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BofA filed the blockchain patent for ATM transactions

Bank of America ATMs may soon use blockchain technology if a patent filed by the bank is an indication.

According to a report from Futurism, the patent would allow BofA to use a blockchain to track and verify ATM transactions and improve network performance. The bank now holds more than 50 patents related to blockchain technologies, the report says.

According to this most recent deposit:

Aspects of disclosure leverage some of the latest technologies to provide an ATM as a service platform that can enable operators to provide more valuable, capable, versatile and cost-effective solutions. New technologies incorporated into this ATM-as-a-service architecture can include block-chain, public cloud, mobile / container window, micro-services, big data and analysis and / or other technologies. These technologies can allow a physical ATM to be used by multiple financial institutions without losing the unique ATM customer experience and reducing the collective cost of operations. In some cases, ATMs may also provide marketing, product and / or purchase offers, payments, location-specific analyzes and / or similar, to provide additional services and values. The simplified and secure methods for the physical and / or logical implementation of an ATM and its reusability can also help reduce the one-off expenses associated with ATM management.

Themes: ATM innovation, ATM management, Bank / credit union, Software, Transaction in progress, Cash / cash management of Vault

Companies: Bank of America

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