BANK OF AMERICA PATENTS BLOCKCHAIN SYSTEM FOR CASH TRANSACTIONS

The Bank of America (BoA) plans to patent a system of optimization of Fiat operations based on blockchain technology. This became known from the patent application published on December 25 on the website of the U.S. Patent & Trademark Office.

Originally introduced in June 2017, the patent was called “banking system controlled by a distributed data record registry”.

“The blockchain system of this type will improve such aspects of cash processing as configuration and automation of cash transactions processing to provide dynamic and adaptable operational functions,” the patent application says.

BoA explains that in the modern format of the banking system, there are still difficulties with handling large cash transactions.

In February 2018, it became known that the US banking giant filed more applications for cryptocurrency-related inventions than any other company did. Since 2009, the Bank of America has filed a total of more than 45 applications for such patents.

A recent BoA patent application describes an invention that focuses on the use of multiple digital signatures in a distributed IoT network.

Earlier, Bank of America has stated that cryptocurrencies pose a threat to their business.