Bank of America Wants to Handle Cash with Blockchain
Bank of America (BoA), the largest US financial conglomerate, patented another blockchain application. The bank wants to improve cash management with innovative technology.
Bank of America submitted a patent last summer. According to the financial institution, the bank is constantly faced with a variety of difficulties in managing cash. Blockchain can help with them as well as cut costs.
To be specific, BoA wants to implement blockchain into “cash handling devices”, which will allow it to perform standard functions much more efficiently. For example, innovative technology can make it easier for the bank to keep records about clients’ cash deposits and withdrawal.
Bank of America is one of the most active banks when it comes to blockchain research. The bank has already patented more than 50 applications of distributed registry technology.