Financial giant Goldman Sachs has decided to use blockchain technology with the financial transaction .
The reason for the interest financial giant in the blockchain lies in the risks and difficulties present in the currency markets.
Another reason as it seems to me is that Large companies can use their patents to sue the users of cryptocurrencies and non-profit organizations, in an attempt to slow the economy and keep people in Fiat transactions.
It is obvious that the major players in the financial and technology sectors, applying for patents related to bitcoin and other cryptocurrencies, just not to give up a piece of this tasty cake. And this is a great risk to the entire ecosystem of cryptocurrencies, because there is a monopoly on this business, which is contrary to the idea of bitcoin. After all, the cryptocurrency was conceived decentralized, and patents on such business is a step in the direction of monopolization.
Goldman Sachs may be able to use patent rights, to maintain the market exclusivity of its trading platform and or monetize those rights by extracting royalties from other platforms using these technologies.
It is worth noting that other players, including Bank of America, are actively pursuing their own patent interests in this region. As financial services are increasing their technological development in this emerging field, patents will be distributed.
This is not the first patent application filed by the company Goldman Sachs. So, in December of last year, the Corporation has made to the US patent office an application called "crypto-currencies for securities settlement". The name of the new cryptocurrency, which is planned to launch the organization, it sounds like SETLcoin.
Using the described technology allows traders to move assets in the form of open transactions of funds in their wallets. SETLcoin transferred to the new owner after authentication and verification, which are built on a network registers within the p2p network, which guarantees almost instant execution and confirmation.
Foreign exchange transactions based on cryptographic techniques are implemented independently, the movement of assets occurs without the traditional risks associated with clearing houses, which significantly slow the movement of assets.