- The project aims to simplify the networked computing environment
- It also allows you to integrate smart contracts into banking products.
- This is Goldman Sachs’ first Web3 patent.
On Tuesday, March 14, Wall Street bank Goldman Sachs filed an application for registration of a new product with the US Patent Office. This solution on the integration of blockchain technology into the mechanism of bank settlements.
The patent is registered under the number US 11, 605, 143 2B. In fact, it describes the technological aspects of a new accounting system using smart contracts in banking products.
These are insurance, bonds, margin loans and so on. In fact, this is a project of a ready-made blockchain-based infrastructure. For example, the declared nodal components look like this:
The patent serves to facilitate a networked computing environment. Interestingly, Goldman Sachs has not yet commented on the situation. However, given the fact that the bank has repeatedly shown interest in Web3, the integration of such a solution was a matter of time.
This was confirmed by Matthew McDermott, the head of the cryptocurrency division of the organization. In an interview with Bloomberg, he noted that Goldman Sachs is considering hiring additional staff in this area in 2023.
We also previously cited one of the bank’s statements. In it, Goldman Sachs names Bitcoin the best asset this year.
