Bank of America stated early this year that it would use blockchain, the technology behind the cryptocurrency market, to power its automatic teller machines, or ATMs. The American multinational investment bank and financial services company is reported to have filed another patent for blockchain as published online on Tuesday.
The new U.S. patent indicates that Bank of America could use the blockchain technology to track and verify transactions and expand their ATM service.
Making sure the company is not left behind by the latest innovations in the financial world, Bank of America currently handles more than 50 patents for blockchain tech. This could mean that the company is building its name to utilize cryptocurrency, a technology that was initially designed to overpower big banks.
The patent, first filed in 2017, is to assist ATMs in tracking transactions, a popular aspect of the blockchain ledger in the cryptocurrency space. Bank of America also acquired a license to new platforms “ATM as a service,” which is described to enhance ATM services engagement, such as video calls and incorporations into local campaigns or pop-up stores which are intended to create trendy and fun cash withdrawals.
Two months since the patent was filed, Bank of America and Wells Fargo were able to reduce cash-related costs by prohibiting cash deposits from third parties. This has also attracted adverse reactions from some customers as they wouldn’t be able to receive monetary deposits, especially over the holidays. The bank stated that such a move is made to mitigate the risk associated with cash transactions.