BofA files blockchain patent for ATM transactions


Bank of America ATMs might soon make use of blockchain technology if a patent filed by the bank is any indication. 

According to a report by Futurism, the patent would allow BofA to use a blockchain to track and verify ATM transactions and improve network performance. The bank now holds more than 50 patents related to blockchain technologies, the report said.

According to this most recent filing:

Aspects of the disclosure leverage some of the latest technologies to provide an ATM as a service platform that may enable operators to provide more valuable, capable, versatile and cost-effective solutions. The new technologies being incorporated to this ATM-as-a-service architecture may include block-chain, public cloud, docker/container, micro-services, big data and analytics, and/or other technologies. These technologies may enable a physical ATM to be used by multiple financial institutions without losing the ATM’s unique customer experience and while reducing the collective cost of operations. In some instances, ATMs may also provide marketing, product offers and/or purchases, payments, location-specific analytics, and/or the like, to provide additional services and values. The simplified and secure methods of deploying an ATM physically and/or logically and its reusability may also help reduce one-time expenses associated with ATM management.

Topics: ATM Innovation, ATM Management, Bank / Credit Union, Software, Transaction Processing, Vault Cash / Cash Management

Companies: Bank of America

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