By Nina Kikava - News - 3 weeks ago

Bank of America Planning To Develop New Blockchain Patent

According to a patent application published December 25, Bank of America is planning to trial a new system leveraging blockchain technology in order to improve cash handling.

The idea of the patent was first announced in June previous year and it explained the help of blockchain in the banking system.

The Bank of America clarifies that there are quite a lot of difficulties in the area of cash handling when dealing with huge bank transactions and that is the main reason as to why the bank decided to implement blockchain technologies in the system. With blockchain technologies, the issues that banks have will be more or less solved.

The published application states:

“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.”

This is not the first time when the Bank of America is using blockchain technologies in order to make transactions and other services easier for the clients and for the bank itself. In November, It became known that the bank developed most of the blockchain patents. Of course, the bank has not used all of its patents yet and the question is if they will use them in the near future?

Although the bank has a really good attitude and openness to blockchain technologies, it still has some issues towards cryptocurrencies. Earlier this year, CNBC reported, that clients will not be able to buy cryptocurrencies with their credit cards.