26/12/18 11:56 UTC-4

Bank of America (BoA) has filed a new patent for the introduction of blockchain-technology

Bank of America (BoA) filed another patent for working with blockchain-technology, promulgating its intent in the USPTO document – as reported by the CCN news agency.

The American multinational investment bank said it would use blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
technology to improve the performance of cash processing devices.

A patent called "Banking Systems Controlled by Data Bearing Records" was filed less than a month ago. As it became known, the term "blockchain" was mentioned in the patent 58 times. The main point of the document is how innovative blockchain technology will be able to improve the methods of traditional input and output of cash.


Blockchain and Banking

A cash handling device typically helps banks distribute, count, and track their cash flow to prevent theft and minimize time spent with the cash drawer.

A Bank of America patent proposes using a "blockchain distributed database" to account for cash transactions between two financial organizations. A patent describes a blockchain database system as a transition algorithm for identifying a deposit position (obtained from a previous cash processing device).

"(...) In some embodiments, sending the first transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details
information encoded for a distributed blockchain base to a server that supports the cash handling device can cause the cash processing support server to generate and send one (or more) warnings based on the identification of one or more cash transfer requirements for a cash processing device (...) In this way, the blockchain can be used not only to work with deposits, but also to improve the quality of ATM operation."
– from Banking Systems Controlled by Data Bearing Records.

BoA representatives also say that their solution can help ATMs in tracking transactions. After all, working with such operations is one of the most popular aspects of digital ledger technology in the cryptographic space.

The patent is another proof of the continued interest of banks in blockchain technology. Bank of America (BoA) has filed a patent for the introduction of blockchain technology, as previously known, the bank filed more than 53 patents that include the blockchain, approaching IBM and Alibaba, other large corporations, with 89 and 90 blockchain-based patents.

Editor: Alyona Nabok

See also: "Wealthfront Adds Coinbase Account Support"

#Bank of America #BoA #patent #blockchain #USA



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