For traders in large financial institutions, the cost of foreign exchange transactions is high and their speed is low. This is because completing a transaction requires going through a series of middlemen, and they all charge a fee. However, a new specialty of Goldman Sachs suggests that Bitcoin's underlying blockchain technology can change the entire process.
Lei Feng network (search "Lei Feng network" public concern) learned that Goldman Sachs patent was applied early in 2015, it describes the distributed general ledger (essentially a type of accounting books shared by all parties, also known as district Blockchain) can handle financial transactions in the foreign exchange market. This is also the first blockchain related patent applied for by Goldman Sachs. Previously, a patent published at the end of 2015 showed that Goldman Sachs was developing a data currency similar to Bitcoin for traders.
The foreign exchange market is highly risky. The general process is as follows: One party to the transaction transfers funds to an intermediary, such as CLS, which is a foreign exchange settlement service provider. CLS will always hold the funds of the transaction initiator until the counterparty provides funds. The problem with the process is that the funds of the first party will be frozen in a specific transaction until the settlement is completed, and the whole process usually takes one day. This makes transactions in the foreign exchange market very slow. Goldman Sachs's plan is to hope that the blockchain can bring near-real-time transactions and increase the speed of the foreign exchange market.
Over the past year or so, banks have been trying to use blockchain technology to make transactions faster and cheaper, but most projects are still in their infancy and have little success. There are already some excellent systems, such as Bitcoin and Ripple (a blockchain startup). Bitcoin can handle 180,000 transactions a day, while UBS and Santander and other banks also have cooperation with Ripple. However, according to the Goldman Sachs patent, these systems have their drawbacks, especially in highly regulated financial services.
The patent states that these systems have a lack of privacy because anyone can see any transaction on the Bitcoin blockchain. If the bank blockchain is completely transparent, the competitor can make reverse transactions for a certain transaction, thus losing the competitive nature of foreign exchange transactions. Bitcoin and Ripple also lacked an authentication mechanism and could not help regulators investigate anti-money laundering activities.
Therefore, Goldman Sachs hopes to integrate the advantages of blockchain (mainly speed and efficiency) and introduce privacy, security, and compliance advantages in other technologies. For example, the Goldman Sachs version of the blockchain allows private transactions that are only visible to people who need to know; it also allows regulators to obtain databases and comply with bills such as anti-money laundering.
As blockchain technology began to invade Wall Street, banks have already begun to make related intellectual property preparations. Bank of America has submitted a number of related patents and currently has about 50 blockchain-related patent applications. Just do not know when these patents can be landed because applying for a patent does not mean that the company will use it.
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