In November, Bank of America has successfully gained a patent for cryptocurrency storage method.
The latest patent filed by BoA, is titled ‘Banking Systems Controlled by Data Bearing Records’, suggest the use of distributed ledger for the records of cash transactions.
The multi-million investment bank would integrate blockchain with cash handling devices. A cash handling machine supports banking functions such as dispensing, counting, tracking of cash flow to prevent theft and oversight at drawers.
Today, most of the automated telling machines (ATMs) are exclusive to the respective banks. The patent revealed that the bank is exploring ATM as a service by allowing different stakeholders to access the software system. Moreover, the patent detailed that the system would implement an open and robust data transport layer with full encryption and security.
The patent further explains:
“The data transport supporting ATM management, signaling, and non-financial institution and financial institution transactions may be strictly communicated to a cloud platform … and subsequent hosting of web and application services may allow secure and scalable operations. “
In the patent released by U.S. Patent and Trademark Office (USPTO), it hopes to accelerate the transaction speed and facilitate other cash transactions.
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