Bank of America files blockchain ATM patent

A patent filed this week by Bank of America describes a blockchain-powered ATM network which could provide users with secure, high-speed transactions based on a distributed ledger system

The Bank of America blockchain ATM would create a data transport network with full encryption and security, with cloud integrations and scalable hosting of web services and applications.

A blockchain-based network of ATM machines could provide a number of benefits to customers, including increased security and faster speed of transactions. It could also accommodate a greater variety of transactions than a traditional machine, such as gift registries and video communications.

It also provides for secure transactions between participating financial institutions and those that are not part of the ATM network, or provide for point to point video communication through the ATM.

In addition to providing upgraded and additional services to customers, a blockchain system could incorporate advanced analytics, allowing for more accurate planning and forecasting for cash requirements at each location.

Bank of America has filed for several blockchain patents in recent years. The company appears at number four of iPR’s list of companies with blockchain patents, with 53 blockchain patents filed as of September 2018. The company has filed more than twice as many blockchain-based patents than technology leaders including Google (#30) and Microsoft (#77) on the list.

Just last month, Bank of America filed a patent on a cryptocurrency aggregation system that would allow enterprise-level institutions to store and account for cryptocurrencies for their customers. The company was also recently awarded a patent for a device to store cryptographic keys, as well as hinting at future applications that could be submitted for new cryptocurrencies.

Recently, CB Insights published an article relating how blockchain could disrupt the $134 trillion banking industry, by removing the need for individuals to use banks as intermediaries for transactions including payments, clearance, securities, loans and credit, and more.

Banks and financial institutions are attempting to stay ahead of the potential for disruption posed by distributed ledger systems, by finding new ways to use and incorporate blockchain into existing banking functions, hoping to avoid the threat of banks becoming irrelevant.