Goldman Sachs has a patent granted focusing on blockchain technology

Goldman Sachs has filed a patent with the US Patent bureau for a portion of blockchain exertion it hopes to integrate with its settling mechanics — outlining the method and computational requirements for the slope to usage blockchain.

Blockchain with associated claims connected tokens

The document, Patent no: US 11, 605, 143 2B, was filed by the slope connected March 14.

It sets distant the method aspects of astute contracts applied to fiscal instruments specified arsenic fractional reserve banking, insurance, bonds, securitized products, and borderline loans.

The patent exertion includes a computer-implemented method of providing associated claims to tokens.

Nodal components of Goldman blockchain patent (Source: ppus)

The patent serves to facilitate a networked computing situation suitable for providing associated claims to a token. This is facilitated by a computing strategy architecture.

(Source: Goldman Sachs)

Goldman’s blockchain push

Goldman Sachs’ planetary caput of the integer assets team, Mathew McDermott, expressed beardown enactment for blockchain applications during a caller interrogation with Bloomberg.

McDermott besides stated that the squad of astir 70 members would see hiring further unit arsenic needed successful 2023. Last week, Hong Kong employed Goldman’s backstage tokenization platform, GS DAP, to merchantability integer greenish bonds, selling $102 cardinal of the bonds and reducing colony clip from 5 days to conscionable one.

The bigger contention to patent blockchain technology

It’s the archetypal clip Goldman Sachs has signaled an involvement successful blockchain technology.

As precocious arsenic February, Goldman Sachs reportedly stated that it is consenting to grow its integer assets squad by hiring much personnel, adding to its base-level assortment of blockchain offerings.

Meanwhile, immoderate analysts assertion that determination is simply a patent “arms race” brewing successful the blockchain sector.

The station Goldman Sachs has a patent granted focusing connected blockchain technology appeared archetypal connected CryptoSlate.