By Margarita Vznuzdaeva
3 months ago

According to the latest information that appeared on the the U.S. Patent and Trademark Office official webpage on 25th of December, Bank of America is looking forward to control banking systems by data bearing records. In other words BoA wants to improve cash handling using the advantages of blockchain technology, as Cointelegraph writes.

This patent was firstly filed in June 2017. Through the aspect of the document the following information can be discovered:

  • “Deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions” are related to aspects of the disclosure;
  • The device for cash handling will have at least one processor, a memory, and its communication interface may store various modules: “a device registration module, a containerized operating module, a non-engagement services module, and a secure communications module”;
  • These devices can be used then “in operating centers and other locations to provide various functions, such as facilitating cash withdrawals and deposits”.

The blockchain technology in a such situation can facilitate all the communicative problems appearing in the cash handling sphere, as BoA states. According to the data that appeared by the end of October on Cointelegraph, BoA has filed more than 50 applications in the blockchain sphere, its first patent was filed in spring 2014.

Blockchain is very intriguing and for us it’s a balance between not wanting to be Neanderthal but not wanting to put something out in a commercial application where the commercial application is still very unclear as a technologist, the technology is fascinating.

Catherine Bessant, the chief operations and technology office at Bank of America, a CNBC event at Davos

Nevertheless, all these patents haven’t been still applied to real life, so we are not out of the woods yet.

We’ve got under 50 patents in the blockchain/distributed ledger space […] While we’ve not found large-scale opportunities, we want to be ahead of it, we want to be prepared.

Catherine Bessant