Goldman Sach Registers Blockchain Technology Patents To US Patent Offices

Goldman Sachs filed a patent related to blockchain. (Photo; Doc. Economist Sustantable)

JAKARTA - In recent years, blockchain technology has been increasingly being used by financial institutions to improve their operational efficiency. One of the major banks that is starting to explore this technology is Goldman Sachs.

Recently, Goldman Sachs filed a patent with the US Patent Office for a blockchain technology that is expected to be integrated with a transaction completion mechanism - explaining technical and computational requirements for banks using blockchain.

In the patent document, Goldman Sachs details the technical aspects of smart contracts applied to financial instruments such as fractional reserve banking, insurance, bonds, securitization products, and margin loans. This patent application includes a computer-implemented method to provide joint claims on tokens.

Patent no: US 11,605,143 2B, submitted by the bank on March 14. This patent aims to facilitate a network computing environment suitable for providing joint claims on tokens, assisted by a computing system architecture.

Goldman Sachs showed strong support for blockchain applications in a recent interview with Bloomberg, disclosed by the Head of the Global Digital Asset Team, Mathew McDermott. McDermott also stated that a team of about 70 members would consider recruiting additional personnel by 2023.

Last week, Hong Kong used Goldman's private tokenization platform, GS DAP, to sell digital green bonds, sold 102 million US dollars (Rp 1.5 trillion) bonds and reduced settlement time from five days to one day.

Meanwhile, some analysts claim that there is a patent race in the blockchain sector. This is the first time Goldman Sachs has shown interest in blockchain technology. In February, Goldman Sachs reportedly expressed readiness to expand its digital asset team by recruiting more personnel and adding its blockchain offerings.

Overall, blockchain patents filed by Goldman Sachs show the seriousness of banks in adopting blockchain technology as part of their business strategy. With this patent, Goldman Sachs hopes to increase efficiency and security in their financial operations.

While there are still technical and regulatory challenges in blockchain adoption in the financial sector, this patent shows significant progress in the use of this technology. With the growing adoption of blockchain technology, we can see major changes in the way the financial sector operates in the future.