sought to intensify its efforts to snag intellectual property within the blockchain sphere over the past 2 years.
Earlier in November, the bank disclosed to possess the foremost such blockchain patents, around more than 50 in number, amid curiosity on whether or not it might place all to use within the near term.
While keen on blockchain, BoA has adopted an extremely risk-averse stance on cryptocurrency changing into one of the few establishments to ‘enact bans‘ on associated fiat purchases by clients earlier this year.