Goldman Sachs files patent for blockchain integration, reduces settlement time from 5 days to 1

Goldman Sachs has recently filed a patent with the US Patent office, proposing to integrate blockchain technology with its settling mechanism. The patent document, with patent no: US 11, 605, 143 2B, was filed on March 14, and outlines the technical and computational requirements for the bank to use blockchain technology. The patent focuses on the technical aspects of smart contracts that can be applied to various financial instruments such as fractional reserve banking, insurance, bonds, securitized products, and margin loans. This move by Goldman Sachs is part of its blockchain push, with the global head of the digital assets team, Mathew McDermott, expressing strong support for blockchain applications in a recent interview with Bloomberg. The bank’s private tokenization platform, GS DAP, was also used by Hong Kong to sell digital green bonds worth $102 million, successfully reducing the settlement time from five days to just one. Meanwhile, some analysts claim that there is a patent “arms race” brewing in the blockchain sector, and Goldman Sachs is determined to stay ahead of the game by expanding its digital assets team with new hires and blockchain offerings.