According to a new application that was published on the 25th of December, the Bank of America is planning something huge. The Bank of America is set to patent a new system that uses blockchain tech to enhance the handling of cash. This application was originally submitted in June last year. In the submitted application, the patent references “banking systems controlled by data bearing records.”
According to the abstract of the application, “Some aspects of the disclosure relate to configuring, deploying, and use of cash handling devices to provide adaptable and dynamic operating functions. The Bank of America also explained that there are still difficulties in communication when it comes to cash handling duties across the massive operations of banks.
Blockchain Is the Solution – Bank of America
During its explanation, the Bank of America said that blockchain technology could be the solution to communication difficulties in cash handling duties. BoA suggests that blockchain technology could help ease these.
As stated in the patent document, cash handling devices can be utilized in operating centers and several other locations to provide a variety of functions. Some of the functions it can provide include facilitating cash deposits and withdrawals.
However, in some instances, it might be pretty difficult to incorporate such cash handling devices with technical infrastructures that support the operations of banks and other operations while enhancing the effective and efficient technical operations of the cash handling devices and several computer systems that are related.
Over the past two years, the Bank of America has looked for ways to step up its efforts to snag intellectual property in the blockchain industry. Back in November, it was revealed that the Bank of America has the most blockchain patents at more than 50. The bank amassed this number amidst curiosity as to whether it would use them all in the near future.
While the Bank of America is keen on blockchain, it has adopted an extremely risk-averse stance on digital currency. This made the bank one of the few institutions to endorse bans on associated fiat purchases by customers earlier this year.
Blockchain Technology Is Gaining More Recognition
Blockchain technology – the underlying technology of Bitcoin (BTC) and other digital currencies – is increasingly becoming popular. The technology is now gaining more recognition. More institutions and firms are now adapting blockchain technology because of its numerous benefits. The technology is safe, fast, and it more efficient.
The industry that tends to be adopting this technology more is the financial industry. A lot of banks and financial institutions are beginning to see and acknowledge the numerous benefits of this technology. Even the majority of digital currencies in the digital currency market are built on this technology.
Another industry that is adopting this technology is the automobile industry. The car manufacturing industry is now integrating blockchain technology into its cars. They use it to keep track of millage and other functions of the car.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, the world’s most dominant digital currency – Bitcoin (BTC) – is trading at $3,940 after an increase of less than one percent over the past twenty-four hours. Bitcoin (BTC) now boasts of a market cap $66.28 billion and its trading volume over the past twenty-four hours is $3.87 billion.