Blockchain technology is of great interest to financial service providers. Various companies are currently filing patent applications pertaining to this technology. The proverbial “Gold rush” of blockchain patents is in full effect at this stage. Commercializing these projects will prove to be a different breed of challenge.

It is not surprising to see financial firms pay attention to Bitcoin technology. It offers tremendous amounts of potential for current and future products and services. All banks and service providers are looking for ways to build proprietary technology in the blockchain space. As such, they are also filing a massive amount of patent applications. A lot of new filings have shown up in recent months.

More Blockchain Patent Filings Appear

Barclays is showing a keen interest in blockchain right now. It is evident the bank wants to explore a few different use cases with potential commercial implications. Using a private blockchain to settle KYC information is one option being explored. The other is designed to speed up cryptocurrency transfers which raises a lot of questions first and foremost.

Mastercard and Amex are the two card issuers which are showing a renewed interest as well. Their focus is a bit different. Mastercard wants to link blockchain assets to its payment cards for spending purposes. Amex is working on a blockchain-based confirmation system. All of these use cases appear more than valid, assuming they ever come to market in a commercial manner.

How all of this will pan out, remains to be determined. These patent filings only tell a part of the bigger story. There is a lot of work to be done prior to turning these ideas into viable products and services. So far, the latter has not happened just yet. Whether or not any real developments will occur soon, remains to be seen.

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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