JPMorgan Files New Patent For Blockchain-Based Virtual Receipts

JPMorgan Chase and Co have filed another patent for a system that influences blockchain for the management of virtual receipts supported by assets or bonds, according to a US Patent and Trademark Office (USPTO) patent filing published July 19.

The new patent, titled “Systems and methods for management of asset or obligation-backed virtual receipts on a distributed system,” incorporates another type of an open blockchain-based strategy for the administration of virtual receipts, which can appear as tokens.

The document portrays Virtual Depositary Receipts, or “Virtual Receipts,” as “asset or obligation-backed electronic tokens.” The new strategy would utilize distributed ledger technology (DLT), for example, blockchain for connecting “an underlying asset or obligation with its digital representation on a distributed system for the purposes of ownership tracking and transfer”.

Already, JPMorgan CEO Jamie Dimon had said that cryptocurrencies deserve nothing and additionally calls Bitcoin a  bubble that investors “will pay the price for […] one day.”

In the meantime, JPMorgan had just filed a patent this spring for intra-and interbank settlements based on blockchain technology, demonstrating their capacity to be a solid supporter of blockchain and a solid rival of the validity and legitimacy of cryptocurrencies in the meantime