In 2014, the Bank of America filed for a patent to grant them permission for storing cryptocurrencies for big companies. In 2018 this demand was accepted, though in recent era the use of blockchain technology has gained popularity like the use of blockchain technology in preventing voter fraud, the facility of voting from the remote areas and also is helpful in social media, fashion and different sectors, yet the use of technology to be made practical in everyday work is still a fantasy.
The paper currency is used for grocery, loans, and vacations, therefore the speculation that paper money would be obsolete in the near future is not a realistic approach. The digital currency concept has a certain utility, but it is not at par with paper money which is widely used by everyone with ease.
The purpose of a patent as revealed by the CNN is the protection and safety of funds to facilitate the customers of the financial institutions and for this regard, the banks are working to create an integrated system for transactions.
Bank of America wants to expand the horizon of financial institutions involving cryptocurrency; this move will empower the crypto and make it more feasible and reputable power currency.
Bank of America wanted to execute the desired currency exchange without the use of the third party, the direct interaction of customer ensures the more appropriate way of communication.
In this way, the Bank of America can conduct the transactions on the behalf of a customer who wants to use the cryptocurrency and allow easy access to utilize the currency in the accounts they hold.