In a continuous march for more blockchain patents, Bank of America has filed another one, now for “Blockchain ATM as a service.” According to the newly revealed patent application, the bank is actually considering a whole network of ATMs built on blockchain.
According to the filing that was published on Tuesday, Bank of America expects technology to help to “accelerate transaction speed and/or facilitate other types of transactions in addition to ATM transactions like cash withdrawals and deposits, such as gift registry transactions.” Additionally, Bank of America plans to utilize larger volume of transactions with the help of blockchain, since “the physical cash transportation needs will be reduced.”
The bank cites that the main goal of this innovative service is to essentially build a network of ATMs that are not tied up to a single financial institution, but rather powered by the same technology, which would allow customers to quickly transfer funds across the “united” system and even access point-to-point video communication using ATMs.
As of August 2018, Bank of America has officially filed more than 50 blockchain-related patents. Just earlier last month, the bank was awarded a patent for an innovative method for storing cryptocurrencies, which led some experts to believe that the bank might consider operating a crypto wallet.