Bank of America Patents Another Blockchain-related Device
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Main page News, Fintech, US Market, US, Banking, Blockchain

One of the Bulge Bracket participants, the world’s most profitable multi-national investment bank Bank of America (BoA) has registered on The U.S. Patent and Trademark Office (USPTO) another blockchain-related patent which described as a device that may improve cash handling.

Initially, the patent was filed in February 2017, and is titled as "Banking systems controlled by data bearing records."

The patent states the device may have "at least one processor, a memory, and a communication interface may store a device registration module, a containerized operating module, a non-engagement services module, and a secure communications module."

The whole blockchain-based process described as follows:

"Based on processing the first transaction by executing the first operating application associated with the first financial institution, the cash handling device may encode first transaction information for a blockchain distributed database. Then, the cash handling device may send, via the communication interface, to a cash handling device support server, the first transaction information encoded for the blockchain distributed database."

Previously, BoA won a patent for a system for the corporate storage of crypto customer deposits.

The patent, which was first submitted in mid-June 2014, noted that as technology evolves, financial transactions using cryptocurrencies have become more common, so for some enterprises it might be desirable to merge crypto deposits created by customers in a corporate account.

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