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.