A patent filed this week by Bank of America describes a blockchain-powered ATM network that could provide users with secure high-speed transactions based on a distributed registry system
The Bank of America ATM blockchain would create a complete data transport network with encryption and security, with cloud integrations and scalable hosting of Web services and applications.
A network of blockchain-based ATMs could offer many benefits to customers, including increased security and faster transaction speeds. It could also accommodate a greater variety of transactions than a traditional machine, such as gift registers and video communications.
It also provides secure transactions between participating financial institutions and those that are not part of the ATM network or provide for point-to-point video communication through ATMs.
In addition to providing updated and additional services to customers, a blockchain system could incorporate advanced analytics, enabling more accurate planning and prediction for cash requirements at each location.
The Bank of America has filed for several blockchain patents in recent years. The company appears at number four of the iPR company with blockchain patents, with 53 blockchain patents filed in September 2018. The company has deposited more than twice the blockchain-based patents of technology leaders including Google (# 30) and Microsoft (77) on the list.
Just last month, Bank of America filed a patent on a cryptocurrency aggregation system that would allow enterprise-level institutions to archive and account for their customers' cryptocurrencies. The company has also recently obtained a patent for a device to store cryptographic keys and suggestions for future applications that could be sent for new cryptocurrencies.
Recently, CB Insights published an article explaining how the blockchain could disrupt the $ 134 trillion banking industry, eliminating the need for people to use banks as intermediaries for transactions including payments, settlement, securities, loans and credit and more.
Banks and financial institutions are trying to anticipate the potential for disruption of general accounting systems, finding new ways to use and incorporate blockchain in existing banking functions, hoping to prevent the banks' threat from becoming irrelevant.