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Big-Name Bank JPMorgan Files for New Blockchain Management System

The distinguished asset holder has recently submitted a patent to the USPTO regarding leverage of blockchain technology to address digital receipt management supported by assets or bonds as the USPTO’s published report on the 19th of July.


Asset Handling

According to the filed patent, the new system for managing assets and required digital receipts will include a new and public blockchain-fueled approach in handling virtual receipts, also accepted as digital currencies.

Digital receipts, officially titled as Virtual Depository Receipts, as well as cryptocurrencies supported by obligations,  were noted in the patent. JPMorgan’s new approach utilizes DLT like blockchain to connect repressed assets or obligations with virtual proof and backing on a system to maintain proper ownership rights and transactions as well as they’re tracking.

Jamie Dimon, the Chief Executive Officer of JPMorgan, previously stated that digital currencies are worthless and pointed a finger at Bitcoin, claiming it was a bust just waiting to happen and that investors would eventually see the negative outcome. Despite the previous comments, the company has already submitted its patent for JPMorgan related banking settlements as well as separate financial holders. 

This displays JPMorgan’s ensured and robust support towards blockchain and its technology as well as a leading rival in terms of validation and legitimacy regarding digital currencies side by side. The patent was submitted to the USPTO spring of 2018 and promises an increased and enhanced performance when it comes to managing assets and more.

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