Note from the CEO: Goldman has a new patent (no, not just for making money) that will use blockchain technology to trade currencies. Foreign exchange markets would certainly become more efficient and cost effective with blockchain and with Goldman a whole lot more credibility goes with it. Next a Goldman bitcoin??? Goldcoin?
“Trading currencies is costly and slow for traders at major financial institutions—transactions need to go through a bunch of middle men, each of which take a slight fee. A new patent application from Goldman Sachs hints at how the blockchain technology that is behind bitcoin could revolutionize that process.
The patent application, published by the US Patent and Trademark Office (USPTO) on Sept. 8, 2016, was originally filed in March 2015. It outlines a distributed ledger (essentially an accounting ledger shared by a number of different parties, also known as a blockchain) that can process financial transactions in the foreign exchange market. It’s Goldman Sachs’ first blockchain-related patent (though another patent application published in Nov. 2015 showed the investment bank was looking at a bitcoin-esque digital currency for traders).”