Bank Of America (BOA) Shares New Blockchain Patent For Improving The Cash Handling Processes

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.”

Final Take

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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

China’s Largest Mining Chip Maker, SMIC, Gains Regulator’s Approval On $2.8B IPO

One of China’s biggest semiconductor manufacturer, SMIC, announces plans to raise a $2.8 billion public sale IPO on the Sci-Tech Board of the...

Bitcoin Flash Crashes to $8,600 with BitMEX Shenanigans at Play Again

Bitcoin doing bitcoin things! Today, Bitcoin had yet another moment like March 12, although the price didn’t crash that low. Yesterday, Bitcoin jumped as high as...

AVA Labs Integrates Chainlink’s Decentralized Oracles to Improve DeFi Dapps Development

AVA blockchain, becomes the latest platform to add Chainlink, a decentralized oracle system to its platform. The integration of Chainlink to the Dapp blockchain...

Binance Korea to Improve KYC/AML Framework With Coinfirm's Compliance Solution

Binance South Korea unveiled a unique partnership with Blockchain analytics firm, Coinfirm that will help Binance remain compliant with the strict AML framework...

2nd Largest BTC Mining Pool, Poolin, Collabs With BlockFi, To Boost Crypto Lending Service

Poolin and BlockFi have formed a partnership as the latter aims to extend loans to the mining pool. Bitcoin (BTC) and mining equipment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today