The Bank of America has been filling for plenty of patents over the pass few years related to blockchain technology. In November alone, the bank has over 50 patents that includes solutions utilising blockchain. Now, on 25 December 2018, the bank expressed its intentions to add another patent to its long list, one for a cash handling system based on blockchain technology.
The patent which referenced the control of banking systems by “data bearing records” was originally filled back in June 2017. An extract from the document’s abstract read: “Aspects of the disclosure relate to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions.”
The Bank of America has never officially approved the use of cryptocurrencies and went as far as placing bans on crypto-related fiat purchases by clients. Blockchain, however, is endorsed by the bank despite it being the technology behind crypto. Its benefits are widely approved by the bank and utilised to solve issues, for example the current patent was filled because the bank wished to solve communication issues that arise in cash handling across huge operations using the technology.
The document read that cash handling devices exist in various locations for functions such as cash withdrawals and deposits. Thus, it becomes difficult to integrate these devices with “technical infrastructure that supports banking operations and other operations” while also maximising the efficiency and effectiveness of “technical operations” of the devices and related software systems. Having a blockchain-based system that updates all its information uniformly for all users and users could potentially remove the communication inconsistency between different systems.
With the year 2018 nearing an end, the patents filled by the Bank of America would have to wait for the year 2019 to see whether their implementations would become a reality, and whether blockchain could really be as impactful as the bank hoped.