BoA Aims To Secure Cash Handling Communications, Files A New Blockchain Patent

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BoA_Aims_To_Secure_Cash_Handling_Communications_Files_A_New_Blockchain_Patent BoA Aims To Secure Cash Handling Communications, Files A New Blockchain PatentBank of America (BoA), an American multinational investment bank and financial services company based in Charlotte, North Carolina, in a bid to patent its previously filed, June 2017, application on blockchain-based cash handling application, filed a new application, dubbed as “Banking systems controlled by data bearing records,” on Dec. 25th 2018.

The recently filed application, in a gist, mentions to deploy, configure, and utilize cash handling devices to provide dynamic and adaptable operating functions.

According to BoA, lack of a secure communication system to securely communicate transaction details is a major issue large banking corporations face today, and the filed patent system aims to resolve this major issue, by leveraging the blockchain technology.

The proposed system i.e. a cash handling device consists of basically 3 components, a processor, a memory, and a communication interface, which may store a device registration module, a non-engagement services module, a containerized operating module, and a secure communications module.

BoA, over the past two years, has upped its efforts to make its presence known in the blockchain market space. The Charlotte-based bank has over 50 patents related to blockchain tech, piquing the market’s interest as on when it plans to utilize them.

BoA has also been in recent news, due to its ban enactment of associated fiat purchases by clients, revealing the bank’s reluctance to enter the blockchain based tech –cryptocurrency.