The Bank of America which is known by the name as BoA wants to patent a system with the help of a Blockchain technology to improve the cash handling, a new application which are published yesterday in the news.
The patent right which originally submitted in the month of June 2017, the patent references “banking system controlled by the data bearing records.” “Some of the more and high aspects of the disclosure which is much more related to deploying, utlizing, configuring cash handling devices to provide the adaptable and dynamic operating functions,” its abstract reads.
Bank of America(BoA) explains that there are some of the difficulties in communications in each and every aspects of the cash handling duties across the entire bank's huge operations part, and suggests that Blockchain could help to ease these.
“Cash handling devices may be going to be used in operating centers and some other sort of locations to provide several and different types of functions, such as facilitating the cash deposits and withdrawals,” the patent document continues. “In many of the cases, moreover, it may be difficult to integrate such cash handling devices with some of the more technical infrastructures that support banking operations and other operations while also optimizing the effective and efficient technical operations of the cash handling devices and some of the other various related computer systems.”
BoA has also sought to step up out its efforts to snag some of the more intellectual property in the technology of Blockchain over the past few years.
In the month of November, the bank was also revealed to have the largest number of blockchain patents at more than 50, amid curiosity as to whether it would go to put all to use in the future feature term.
While looking for a keener on the Blockchain, BoA has adopted the highly risk-averse stance on the cryptocurrency, in becoming one of the few more institutions to enact the bans on some of the associated fiat purchases by the clients earlier by the end of this year.
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