Bank of America manages blockchain patent for cash management

The US entity made the corresponding request on December 25, although it has been working on this initiative since 2017

The efforts of important banking entities to optimize the transactions of both the digital and conventional systems continue by the end of 2018. One example is the Bank of America (BoA), with the presentation this December 25th of the application for a blockchain patent for cash handling.

The important bank in the United States has been working on this initiative since June 2017. On the aforementioned patent it was known: “The aspects of the disclosure are related to the implementation, configuration and use of cash handling devices to provide dynamic and adaptable operational functions.”

From the headquarters of the BoA explain that the main objective is to eliminate the difficulties that persist in the cash management systems in the large inter-bank operations through blockchain technology.

The main focus of the patent is to facilitate routine operations performed daily by millions of users, such as cash withdrawals and various deposits. Also, they hope to achieve an optimization of the platforms and computer systems involved in the process.

As a precedent to this request it can be mentioned that BoA has more than 50 blockchain patents, according to data revealed last November. It is not yet known if it can activate them in the short term.


Source: Cointelegraph

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