The second largest bank in the United States by assets, The Bank of America has applied for patenting a new blockchain-related application which will be used for the development of new cash handling devices.
The bank has filed a string of over 50 patents related to blockchain till date, and this application is the latest patent in the bank’s list, entitled “Banking systems controlled by data bearing records.”
The Bank of America mentions that there are communication difficulties with respect to cash handling activities across banks and thinks that blockchain could help ease these difficulties.
The filed patent mentioned that certain transactions, including cash/check deposit or cash withdrawal, can leverage blockchain communications to support real-time request, validation, and completion of the transaction, in addition to real-time reconciliation.
The Bank of America on December 25 filed for the patent with the US Patent and Trademark Office (USPTO) for “deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions.”
The abstract of the patent read “Aspects of the disclosure relate to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions.”
The patent describes the application as a “new cash handling device,” similar to an automated teller machine (ATM), which will use the blockchain technology to smoothen and fasten the transaction speed and will also facilitate other types of transactions such as gift registry transactions, among many others.
It further added that “In addition, any replenishment of cash into the automated teller machine or end-of-day fund transfers across various financial institutions and the ATM operator may be done via blockchain balances.”
The patent also stated that “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.”
The Bank of America has planned to put in efforts solve the problem of intellectual property in the blockchain sphere over the past two years.
The bank has been very keen on blockchain development and earlier this year had taken an extremely risk-averse stance on cryptocurrency, thereby becoming one of the few institutions to implement a ban on associated fiat purchases by clients.