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Bank of America Files Patent to Develop Blockchain Cash ATMs

Blockchain technology has shown us that a wide array of use cases can come of it. Such as asset tokenization, supply chain management, digital identity, healthcare, and more.

These use cases are possible due to the technologies unique attributes such as use of distributed ledger technology, cryptographic security, and the ability to encode smart contracts into it.

Blockchain tech stretches beyond cryptocurrencies and government entities, businesses and financial institutions are experimenting with its use cases.

Bank of America to Develop Blockchain-Based ATMs

On December 26, 2018, the Bank of America (BOA) filed a patent to develop blockchain-based ATMs targeting the handling of cash. Implementing blockchain tech into cash ATMs is to bring about faster, more efficient, and traceable transactions according to a report by Finance Magnets.

The BOA is the second largest bank in America and they have already filed about 50 patents pertaining to the development of a financial system…

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