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Home / Market News / Goldman Sachs Begins Foray Into Blockchain Technology

Goldman Sachs Begins Foray Into Blockchain Technology

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Goldman Sachs has initiated its first patent filing for a blockchain based ledger system that would work on the number of confirmations. Essentially derived and based on blockchain technology, it is thought that Goldman Sachs could bring in Bitcoin in to their current infrastructure.

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Currently blockchain services have been slightly criticised due to their public nature as many users of fiat do expect a certain level of privacy when exchanging their money. However the patent has left open the possibility to integrate current blockchain systems under a new and centralized design managed by the Goldman Sachs team.

These systems suffer from significant disadvantages in terms of privacy, because they maintain balances and transaction records in publicly accessible ledgers that are stored on distributed servers.

The effects of action on the patent could be huge.  Bitcoin markets are thought to be the first to be affected as Goldman Sachs turns to the future of currency for inspiration to develop its own platform for foreign exchange.

To conclude the patent may be the first sign Goldman Sachs is moving away from traditional forms of banking in favour of creating a Bitcoin infrastructure. Many reasons were cited for the recent development but cutting out the middle man would essentially speed up the banking system on a global level if Goldman Sachs decides to fulfil the vision of a Bitcoin future. While things do look promising this block chain patent may move nowhere depending on Bitcoin market volatility producing a negative picture.

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