Special: Bank of America applies for a patent on Blockchain ‘ATM as a service.’

According to a recent patent application, Bank of America might be surveying shared networks of ATM that utilize the amazing potential of an innovative technology named as blockchain.

The application which is published by US Patent and Trademark Office on Tuesday summarizes about a system through which cash handling devices can easily use the great capacity of blockchain technology for accelerating transaction speed. Also, this system can add new types of transactions that are quite different from conventional transactions like cash withdrawals and deposits.
Gift registry transaction can be one of those new kinds of transactions.

Furthermore, blockchain technology can help such cash handling devices to manage a larger amount of transaction volume. Moreover, blockchain technology reduces the physical cash transportation requirement.

Presently, most of the ATMs are assigned to their respective banks and their operating systems. Bank of America told in his application that different stakeholders sharing access to a common software system is must in order to provide several micro-services associated with branding and other marketing opportunities.

A bank is willing to implement “ATM as a service” in order to make the customers able to transfer money across the same ATM network without having any relationship with a bank or any other financial body.

Patent application further says that in order to achieve all this, the system will utilize an open and powerful data transport layer having complete encryption and safety.

As reproached in a research report by iPRDaily, this patent application is the latest one filed by Bank of America. This bank has already filed more than 50 patents related to blockchain technology. In the last month, Bank of America was provided a patent for the best procedure of storing cryptocurrencies.

Blockchain technology is an innovative technology which is not limited to a particular field. It has a wide range of applications across several fields like Finance, Medicines, Logistics, and intellectual property rights. Also, the great potential of this technology can be used in various sectors such as traffic management and VAT refunds to foreign travelers.

Real applications of blockchain technology can be observed across various countries worldwide. Blockchain has the power of boosting the growth of various kinds of industries. Blockchain technology can be combined with cryptocurrencies like Bitcoin, Ethereum, Zcash, and Altcoin in order to add more safety to them.