Bank Of America (BOA) Showcases New Blockchain Patent That Makes Cash Handling Processes More Streamlined
As per a new application released yesterday, it appears as though the Bank of America (BoA) is looking to patent a blockchain system that has been designed to improve its internal cash handling processes. To elaborate further on the matter, the application was originally submitted to the United States Patent and Trademark Office (USPTO) earlier last year in June. As per the official application, the submitted patent has been designed specifically to develop a “blockchain based banking system” that is controlled via data bearing records that are maintained by the BoA.
As per the abstract of the patent, the Bank of America is looking to address many of today's cash-handling difficulties being faced by various financial institutions across the world (by making use of a decentralized, blockchain based accounting system). Not only that, the patent application also states:
“Aspects of the disclosure relate to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions. Cash handling devices may be used in operating centers and other locations to provide various functions, such as facilitating cash withdrawals and deposits.”
In addition to all this, a representative for the BoA recently went on to elaborate about the problems being incurred by a host of major financial institutions on a day-to-day basis:
“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.”
As mentioned earlier, the BoA has been taking proactive measures to ramp up its IP (Intellectual Property) acquisition efforts over the course of the past 24 months. For example, last month, the banking powerhouse announced that it was currently in possession of more than 50 blockchain patents.
With that being said, it is worth stating that while big on blockchain tech and its use cases, the Bank of America was one of the first big name players to impose an outright ban on the buying/selling of fiat assets via its monetary channels sometime in early 2018.