A new application published on Dec. 25 confirms that Bank of America (BoA) wants to patent a system using blockchain technology to improve cash handling.
The patent, titled “Banking Systems Controlled by Data Bearing Records, mentioned blockchain around 58 times, indicating how the digital ledger technology would improve their traditional cash deposit and withdrawal protocol.
The latest BofA patent describes a “new cash handling device,” which is similar to an automated teller machine (ATM), that will use the blockchain technology to accelerate transaction speed, facilitate other types of transactions such as gift registry transactions, among many others.
The Bank of America also explained that there are still difficulties in communication when it comes to cash handling duties across the massive operations of banks.
As stated in the patent document, cash handling devices can be utilized in operating centers and several other locations to provide a variety of functions. Some of the functions it can provide include facilitating cash deposits and withdrawals.