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Bank of America patent for Blockchain enabled cash handlers

Bank of America (BoA) has filed another blockchain patent, documents with the USPTO disclose.

The American multinational has declared that it will use the blockchain, the underlying technology that powers Bitcoin, the main cryptocurrency in the world, to manage some parts of its cash management devices. The patent, titled "Banking Systems Controlled by Data Bearing Records, has mentioned blockchain about 58 times, indicating how the digital ledger technology would have improved the traditional cash deposit and withdrawal protocol.

A cash management device, in general, assists banks in providing, counting and monitoring cash flow to prevent theft and minimize management time for cash drawer oversight. The Bank of America patent proposes to use a "distributed database blockchain" to register cash transactions between two financial entities. As the document reads further, it describes the blockchain database as a go-to system to identify the deposit items received from the previous cash management device.

It also credits its blockchain integration to allow other cash management machines to approve withdrawals and understand the cash transport needs of other devices in the distributed network. The document added:

In some embodiments, sending the first encoded transaction information to the distributed blockchain database to the cash management device support server may cause the cash management device support server to generate and send one or more notices based on the identification of one or more cash transport needs of the cash handling device.

Blockchain in ATM services

The BoA expects their blockchain cash management system to be useful for improving the ways ATMs work.

An ATM operator can be responsible for replenishing the automated ATM rather than a particular financial institution, "the bank writes." Blockchain technology can be used by the ATM to speed up transactions and / or facilitate other types of transactions in addition to ATM transactions such as cash withdrawals and deposits, such as gift register transactions.

BoA also states that their solution could help ATMs track transactions, one of the most popular aspects of digital ledger technology in cryptographic space.

The patent provides another proof of the continued interest of banks in blockchain technology. Bank of America, in particular, has filed more than 53 patents involving blockchain, closing on IBM and Alibaba, other large companies, with 89 and 90 blockchain patents in their baskets, according to IPR DAILY.

Images from Shutterstock.

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