Bank of America Files Patent For Blockchain-Powered ATMs | Crowdfund Insider

Bank of America (BoA) has officially filed a new patent for its blockchain-powered ATMs. According to the patent, which was notably filed on December 25th (Christmas Day), the cash handling device will be able to utilize blockchain technology and/or other secure communications technology to facilitate operations. It was stated:

“Blockchain technology may be used by automated teller machine (e.g., cash handling device 150, cash handling device 160) to accelerate transaction speed and/or facilitate other types of transactions in addition to ATM transactions like cash withdrawals and deposits, such as gift registry transactions. Additionally or alternatively, automated teller machine (e.g., cash handling device 150, cash handling device 160) may use blockchain technology to track transactions, which may, in turn, enable automated teller machine (e.g., cash handling device 150, cash handling device 160) to handle a relatively larger amount of transaction volume while reducing its physical cash transportation needs.”

The patent also reported that in a case of financial institution transaction (e.g., cash/check deposit or cash withdrawal), the automated teller machine (e.g., cash handling device 150, cash handling device 160) may leverage private blockchain communications to support real-time request, validation, and completion of the transaction, as well as real-time reconciliation, to ensure that all participating financial institutions are leveraging the same general ledger.

“In addition, any replenishment of cash into the automated teller machine (e.g., cash handling device 150, cash handling device 160) or end-of-day fund transfers across various financial institutions and the ATM operator may be done via blockchain balances. This type of ATM as a Service implementation may also enable a customer without any existing relationship with a participating financial institution to transfer money across the same ATM network or have a point-to-point video communication using the automated teller machine (e.g., cash handling device 150, cash handling device 160).”

According to Coindesk, Bank of America has filed more than fifty blockchain-related patents as of August 2018.

Source