Blockchain

Financial institution of America Recordsdata But One other Blockchain-Associated Patent

Financial institution of America (NYSE:BAC), the second largest financial institution in america by property, has utilized for a blockchain-related patent related to the event of latest money dealing with units. The most recent patent, entitled “Banking methods managed by information bearing data,” is the most recent in a string of over 50 blockchain-related patents that the financial institution has filed not too long ago.

BofA on Wednesday filed with the US Patent and Trademark Workplace (USPTO) for “deploying, configuring, and using money dealing with units to supply dynamic and adaptable working features.”

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The most recent BofA patent describes a “new money dealing with machine,” which is analogous to an automatic teller machine (ATM), that may use the blockchain know-how to speed up transaction velocity, facilitate different forms of transactions resembling reward registry transactions, amongst many others.

The submitting additionally describes a blockchain resolution to trace transactions, which permits the ATM to deal with a bigger quantity of quantity whereas lowering its bodily money transportation wants.

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The doc additional explains that sure transactions, together with money/test deposits or money withdrawals, can leverage blockchain communications to assist real-time request, validation, and completion of the transaction, in addition to real-time reconciliation.

“As well as, any replenishment of money into the automated teller machine or end-of-day fund transfers throughout numerous monetary establishments and the ATM operator could also be achieved through blockchain balances,” it provides.

The proposed ‘blockchain ATM’ marks the most recent in a string of BofA’s investments into the know-how that underpins cryptocurrencies, after it has filed over 50 associated patents by September of this 12 months. Financial institution of America is already the most important holder of blockchain-related patents in america, surpassing tech giants like Microsoft.

However whereas the financial institution is taking the lead on blockchain improvements, it has joined different lenders in looking for to distance itself from the cryptocurrency house. Particularly, BofA in February banned its shoppers from all cryptocurrency purchases utilizing their bank cards.

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