GOLDMAN SANCHS PATENTS YOUR OWN CRIPTOMONED SYSTEM

One of the US private banks that has been most involved in distributed accounting technologies and cryptographic currencies - specifically Bitcoin - is the world-renowned Goldman Sachs. The banking agency has led predictions about the price of Bitcoin, offered hedge funds to users of this criptomoneda and even participated in blockchain consortia; But this week the financial group is surprised again by a patent that registers its own system of cryptographic coins.

Published by the United States Patent and Trademark Office (UPSTO) this week, the paper describes the introduction of a patent for a cryptographic currency protocol. Called SETLcoin devised by Paul Walker and Phil J. Venables and introduced by the company since October 2014.

The patent clarifies that it is a 'computational' storage system that is specifically programmed to receive and transfer electronic transactions with monetary funds, which will have information of the electronic address of the node and a digital signature.

The document highlights that this system will have its own virtual portfolio with its security key and the possibility of storing cash. Likewise, any transfer will be accepted only if the guarantee of the funds has been confirmed successfully, through the verification of internal and external information made by a blockchain. In the information provided by UPSTO, the fact that this cryptographic coin was taken as a reference was the Bitcoin protocol and mining.

The proposed cryptoactive can be exchanged in the market, allowing the purchase of securities with SETLcoins or, in case of not having sufficient funds with the cryptographic currencies, it is possible to carry out the process with funds of the client.

This is not the first time Goldman Sachs has filed a patent related to blockchain. By 2016 the bank would have introduced a foreign exchange system with DLT technology. Similarly, the bank also ruled out the possibility of a hedge fund for bitcoins, predicted that this currency could reach $ 4,000 and also has ensured that the blockchain tools could revolutionize the financial system completely. Undoubtedly, an entity that has set eyes on the possibilities around distributed accounting technologies.

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