Bank of America Bets on ATM Blockchain – A Patent Confirms

Bank of America Bets on ATM Blockchain – A Patent Confirms

The United States based bank Bank of America is betting on blockchain technology to develop an ATM as a service according to a patent filing published by the US Patent and Trademark Office on Christmas day, December 25, 2018.

As for the latest of more than 50 blockchain related patents filed by Bank of America, the system would work on cash handling devices that could use blockchain technology to make transactions faster and more efficient as well to have a track record on every movement.

The filing explains aspects related to the deployment, configuration and cash handling duties across banks. The new system would allow banks and partners to reduce cash transportations and to manage a vast amount of information in real time in an open and robust data transport layer.

“Cash handling devices may be used in operating centers and other locations to provide various functions, such as facilitating cash withdrawals and deposits,” the filing says.

Also, “the data transport supporting ATM management, signalling, and non-financial institution and financial institution transactions may be strictly communicated to a cloud platform,” the paper states. “And subsequent hosting of web and application services may allow secure and scalable operations.”

As commented previously, Bank of America has filled more than 50 blockchain related patents. Last month, the bank was awarded by a new patent that outlines a cryptocurrency storage system for enterprises and institutions and their clients.

According to the filing resolution, customer accounts may be an equivalent value to their cryptocurrency deposits. “As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers in an enterprise account.”

The system works on cryptocurrency storage and its interaction between alt coins and fiat currencies.

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