Bank Of America Looks At Blockchain To Improve Cash Handling

Bank of America (BoA) wants to patent a blockchain technology system to improve cash handling, confirms a new patent application published on 25 December. Filed in June 2017, the patent refers to “banking systems controlled by data bearing records.”

An abstract from the patent document reads as follows “Aspects of the disclosure relate to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions.”

BoA explains that communication difficulties remain in aspects of cash handling duties throughout the enormous operations of banks and suggests that blockchain could help ease them.

The patent document further states “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 optimizing the efficient and effective technical operations of the cash handling devices and various related computer systems.”

BoA has tried to step up its efforts to snag intellectual property in the blockchain sphere over the past two years. In November, the bank revealed that it had the most blockchain patents in excess of 50 in the midst of curiosity as to whether it would use everything in the short term.

While keen on blockchain, BoA has taken a highly risk-averse stance on cryptocurrency, becoming one of the few institutions to introduce customers ‘ bans on related fiat purchases.