JPMorgan Chase & Co has filed a brand new patent for a device that leverages blockchain for the control of virtual receipts backed via assets or bonds, in keeping with a US Patent and Trademark office (USPTO) patent submitting posted July 19.
the new patent, titled “structures and techniques for management of asset or obligation-sponsored digital receipts on a allotted device,” includes a brand new form of a public blockchain-primarily based approach for the control of virtual receipts, that could take the shape of tokens.
The report describes virtual Depositary Receipts, or "virtual Receipts," as “asset or responsibility-backed digital tokens.” the brand new method would use distributed ledger generation (DLT) which include blockchain for linking “an underlying asset or obligation with its digital representation on a disbursed gadget for the purposes of ownership tracking and transfer”