Bank of America, one of the world’s largest banks forging ahead in the blockchain space and holds the most live patents in this arena. This time, the new patent titled “Banking systems controlled by data bearing records,” is all about a new ATM machine that leverages blockchain to facilitates transactions and latest in a string of over 50 blockchain-related patents that the bank has filed up until now.
As per report filed BoA with the US Patent and Trademark Office (USPTO), the patent is for “deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions” and the bank is looking to implement “ATM as a Service”, to enable customers without an existing relationship with a participating financial institution to transfer money across the same ATM network or even access point-to-point video communication using the ATM.
Let’s elaborate, this patent describes a “new cash handling device,” which is similar to an automated teller machine (ATM), that will use the blockchain technology to accelerate transaction speed and tracking transactions, which allows the ATM machine to handle a larger amount of volume while reducing its physical cash transportation needs.
The document further explains that certain transactions, including cash/check deposit or cash withdrawal, can leverage blockchain communications to support real-time request, validation, completion of the transaction and also facilitate other types such as gift registry transactions.
Relating to “open and robust” data transport layer with complete encryption and security, the patent document reads,
“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.“
“In addition, any replenishment of cash into the automated teller machine or end-of-day fund transfers across various financial institutions and the ATM operator may be done via blockchain balances.”
Bank of America believes that their solution could assist ATMs in tracking transactions, one of the most popular aspects of the digital ledger technology in the crypto space.
The patent provides yet another evidence of banks’ continued interest in the blockchain technology and exhibits how this idea of the digital movement of money on the blockchain inspires the global banking sector.