Blockchain Patent For ATM Transactions Filed By Bank of Americabr>
The Bank of America (BofA), the second largest bank in the US, has filed a patent for a blockchain-powered ATMs.
Published by the US Patent and Trademark Office (USPTO) on Tuesday, the blockchain patent is for “banking systems controlled by data bearing records.” It describes a “new cash handling device,” which is similar to an ATM, that will use blockchain technology to accelerate transaction speed and facilitate other types of transactions, 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 filing said.
In a case of financial institution transactions, such as cash/check deposit or cash withdrawal, the patent said that ATMs 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 or end-of-day fund transfers across various financial institutions and the ATM operator may be done via blockchain balances,” the patent said.
The blockchain ATM patent filing is the latest patent application from the Bank of America. To date, the bank has filed over 50 blockchain-related patents. Last month, it was awarded a patent for a system for enterprises to store customers’ crypto deposits.