In 2018, the announcements of blockchain projects are less and less, but they exist. With the extinction of the hype, only rational decisions should stay afloat. Bank of America, for example, offers to transfer ATMs to a distributed registry.
According to the patent, Bank of America is going to use the blockchain to check and track cash transactions that are made through ATMs. This will increase both system performance and its security: checking cleanliness and suspicious transactions will be much easier.
Futurism writes that the bank has registered a total of 50 patents related to this technology. This is quite ironic, considering that even last year, many called the blockchain almost the key to ridding humanity of banking dependence.
The idea of a patent about blockchains and ATMs also describes a scenario in which technology will help in planning and forecasting which ATMs and when cash will be needed.
By tracking the situation in real time through a distributed registry, the bank will reduce the costs associated with transporting cash.
The bank also registered the rights to the ATM as a service platform. It implies the provision of ATMs with new features, for example, video calls and access to the sites of trusted sellers for making purchases.
In a situation where cash is constantly losing popularity, Bank of America sees this as a way to preserve the meaning of ATMs.
Recently, blockchain applications have appeared in areas that are not directly related to the banking sector and finance. For example, IBM launches a blockchain platform for farmers. Chinese online courts can start accepting blockchain-proofs. The idea of using technology in voting continues to evolve. South Korea was the last to test it.
At the same time, Ethereum co-founder Vitaly Buterin criticized corporations trying to introduce blockchains. He is confident that the distributed registry takes root only in the digital environment. And all attempts to use it in farming or trucking say about the lack of understanding of the essence of technology.