Monday, June 17, 2019

Bank of America Files Blockchain Patent for Cash Handling Devices

Bank of America (BOA) has promptly filed another patent based on the blockchain technology according to recent publication by USPTO, as the Wall Street giant prepares to bag another blockchain win.

The Future is All that Matters

The Bank of America (BOA) continues to show the world and to every party concerned that it would not be left behind, as long as developments in the fintech sector are concerned. While banks like Western Union are content to rest on their laurels and wave their hands away at the persistent news of blockchain in the financial sector, BOA is prepared to do something it. The latest patent would be sitting on 55 patents already accrued by the finance firm.

At this rate, Bank of America is fast closing on IBM and Alibaba as the company with the highest active blockchain patents. With more than 15 Chinese companies in the top 20 companies with the highest blockchain patents, Bank of America is part of the few American powerhouses garnering the dominant share of patents; along with IBM and MasterCard.

“We’ve got under 50 patents in the blockchain/distributed ledger space,” BOA’s chief technology officer, Catherine Bessant was famously quoted some months ago. “While we’ve not found large-scale opportunities, we want to be ahead of it we want to be prepared.” And that is precisely what BOA has done. The bank has followed that up with different other patents such as the blockchain patent for a processing system, and another to track file transfer and processing. The latest one: A blockchain-based cash handling device.

Blockchain Enabling Cash Handlers and ATMs

One of the major strengths of the blockchain and distributed ledger technology in general, transparency, is set to play a significant role in the choice to opt for blockchain as the underlying technology for cash handling devices.

According to the filed patent, which was titled “Banking Systems Controlled by Data Bearing Records,” the Bank believes the transparency found in a distributed ledger technology, coupled with its immutability would in many ways improve efficiency, performance, and reliability.

Cash handling devices have been designed to assist the bank in common monetary operations such as counting, dispensing and tracking of cash flow to reduce or completely do away with theft-related issues and misappropriation. Introduction of the blockchain technology into such devices would in ways previously unexplored prove faster and more efficient while improving conventional cash deposits and withdrawal protocols.

BoA also believes the latest patent could help improve Automated Teller Machines (ATMs) and sees DLT technology ensuring faster transaction speed and performance.

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