Goldman Sachs has filed a patent with the US Patent Office for part of its blockchain technology that it hopes will integrate with payment mechanisms.This outlines the technical and computational requirements for banks to use blockchain

Blockchain with joint claim of tokens

This document, patent number: US 11, 605, 143 2B, submitted At the bank on March 14th.

It defines the technical aspects of smart contracts that apply to financial products such as fractional reserve banks, insurance, bonds, securitizations and margin loans.

This patent application includes a computer-implemented method of providing joint claims to tokens.

Figure 1
Node component of the Goldman Blockchain patent (Source: ppus)

This patent helps facilitate a networked computing environment suitable for providing joint claims on tokens. This is facilitated by the computing system architecture.

Patent figure 2
(Source: Goldman Sachs)

Goldman’s Blockchain Promotion

Matthew McDermott, Global Head of Digital Assets Team at Goldman Sachs, expressed his strong support for blockchain applications in a recent interview with Bloomberg.

McDermott also said the team of about 70 members will consider hiring additional personnel in 2023 as needed. Last week, Hong Kong adopted Goldman’s private his tokenization platform, GS DAP, to sell digital green bonds, selling $102 million in bonds and speeding up settlement times. From 5 days he to 1 day.

Bigger competition for blockchain technology patents

This is the first time Goldman Sachs has shown interest in blockchain technology.

Goldman Sachs recently announced in February that said In addition to our base level assortment of blockchain products, we are prepared to expand our digital asset team by hiring more people.

Meanwhile, some analysts claim there is a patent “arms race” underway in the blockchain space.

Posted In: Analytics, Banking

By Jules

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