JPMorgan was in the news this week for a move than can only be described as crypto positive. A patent filed by JPM some months ago has just percolated up on the US Patent database.
According to the filing JPM is seeking “Systems and methods for management of asset or obligation backed virtual receipts on a distributed system.”
The Abstract states:
“Systems and methods for management of asset or obligation-backed virtual receipts on a distributed system are disclosed Systems and methods for management of asset or obligation-backed virtual receipts on a distributed system are disclosed. According to one embodiment, in an information processing apparatus for a depositary entity comprising at least one computer processor, a method for managing asset or obligation-backed virtual receipts on a distributed system may include (1) receiving confirmation of a deposit of an underlying asset, wherein the deposit encumbers the underlying asset; (2) receiving authorization to issue a virtual receipt for the deposited underlying asset; and (3) executing issuance of the virtual receipt by writing the transaction to a distributed ledger.”
Distributed ledger is typically used as a synonym for blockchain tech.
When it comes to crypto and its underlaying technology JPM is probably best known for the pronouncements by its CEO. But JPM is not alone in its pursuit of patents regarding blockchain based securities services – and more. Wells Fargo, Bank of America, and others have filed for blockchain focused patents.
A quick search of the Patent data base indicates there are 29 filings under the term “distributed ledger.”
A search using just the term blockchain produces results of more than 130 patent filings.
While financial services are currently viewed as the “killer app” for blockchain tech, over time, distributed ledger technology is expected to include a wide variety of services that may benefit from a decentralized network.