China UnionPay, the payment card giant, hopes to patent a system for connecting a network of ATMs using blockchain technology, public records reveal.
Documents released late last month by the State Intellectual Property Office of the People's Republic of China details a concept by which a group of ATMs acts as nodes within a blockchain-powered network, sharing transactions through a distributed database in a bid to achieve a higher degree of security and uptime.
According to the patent application, the concept aims to solve a key problem: "ensuring the security of transactional information" despite having to rely on a limited amount of data coming from a single point of communication that could be prone to attack or disruption.
As the application explains:
Whether China UnionPay is looking to put this intellectual property to commercial use remains to be seen, as the company has to date not commented on this potential use case for the tech. The application, first published in late July, was initially submitted to SIPO in January.
China UnionPay image via TungCheung/Shutterstock
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