[2018-12-26]Bank of America Reveals New Blockchain Patent Targeting Cash. . .

[anamie]

Bank of America Reveals New Blockchain Patent Targeting Cash Handling

Bank of America (BoA) wants to patent a system using blockchain technology to improve cash handling, a new application published Dec. 25 confirms.

Originally submitted in June 2017, the patent references “banking systems controlled by data bearing records.”

“Aspects of the disclosure relate to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions,” its abstract reads.

BoA explains there remain communication difficulties in aspects of cash handling duties across banks’ huge operations, and suggests blockchain could help ease these.

“Cash handling devices may be used in operating centers and other locations to provide various functions, such as facilitating cash withdrawals and deposits,” the patent document continues.

Readmore: https://cointelegraph.com/news/bank-of-america-reveals-fresh-blockchain-patent-targeting-cash-handling

[Kakmakr]

The Blockchain is the latest buzzword in the financial industry and even the Banks are jumping on the Bandwagon these days. They know that Blockchain technology is a technological breakthrough and it can replace some of their old legacy systems, so they are adding it to their systems to be more efficient and more profitable. <Most of the proceeds does not go back to the customers, but rather back to the shareholders and investors of these Banks>

Banks are not going to wait for this technology to disrupt them, they are going to implement counter measures to prevent it. 

[buwaytress]

Love it when these slow giant behemoths just adopt shit for the sake of adopting something hip. Then later they go and pursue patents, creating some stupid blockchain arms race to show who's got the stupidest idea.

What's the point of blockchain when it's going to be controlled by BoA anyway? Immutable? Gone with private blockchain. Secure? Gone with only 1 controller, possibly at most a handful of nodes.

[btyco]

Not easy to interpret but hopefully it means they are looking to implement bitcoin / altcoin ATM machines backed by the bank of america. That would be a major bonus for mainstream adoption