JPMorgan Chase & Co has filed a new patent for a system that leverages blockchain for the management of virtual receipts backed by assets or bonds, according to a US Patent and Trademark Office (USPTO) patent filing published July 19.
The new patent, titled “Systems and methods for management of asset or obligation-backed virtual receipts on a distributed system,” includes a new form of a public blockchain-based method for the management of virtual receipts, which can take the form of tokens.
The document describes Virtual Depositary Receipts, or “Virtual Receipts,” as “asset or obligation-backed electronic tokens.” The new method would use distributed ledger technology (DLT) such as blockchain for linking “an underlying asset or obligation with its digital representation on a distributed system for the purposes of ownership tracking and transfer”.
Previously, JPMorgan CEO Jamie Dimon had said that cryptocurrencies are “worth nothing,” also calling Bitcoin a bubble that investors “will pay the price for […] one day.”
Meanwhile, JPMorgan had already filed a patent this spring for intra- and inter-bank settlements based on blockchain technology, showing their ability to be a strong supporter of blockchain and a strong opponent of the validity and legitimacy of cryptocurrencies at the same time.
Cointelegraph.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube