Goldman Sachs has a patent granted focusing on blockchain technology

Goldman Sachs has a patent granted focusing on blockchain technology

Goldman Sachs has filed a patent with the US Patent Office for a piece of blockchain technology it hopes to integrate with its settlement mechanism – outlining the technical and computational requirements for the bank to use blockchain.

Blockchain with common requirements for tokens

The document, Patent no: US 11, 605, 143 2B, was submitted by the bank on 14 March.

It describes the technical aspects of smart contracts applied to financial instruments such as fractional reserves, insurance, bonds, securitized products and margin loans.

The patent application includes a computer-implemented method of providing common claims to tokens.

Nodal components of the Goldman blockchain patent (Source: ppus)

The patent serves to facilitate a networked computing environment suitable for providing common claims to a token. This is facilitated by a computer system architecture.

(Source: Goldman Sachs)

Goldman’s blockchain push

Goldman Sachs’ global head of the digital assets team, Mathew McDermott, expressed strong support for blockchain applications during a recent interview with Bloomberg.

McDermott also stated that the roughly 70-member team would consider hiring additional personnel as needed in 2023. Last week, Hong Kong used Goldman’s private tokenization platform, GS DAP, to sell digital green bonds, selling $102 million of the bonds and reducing settlement time from five days to just one.

The larger race to patent blockchain technology

It is the first time Goldman Sachs has signaled an interest in blockchain technology.

As recently as February, Goldman Sachs stated that it is willing to expand its digital asset team by hiring more personnel, adding to its range of entry-level blockchain offerings.

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

Posted in: Analysis, Bank

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