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Bank of America patent for ATMs with blockchain Crowdfund Insider

Bank of America (BoA) has officially filed a new patent for its blockchain automatic counters. According to the patent, which was specifically notified on December 25 (Christmas day), the money the management device will be able to use blockchain technology and / or other secure communication technologies to facilitate operations. It was declared:

"The blockchain technology can be used by the cash dispenser (e.g., cash-handling device 150, cash-handling device 160) to accelerate transaction speed and / or facilitate other types of transactions in addition to ATM transactions such as cash withdrawals and deposits, such as the transactional gift register.Also, alternatively, the ATM (for example, the cash-handling device 150, the money-management device 160) can use blockchain technology to track transactions, which can , in turn, enable the ATM (e.g.) to handle a relatively larger volume of transactions while reducing the need for physical money transportation. "

The patent also reported that in a transaction case of a financial institution (for example, cash / bank check or cash withdrawal), the ATM (eg cash-handling device 150, cash-handling device 160) can exploit blockchain private communications to support time demands, validate and complete the transaction, as well as real-time reconciliation, to ensure that all participating financial institutions exploit the same general ledger.

"In addition, any cash re-entry into the ATM (eg cash-handling device 150, cash-handling device 160) or end-of-day transfers of funds between various financial institutions and the ATM operator may be made through blockchain balances: This type of ATM as a service implementation can also allow a customer with no existing relationship with a participating financial institution to transfer money through the same ATM network or to have point-to-point video communication using the ATM ( eg device 150, money management device 160). "

According to Coindesk, Bank of America has filed more than fifty patents relating to the blockchain from August 2018.

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