Bank Of America Files For Blockchain ‘ATM As A Service’ Patent

Bank of America has an eye on the shared networks of the ATM which is going to be powered and supported by the Blockchain tech, according to the report which has been revealed.

The filing which is published by the US Patent and Trademark on Friday outlines a system with which a cash handling device could utilize the blockchain technology to “accelerate the transaction speed and to facilitate other types of transactions in addition to the ATM transactions like the deposit and withdraws such as the gift registry transactions.”

Blockchain could also help such devices “handle a relatively larger amount of transaction volume while reducing its physical cash transportation needs,” the document reads.

Nowadays, most of the ATM’s are dedicated to their respective institution and banks, operating system, Bank of America said in the filing that yet to support for the multi-purpose, “multi-tenant” – different stakeholders that shares across the wide access to a single software system which functions need to offer the various micro-services related to brand and marketing opportunities.

The bank is also looking to implement “ATM as a Service” to enable the customers without the existing relationship with a participating financial institution to transfer the money across the same set of ATM network or even access point to point security and encryption.

As the patent reveals that to do this, the system would need to implement a “robust and open” data transport layer with the “full” security and encryption.

It goes on: “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. “

The patent filing is just the latest to the merging from the Bank of America, which has filed more than 50 Blcockhain related patent as of August 2018, an according to the research report revealed.

Last month, the bank was awarded a patent for a novel method for storing cryptocurrencies.

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