1. Home
  2. News

JP Morgan Files Patent for Blockchain-Based Virtual Receipts Management System

News
JP Morgan Files Patent for Blockchain-Based Virtual Receipts Management System

JPMorgan Chase & Co has filed a new patent for a blockchain-based system that manages virtual receipts backed by assets or bonds.

The new patent, titled “Systems and methods for management of asset or obligation-backed virtual receipts on a distributed system,” was filed with the US Patent and Trademark Office (USPTO) on July 19.

The new system uses distributed ledger technology (DLT) such as blockchain to link “an underlying asset or obligation with its digital representation on a distributed system for the purposes of ownership tracking and transfer.” JPM’s new technology enables users to tokenize real assets and trade these virtual depository receipts like they would trade securities.

According to the filing, JPM believes that one possible application of their new invention is to facilitate initial public offerings (IPOs). The blockchain system would ensure immutability and non-transferability of ownership for all purchases.

These tokenized virtual receipts essentially comprise security tokens, which are tightly regulated by the US Securities and Exchange Commission (SEC). SEC Chairman Jay Clayton reaffirmed his view in June that most initial coin offering (ICO) projects should be considered securities offerings.

20 Jul 2018

Subscribe to our newsletter

Our newsletters are sent on a regular basis and are aiming to provide you most overall market situation

Latest news

New Token Listings: Blockpass and Provoco

Trading pairs of initial coin offer...
19 Oct 2018

ICORating Weekly Report: 41st Week of 2018

This report includes data on severa...
19 Oct 2018

Security Token Future Conference Co-Hosted By ICORating A Great Success

ICORating co-hosted the global Secu...
19 Oct 2018

Gates Foundation Partners With Blockchain Startup Coil

The Gates Foundation has announced ...
18 Oct 2018

New Token Listing: Alt.Estate

A trading pair of initial coin offe...
18 Oct 2018

Crypto Market Prices Could Increase Tenfold In Coming Years

The cryptocurrency market could see...
17 Oct 2018

New Token Listings: UbiatarPlay, Menlo One and Tezos

Trading pairs of initial coin offer...
17 Oct 2018

OKEx Listed Four Stablecoins Simultaneously

The Hong Kong-based cryptocurrency ...
17 Oct 2018

Telegram’s Blockchain-Based Platform Almost Ready

TON, a blockchain-based platform fr...
17 Oct 2018