Bank of America Reveals Move to Patent Cash Handling Device

Bank of America Reveals Move to Patent Cash Handling Device

On 25 December, the Bank of America (BoA) registers a patent: ‘Banking systems controlled by data bearing records’ for a device interconnected with blockchain technology and designed to enhance cash handling by equipping it with ‘dynamic and adaptable operating functions’

Despite the bank’s antipathetic view on cryptocurrencies, it has once again filed to patent a blockchain-related tool.

The device envisioned by the Bank of America applies blockchain technology for holding or managing money. The patent application conveys the device can be employed in ‘operating centers and other locations’ to perform cash deposits and withdrawals. The bank is well aware of the difficulties they have to face in integrating the device with the existing technical system that holds together banking with its other operations.

Blockchain technology can resolve the problem of communication in areas of cash handling, as the patent states. It was first submitted in 2017.

About the Device

The device will carry a memory and a minimum of one processor. A communication interface may keep a series of modules for registration, for containerized operations, a non-engagement module, and for secure communications.

The patent explains the process of how transactions will be executed between the blockchain and the device. The device will encode the initial transaction for a blockchain distributed database. The cash handling device will then transmit the data to a support server.

Previous Patents

America’s investment banking corporation, the Bank of America, filed more than fifty blockchain-related patents. Some of the patents include a cryptocurrency vault and a private key storage device.

Related news

LATOKEN Schedules BEF USA to link VC funds with top Crypto Startups

Three cities in the USA: Los Angeles (1-3 May), San Francisco (6-8 May) and New York (9-10 May) are chosen to host the next Blockchain Economic Forum by LATOKEN. It is already the 5th BEF, previously it has been held in Davos (2019), San Francisco (2018), Singapore (2018) and New York (2017).   Internationally well-recognized people, multi-billion dollar VC funds, top fintech founders and CEOs visit Blockchain Economic Forum regularly to discuss the transition of capital markets and payment systems to the blockchain. Vicente Fox (former President of Mexico), Rosen Plevneliev (former President of Bulgaria), Eva Kalli (member of European Parliament), Tim Draper ($5bln crypto investor), Nouriel Roubini (NYU professor), Joe Oliver (former Minister of Finance of Canada), Laura Tyson (Director of the US President’s National Economic Council), Gary Gensler (CFTC Chairman under President Obama) and many others used to be speakers on BEF. This time LATOKEN BEF USA 2019 adds the discussions on Initial Exchange Offerings, secondary markets for Startups, Private Equity, and VC funds. “You cannot have a system that’s scalable and decentralized. There’s no reason to keep your P&L, your balance sheet on 100,000 computers. It’s a waste of energy, of computing space” – pointed out Nouriel Roubini at BEF Davos 2019. Bulgaria’s President Rosen Plevneliev countered: “Decentralized systems always work better than centralized. The most sustainable rich developed countries are those that build up decentralized systems. Decentralized systems are worth fighting for them.” These are some of the discussions that emerge at BEF and any participant can join them. Take a look at the highlights of the previous BEF: Evening part of the event includes networking receptions and investors dinner where selected startups discuss their projects with investors and do fundraising. Register for the Blockchain Economic Forum 2019 now. LATOKEN is a top-15 digital assets exchange (by traffic) with security markets and blockchain based DEX. For more details on Exchange Listing, IEO, STO, HFT or Partnerships, contact us at or text us on The post LATOKEN Schedules BEF USA to link VC funds with top Crypto Startups appeared first on ZyCrypto.

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.