JPMorgan Chase Submits Blockchain Virtual Depositary Receipts Patent App

JPMorgan Chase & Co has filed a new patent for a blockchain-based system that manages virtual receipts backed by assets or bonds.

The patent was spotted by the team at CoinTelegraph, which spotted the filing from the US Patent and Trademark Office (USPTO) published online on July 19.

The patent is titled,

“Systems and methods for management of asset or obligation-backed virtual receipts on a distributed system.”

The filing details a new type of public, blockchain-based system that manages virtual receipts.

The patent refers to the blockchain-based assets as “virtual receipts”. However, they can take the form of tokens, and they work in a similar way to what we consider blockchain-based tokens.

In the patent, the blockchain-based assets are called “Virtual Depository Receipts” or “Virtual Receipts.” These receipts can function as “asset or obligation-backed electronic tokens.” These virtual receipts are located on the blockchain, and function as a blockchain-based connection between an underlying asset or obligation and its digital representation on the blockchain “for the purposes of ownership tracking and transfer.”

In more straightforward terms, JPMorgan Chase filed a patent for a blockchain-based system for tracking real assets. This system transfers real ownership privileges or real assets using a blockchain-based system ledger.

It’s important to note that this story comes from JPMorgan. A few months ago, JPMorgan’s CEO, Jamie Dimon, was on record claiming cryptocurrencies were “worth nothing” and that bitcoin investors were buying a bubble and “will pay the price” for their decisions one day.

This also isn’t the first time JPMorgan has filed a blockchain-based patent. Earlier in 2018, the financial giant filed a patent for a blockchain-based settlement system that would facilitate intra-bank and inter-bank transfers.

In other words, JPMorgan doesn’t seem to be overly optimistic about cryptocurrencies, but they’re certainly optimistic about blockchain technology.

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