Bank of America Reveals New Blockchain Patent Targeting Cash Handling

  • Bank of America (BoA) wants to patent a system using blockchain technology to improve cash handling, a new application published Dec. 25 confirms.

    Originally submitted in June 2017, the patent references “banking systems controlled by data bearing records.”

    “Aspects of the disclosure relate to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions,” its abstract reads.

    BoA explains there remain communication difficulties in aspects of cash handling duties across banks’ huge operations, and suggests blockchain could help ease these.

    “Cash handling devices may be used in operating centers and other locations to provide various functions, such as facilitating cash withdrawals and deposits,” the patent document continues.

    “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 sought to step up its efforts to snag intellectual property in the blockchain sphere over the past two years.

    In November, the bank was revealed to have the most such blockchain patents at more than 50, amid curiosity as to whether it would put all to use in the near term.

    While keen on blockchain, BoA has adopted a highly risk-averse stance on cryptocurrency, becoming one of the few institutions to enact bans on associated fiat purchases by clients earlier this year.

  • BoA have clearly missunderstood how crypto works... You can safely forget them and their patents 😂

  • Banks filing blockchain patents doesn't necessarily mean anything good for crypto community

  • @falconite it means they believe patents are worth anything in the value economy and believe 'blockchain not bitcoin' - from that we can all make our own conclusions !

  • @alexih A patent is supposed to stop others from using a certain skill or method, even if you can't use it yourself

  • Anyways, I get what you guys are hinting at here.

  • @Snaker BOA accumulating patents without putting them to use should be criminal offence. In any case, crypto currencies and blockchain techs are the future, BoA sure wants to be at the forefront when this explodes.

  • Some institutions do believe that blockchain technology and cryptocurrency should be two different things. They try to monopolize blockchain technology, but this is contrary to the original intention of blockchain technology.

  • Typical action for a big bank to step in a try to completely own something that is supposed to be for the free and uncensored world.

  • Yes, what else can one expect 😕

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