Investment bank Goldman Sachs has filed a patent for its blockchain technology, and Amazon has announced the imminent launch of its own NFT marketplace.
Investment giant Goldman Sachs has filed a patent for a blockchain technology that it will integrate into its settlement engine. Documents relating to the patent indicate that the bank plans to use smart contracts for financial instruments. They may include securitisation, loans, provisioning, insurance, and bond issuance. Smart contracts, in turn, will provide consumers with tokens with different access levels.
Mathew McDermott, who leads the digital asset unit at Goldman Sachs, said that his department is all for implementing the blockchain. Moreover, they intend to hire additional staff with experience in the cryptocurrency field. The active development of the Goldman Sachs tokenisation platform confirms this. For example, in March 2023, Hong Kong used this service to sell digital bonds. As a result, the bonds were sold for 102 million US dollars, and the settlement time was reduced from five days to 24 hours.
Analysts believe that a race is brewing in the blockchain technology sector. The American marketplace Amazon is also planning to release an application for collecting and selling NFTs, which Amazon’s marketing department announced in the spring of 2022. The service infrastructure is ready; the only thing left to do is open access to it. At first, the marketplace should offer 15 NFT collections. Users from the USA will have access to them. Before launching the product, Amazon is also strengthening the team working on it: the platform is now actively hiring Web3 specialists.
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