Bank of America to Unveil Another Blockchain Patent

One of the largest US financial institutes is going to use blockchain to improve cash handling
26 December 2018   413

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.

BoA Application

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.

South Koreans to Invest in Crypto Actively

In addition to the investment amounts, the share of those interested in investing in digital assets also increased
22 April 2019   80

The average amount of investments in cryptocurrency from South Korean invesetprs is $ 6,100, which is 64% more than last year, Cointelegraph reports.

According to a survey conducted by the Korean Fund for the Protection of Portfolio Investors, in addition to the investment amounts, the percentage of those interested in investing in digital assets also increased. Thus, 7.4% of the 2500 respondents have already acquired cryptocurrency (last year there were 6.4% of those). It is noteworthy that this figure has increased, despite several major break-ins of the South Korean crypto exchange, as well as tougher regulation of the industry.

Analysts connect the market with a recent bitcoin price jump and hope for a new bull rally.

Recall recently it became known that 94% of trust capital funds invest in cryptocurrency.