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Bank of America Seeks Patent for New Blockchain ATM

Samson Ononeme | Dec. 26, 2018
Bank of America Seeks Patent for New Blockchain ATM

December 26, 2018 | AtoZ Markets - According to a new patent application published on 25 December, the Bank of America (BoA) wants to improve cash handling with the use of blockchain technology system. 

New BoA Blockchain ATM Targets Cash Handling

The patent, titled as “banking systems controlled by data bearing records," was originally submitted on February 13, 2017, to the U.S Patent and Trademark Office (USPTO). An abstract from the patent document reads as follows:

“Aspects of the disclosure relate to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions.”

An abstract from the patent document reads as follows:

“Aspects of the disclosure relate to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions.”

The patent also states that the device may at least "...have one processor, a memory, and a communication interface may store a device registration module, a containerized operating module, a non-engagement services module, and a secure communications module."

The multi-national investment bank further explains that communication difficulties remain in every aspect of cash handling duties throughout the enormous operations of banks and thus suggests that blockchain technology could help ease these. The patent document continues: 

“Cash handling devices may be going to be used in operating centers and some other sort of locations to provide different types of functions, such as facilitating the cash deposits and withdrawals.”

“In many of the cases, moreover, it may be difficult to integrate such cash handling devices with some of the more technical infrastructures that support banking operations and other operations while also optimizing the effective and efficient technical operations of the cash handling devices and some of the other various related computer systems.”

Other BoA Blockchain Patents

The American bank has tried to step up its efforts to snag some intellectual property in the blockchain sphere over the past two years. Back in November, the BoA revealed that it had the most blockchain patents exceeding 50, amid curiosity as to whether it would put all of them to use in the short term.

Whilst poised on blockchain, BoA has taken a highly risk-averse stance on cryptocurrency, becoming one of the few institutions in 2018 to introduce bans on related fiat purchases by customers.

Blockchain Can Highly Benefit Corporate Giants

Earlier in October, AtoZMarkets shared BoA's outlook on Blockchain. Analysts at the bank have stated that the technology has a potential to reach $7 billion in value and has the chances to benefit such corporate giants as Amazon and Microsoft.

While an exact time period for the industry becoming a major multi-billion dollar market was not provided, the analysts reportedly based their thesis on a rough figure that percent of corporate servers would be used to run Blockchain at a cost of $5,500 on a yearly basis.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.