Blockchain is leveraged to facilitate transactions when the patent describes a new ATM machine.
The development of new cash handling devices has been associated with Bank of America (NYSE:BAC), the second largest bank in the United States by assets which has applied for a blockchain-related patent. Over 50 blockchain-related patents, the latest patent is entitled as “Banking systems controlled by data bearing records”.
BofA has filed with the US Patent and Trademark Office (USPTO) for “deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions.”
To accelerate transaction speed, facilitate other types of transactions such as gift registry transactions and some more, the latest BofA patent has described about a “new cash handling device,” which is much similar to an automated teller machine (ATM).
To avoid physical cash transactions and to handle a larger amount of volume by ATM machine, it also describes blockchain to track solutions.
Open to blockchain, sceptical over cryptocurrencies
To support real-time request, validation, and completion of the transaction, as well as real-time reconciliation, the document explains that the certain transactions, including cash/check deposit or cash withdrawal, can leverage blockchain communications, which further adds,
“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,”
After it has filed over 50 related patents in September, the latest in a string of BofA’s investments into the technology that underpins cryptocurrencies was marked by ‘blockchain ATM’. In United States, excepting tech giants like Microsoft, Bank of America is already the largest holder of blockchain-related patents.
In seeking to distance itself from the cryptocurrency space, it has joined other lenders when the bank was leading with blockchain innovations. The clients were banned to purchase all cryptocurrencies using their credit cards in February by BofA.