In today’s blockchain news, the Bank of America (BoA) is considering to patent a system that will run on blockchain technology in order to improve cash handling according to the newly published application on December 25.
According to the application which was originally submitted in June 2017, the patent notes:
“Aspects of the disclosure relate to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions.’’
The Bank of America explained that there are still some communication difficulties that remain to be solved in the aspect of cash handling duties when banks conduct huge operations and really think that the blockchain could help ease up the process.
In the document you can also find the following:
“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.”
Also, Bank of America wants to improve the efforts and include intellectual property in the blockchain space and the bank has already revealed they own more than 50 blockchain patents.
Despite been very keen on Blockchain, BoA adopted a massive risk-averse stance on cryptocurrency and they are one of the very few institutions in the world to put bans on fiat purchases by clients over the past year.
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