Patent data points to a conflict of interest between Banks and Bitcoin. However, they have to work together on some issues.. According to its investors, Bitcoin is the future of money. However, cryptocurrencies are still bought with physical money.. And now banks can control these transfers. If this oligarchy can be broken, the cryptocurrency market could take control, as the latest patent data shows.
Banks are falling short on Blockchain technology
Bankers missed out on Bitcoin, along with the traditional investment world.. Except for a few exceptional organizations, they did not believe that these sales figures would be captured by internet users of the internet’s fun money.. At first the bankers were right. But then, after a few mistakes, the cryptocurrency market managed to settle down.. Now, the banking industry and Wall Street are not getting enough of Bitcoin, whether for building a cryptocurrency futures market, Exchange activities (like Goldman Sachs subsidiary Circle’s acquisition of Poloniex), or launching their own blockchains.
As Bitcoin.com reported two weeks ago, banks are among the most prolific of cryptocurrency patents for which Bank of America is responsible.. This highlights a few key points. First, the big banks are silently admiring Bitcoin and the blockchain that powers it.. second, they may have missed the first train to dominate the market. But they are determined to dominate the market.. The understanding of the bankers this period seems to be “if you can’t beat them, join them”.. Of course, while Bank of America is only happy to issue cryptocurrency patents, that doesn’t mean launching its own BOA Coin.
Patent data shows Financial companies have filed 150 cryptocurrency patents
Bitcoin Patent Report has compiled a list of many companies whose cryptocurrency has come to the fore in the banking industry.. In addition to Bank of America, which is the leader on the list, there are interesting startups in the top 10.. and these firms are all multinational companies. For example, Toronto-Dominion Bank has 85,000 employees and Fidelity has 45,000 employees.. These are organizations that have teamed up to work on Blockchain technology “just in case”. In the next step, if a consensus is reached on algorithms or a high-efficiency Blockchain design is made, banks will make very good profits thanks to the patent system it applies.
The actual number of banking patents is higher
Official figures shows that major financial institutions have filed 150 cryptocurrency patents. These figures are expected to double or triple in the coming periods.. This is because patent applications are not usually published for 18 months after they are first filed.. And with real growth, any investment in cryptocurrencies takes place during this period.. In reality, the number of patents filed by the banking sector may be close to 500.. On the other hand, we can consider Paypal a similar competitor to cryptocurrencies.. Paypal is a well-known product on the list. And his name has 11 patents. The most recent development is the filing of a patent for an “accelerated cryptocurrency transaction system”.
The Internet of the future is the Internet where everything is online and interconnected.. The wall separating traditional finance and cryptocurrencies has thinned considerably with the innovators. These developers on both sides hope to clarify what cryptocurrency and fiat money are.. “internet of things” devices, which are considered semi-blockchain, have the same character as Bitcoin. As a result, it is not surprising that banks want to be at the center of this business.
In recent weeks, Goldman Sachs, Bank of America, and JP Morgan have cited the threats posed by cryptocurrencies in their annual SEC reports.. While Bitcoin is not expected to replace the SWIFT banking system anytime soon, cryptocurrencies offer a new economic system.. Given the disruptive potential of blockchain technology and the cryptocurrencies associated with it, it’s not surprising that big banks are quietly securing themselves.. Patent data is just one of several indications that the giants of the financial system are taking the cryptocurrency market very seriously.
bitcoin.com