The U.S. Patent and Trademark Office granted a patent to Goldman Sachs for a cryptocurrency settlement system. According to a CoinDesk article, the patent (U.S. Patent No. 9,704,143) was awarded on July 11, 2017, and covers the Goldman Sachs "SETLcoin" cryptocurrency settlement system. Goldman Sachs describes the settlement system technology as designed to "substantively instantly settle securities, based on cryptographic currency technology, without the risks associated with traditional settlement technologies."
Commentary / Howard Wizenfeld
Financial institutions like Goldman Sachs now more than ever are leveraging technology in creating innovative financial products and services. We expect blockchain-related products, including, but in no way limited to, cryptocurrencies, to be a significant part of these institutions' products and service offerings going forward. All financial institutions should be focused on the potential for developing technologies as to which it is possible for them to hold a patentable interest.
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