Bank of America, the second largest US financial institution, filed another patent application in the field of blockchain technology. In particular, the organization intends to patent the system aimed at improving the processing of cash.
The application, which refers to “banking systems controlled by data bearing record,” was filed in June 2017 and published on the website of the United States Patent and Trademark Office on Tuesday, December 25.
Aspects of the disclosure relate to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions.
BoA Application Abstract
BoA representatives explain that in the process of processing cash, communication difficulties remain between various departments of the bank, which the blockchain technology can solve.
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 is one of the world leaders in the number of successfully obtained or in the process of consideration of patents in the field of cryptocurrency and blockchain. So, in November of this year, the organization received a patent for a mechanism that would allow large companies, including exchanges and custodial services, to store their clients' cryptocurrency assets.
A month earlier, BoA received a patent for a device capable of storing cryptographic keys and digital currencies.