Bank of America (BoA) needs to patent a system using blockchain technology to enhance money handling, a brand 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 money handling devices to produce dynamic and adaptable operative functions,” its abstract reads.

BoA explains there remain communication difficulties in aspects of money handling duties across banks’ immense operations, and suggests blockchain might facilitate ease these.

“Cash handling devices is also utilized in operative centers and different locations to produce various functions, like facilitating money withdrawals and deposits,” the patent document continues.

“In several instances, however, it's going to be tough to integrate such money handling devices with technical infrastructure that supports banking operations and different operations whereas conjointly optimizing the economical and effective technical operations of the money handling devices and various connected computer systems.”

BoA has wanted to accelerate its efforts to snag intellectual property within the blockchain sphere over the past 2 years.

In November, the bank was disclosed to own the most such blockchain patents at over 50, amid curiosity on whether it'd place all to use in the near term.

While keen on blockchain, BoA has adopted an extremely risk-averse stance on cryptocurrency, changing into one amongst the few establishments to enact bans on associated fiat purchases by clients earlier this year.

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