The Bank of America is reportedly eyeing ATM shared networks that are powered with blockchain technology. This is news because of a patent application that was just revealed.
The official filing was published by the USPTO (US Patent And Trademark Office) and outlines a new system that allows cash-handling services to use blockchain tech in order 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.
According to the document, blockchain technology is going to help the devices to handle a higher transaction volume while physical cash transportation needs will be reduced.
At the moment, most ATM machines are dedicated to banks and the operating systems of the institutions that put them in place. Support is not in place for multi-tenant, multi-purpose physical location sharing. Micro services related to marketing and brand opportunities are not possible.
The Bank Of America practically wants to launch a new “ATM as a Service” service that would enable the customers that have an existing relationship with a financial institution to transfer funds across the exact same ATM network. The technology would even allow point-to-point ATM based video communication.
The filing stated:
The data transport supporting ATM management, signaling, and non-financial institution and financial institution transactions may be strictly communicated to a cloud platform… and subsequent hosting of web and application services may allow secure and scalable operations.
This patent is just the latest one to come from the Bank Of America. Over 50 blockchain-based patents were filed from August 2018. There is even one in place for the storing of cryptocurrencies.
Obviously, the Bank of America is interested in using blockchain technology and is actually making big investments to be prepared in the event that cryptocurrencies become mainstream. This is a sign that large institutions are keeping their eyes on crypto tech. It seems it is just a matter of time until we will actually be able to use cryptocurrencies in brick and mortar US stores. Before that though, blockchain technology will surely be employed by banks.
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