CHARLOTTE, N.C.—Bank of America has applied for another blockchain-related patent—this one is associated with the development of new cash handling devices.
The latest patent, entitled "Banking systems controlled by data bearing records," is the latest in a string of over 50 blockchain-related patents that the bank has filed up until now, reported Finance Magnates.
The latest BofA patent describes a "new cash handling device," which is similar to an automated teller machine, that will use the blockchain technology to accelerate transaction speed, facilitate other types of transactions such as gift registry transactions, among many others.
The filing also describes a blockchain solution to track transactions, which allows the ATM to handle a larger amount of volume while reducing its physical cash transportation needs, Finance Magnates explained.