Dec 25, 2018 21:30 UTC
Dec 26, 2018 at 11:07 UTC
Bank Of America Set to Get Yet Another Patent, Plans to Use Blockchain in Cash Handling
We had earlier reported about Bank of America preparing for the future by stocking up on blockchain patents. According to a fresh Christmas confirmation, that list just got longer. The Bank has now expressed its intention to get its hands on a patent to a system for cash handling, based in blockchain technology. It filed a new patent application on Christmas Day itself for the same.
The patent application was originally filed way back in the month of June last year. The patent refers to a blockchain solution that would improve banking systems by controlling them with “data bearing records”. An excerpt from the application’s abstract section reads:
“Aspects of the disclosure relate to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions.”
According to the explanation provided by the Bank of America, blockchain technology can potentially play an enormous role in facilitating smoother cash handling across the various sections of the bank’s extremely large operations. Currently, the various departments and sections of the bank face issues owing to a communication gap between them. Having a blockchain solution that puts in place a distributed ledger simultaneously updated for all participants to view will help bridge this communication gap.
The patent document adds that :
“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.”
Bank of America has garnered quite the reputation for amassing a bunch of patents over the course of the last couple of years, often related to blockchain technology. In fact, this November itself, we got to know that it has over 50 patents concerning blockchain technology solutions. Now we must wait and watch for the bank to put them into use.