Goldman Sachs Granted 'SETLcoin' Cryptocurrency Patent
Investment bank Goldman Sachs has been awarded a patent for its proposed "SETLcoin" cryptocurrency settlement system. The US Patent and Trademark Office (USPTO) published Goldman's patent on July 11, entitled "Cryptographic currency for securities settlement". The bank made headlines when the existence of the patent application was revealed in late 2015. The concept envisions a system for settling securities trades using a built-in cryptocurrency. When filed in December of that year, the application notably outlined methods for exchanging SETLcoins for digitized stocks....
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Goldman Sachs filed a patent application last month for a securities settlement system based on a new cryptocurrency called "SETLcoin". In a US Patent & Trademark Office application, dated 19th November, Goldman Sachs outlines a "Cryptographic Currency For Securities Settlement" that allows peer-to-peer participants to exchange cryptographic tokens representing securities with instant settlement. The application states: "Traders using the described technology exchange securities by presenting an open transaction on the associated funds in their respective wallets. SETLcoin ownership is....
On November 19, the United States Patent & Trademark Office (USPTO) published Goldman, Sachs & Co.'s patent application 20150332395 or "Cryptographic Currency For Securities Settlement." Described are " methods for settling securities in financial markets using distributed, peer-to-peer, and cryptographic techniques " using a cryptocurrency named SETLcoin. The application lists Paul Walker and Phil J. Venables as the inventors of the technology. Paul Walker is the co-head of technology at Goldman and a member of the Board of Directors of the Depository Trust and Clearing Corporation....
Goldman Sachs has submitted a patent application focusing on how blockchain could cut out the middle man with transaction costs, claiming that the technology could change the current process. The patent, “Systems and Methods for Updating a Distributed Ledger-Based on Partial Validations of Transactions”, which was published on September 8 by the U.S. Patent and Trademark Office (USPTO), was initially filed in March 2015, making it Goldman Sach’s first blockchain focused patent. Banks Turning to Blockchain. Since the introduction of bitcoin, banks have slowly been turning their attention to....
The big question is whether or not patents have a rightful place in the blockchain world. Goldman Sachs is quite an intriguing financial institution. Even though they rejected Bitcoin and its technology for some time, they now want to go all-in on the blockchain. A new patent filing goes to show the group is working on blockchain-based forex trading. Quite an interesting development, although patenting it may not be the right course of action. Blockchain technology is designed to be an open standard, which anyone can use and improve upon. The Bitcoin source code follows that same concept,....
Why banks joined the cryptocurrencies race? To stay relevant, match up to competition, exercise control or defeat existing crypto? According to the Cointelegraph twitter quiz, over 46% of participants think that banks develop their own cryptocurrencies so they can exercise control. In a patent application filed October 30, 2014, but published only recently, Goldman, Sachs & Co. has made a claim of having developed a new cryptographic currency called SETLcoin that will be held in electronic wallets. According to the description made in the application: “The wallet has the technology to....