Bank of America could observe shared networks of ATMs with blockchain technology, according to a new patent application.
The filingTuesday, published by the USPU (US Patent and Trademark Office), outlines a system through which cash handlers could use blockchain technology to "speed up the speed of transactions and / or facilitate other types of transactions in addition to ATM transactions such as cash withdrawals and deposits, such as gift register transactions. "
Blockchain could also help these devices "manage a relatively larger volume of transactions while reducing the need for the transportation of physical money," reads the document.
Currently, most ATMs are dedicated to the respective banks and operating systems of these institutions, said Bank of America in support, but supports multi-tenant, "multi-tenant" – several stakeholders who share access to a single software system – functions is needed to offer various micro-services related to the brand and marketing opportunities.
The bank is effectively seeking to implement "ATM as a Service" to enable customers without existing relationships with a participating financial institution to transfer money through the same ATM network or even to access point-to-point video communications using the ATM.
As the patent explains, to do this, the system would implement an "open and robust" data transport layer with "complete" encryption and security.
"The transport of data to support the management of ATMs, reports and transactions of non-financial financial institutions and institutions can be strictly communicated to a cloud platform … and the subsequent hosting of web services and applications can allow secure and scalable operations. . "
The filing of patents is only the last one created by Bank of America, which has filed more than 50 patents related to the blockchain starting from August 2018, according to a research report by iPR Daily, a media outlet specialized in intellectual property.
Last month, the bank was prize a patent for a new method for storing cryptocurrencies.
ATM Bank of America image through Shutterstock