BoA To Patent Blockchain Solution For Fiat Operations
Bank of America (BoA), one of the largest banks in the United States, is going to patent a blockchain system to improve financial operations with fiat. The company's application is already published on the US Patent Office website.
The document states that the banking sector faces many communication difficulties when working with cash. BoA suggests creating a blockchain-based banking system that provides dynamic and flexible opportunities for fiat transactions.
Blockchain devices can be integrated into operational centers and other institutions or trading venues to conduct cash transactions, such as withdrawals and deposits. The application notes that it may be difficult to introduce such devices into existing banking structures.
Over the past two years, BoA has been diligent about patenting its ideas regarding blockchain technologies. In November, it was reported that the American bank filed over 50 applications — more than any other organization. Some of them are associated with the introduction of cryptocurrency into the company’s activities. Another question is whether it will succeed to make all proposed ideas a reality.
Previously, Michael Wuehler, former BoA Vice President, called most its patent applications meaningless. On Twitter, he wrote that they have no tasks except publicizing the bank’s commitment to innovations in the field of financial technologies.
It is worth noting that some ideas of BoA may have real use cases in the crypto sphere — for example, before that, the bank patented a hardware wallet with enhanced protection, which can be used for storing cryptocurrencies as well.
Earlier, General Motors patented a blockchain for self-driving vehicles.