In these past years, banks have been showing interest towards blockchain technology. The financial institutions has successfully filed various Patents so as to explore more ways through which this technology could be put to use. JP MORGAN CHASE BANK was awarded a Patent, of recent.
A lot of new use cases and products would emerge due to so many banks exploring opportunities in the world of blockchain. However, no one knows if these newly emerging use cases will be commercialized or not, but that is not a priority to discuss about at the moment. A lot of hype is still associated with the blockchain tech but not so much to show for most efforts as of right now.
It is likely that we are going to see changes in all of that, following the new Patent award given to JP MORGAN CHASE, this Patent award gives the bank right to influence the blockchain industry in what ever way they feel is best for all, and they are most likely to issue blockchain-based virtual depository receipt. Also, if the bank wishes to do this, then they are most likely to link it up with Banking services, but there is still a very real chance that this will have cryptocurrency oriented implications as well.
JP MORGAN CHASE BANK is just one among the many banks that has made clear it’s intention in regards to cryptocurrency. It is certain that the current CEO is not a big fan of cryptocurrency but the bank and it’s staff has been working tirelessly towards launching it’s cryptocurrency trading desk. Although, it’s certainty have not been proven yet, as it is going to depend on how the regulatory situation evolves.
Some experts even predicted that JP MORGAN would use this Patent to issue ICO tokens, the truth be told, the bank can decide to do whatever they feel like doing with this award granted to them, but there is no clear indication from the bank nor it’s official to quote the statement. If the bank would be able to create security tokens with this Patent, I think it’s gonn be of great value to the bank and it’s partner’s.
For the bank, they think this approach is connected towards facilitating an Initial Public Offering which is extremely different from initial coin offering. Either ways, would still push it’s way to the financial sector.
As it has always been, issuing Patents do not necessarily mean we should be overly concerned or excited until the results of the decision taken is finally out, reason being that, ordinary speculation as to what the bank intends to do with this opportunity does not really necessitate positive outcome..