Goldman Sachs files patent to integrate a blockchain technology

Goldman Sachs, one of the leading global banks, has filed a blockchain patent with the US Patent office that allows for joint claims of tokens. The bank filed the patent on March 14th for a blockchain application it is wants to integrate with its settling mechanism that allows for joint claims on tokens. Goldman Sachs is rooting that the blockchain has technical and computational requirements which could be beneficial to the bank.

The document, Patent no: US 11, 605, 143 2B, filed by the bank includes the technical aspects of smart contracts applied to financial instruments such as fractional reserve banking, insurance, bonds, securitized products, and margin loans. Additionally, the patent application covers a computer-implemented method of providing joint claims to tokens.

Goldman Sachs aims to facilitate a networked computing environment via the patent file, which it views as suitable for providing joint claims to a token. The blockchain-focused patent marks the first time Goldman Sachs has indicated an interest in blockchain technology. However, according to analysts a patent “arms race” is sprouting in the blockchain industry.

In an interview with Bloomberg, Goldman Sachs’ global head of the digital assets team, Mathew McDermott, confirmed having strong support for blockchain applications. He added that the team is considering hiring additional staff members in 2023 to its about 70 already existing members. Goldman Sachs in a February report mentioned looking to expand its digital assets team by hiring more personnel, “adding to its base-level assortment of blockchain offerings.”

Goldman’s private tokenization platform, GS DAP was utilized by Hong Kong to sell out digital green bonds. The nation sold out $102 million of the bonds and was able to reduce its settlement duration to a day from an initial five days gap.

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