BoA – Bank of America, is looking for a patent system with the help of the Blockchain technology for improving cash handling. The patent was originally submitted in June 2017. As per the patent, it references that the banking systems should be controlled by respective data bearing records. The abstract of the patent read that the aspects of the disclosure majorly relate to the deployment, configuration, and utilization of the cash handling devices & services for providing dynamic as well as adaptable operation functions.
BoA (Bank of America) explains that there are certain communication issues that are present with respect to cash handling duties across the huge operations of the banks. As such, the bank suggests the utilization of the Blockchain technology for helping out with these issues. Cash handling devices and services might be utilized in the operating centers along with other locations for providing various functions including the facilitation of cash deposits and withdrawals.
Bank of America is gearing up its overall efforts for obtaining intellectual property in the Blockchain domain over the last 2 years. In November last year, the bank had revealed that it had the most Blockchain patents of such kind – more than 50.
