Bank of America Files for Blockchain ‘ATM as a Service’ Patent

Bank of America (NYSE:BAC) may be eyeing shared networks of ATMs powered by blockchain tech, according to a newly revealed patent application.

The filing, published by the U.S. Patent and Trademark Office (USPTO) on Tuesday, outlines a system via which a cash-handling devices could utilize blockchain technology to “accelerate transaction speed and/or facilitate other types of transactions in addition to ATM transactions like cash withdrawals and deposits, such as gift registry transactions.”

Blockchain could also help such devices “handle a relatively larger amount of transaction volume while reducing its physical cash transportation needs,” the document reads.

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