Blockchain and cryptocurrency are emerging industries and this means that there is a lot of untapped potential within them. When they first came on the scene, there wasn’t a great deal of faith in the potential of crypto and blockchain to last, but this has been proven to be incorrect as it has been embraced across the globe by not only individuals but also many private firms as well. Because there is a lot of untapped potential in blockchain and cryptocurrency, many firms are obtaining as many patents as possible in a bid to make sure that they’re on top of the competition and are on to the next big thing in blockchain and cryptocurrency before it happens.
One of the latest of these is from the Winklevoss twins who have recently filed for six individual patents with relation to stablecoins. The Winklevoss twins are the founders of popular crypto exchange Gemini.
This new information comes via the United States Trademark and Patent Office and according to the official documents, three of the six patterns refer to the changing of the supply of a public blockchain-based asset while the first filing describes a system in which third-parties such as banks and other financial institutions can generate the stablecoins in question. Two of the patents relate to the generation of the stablecoins themselves and according to the documents of the third patent, its system intends to be created in which stablecoins can be used as collateral for loans and the collection of them can be executed via smart contract. Naturally, this sort of product or service will likely see a lot of use within the banking industry. The fourth patent is for a system in which stablecoins could be used as dividend payments for financial assets which are pegged to blockedchains and this could also include stocks and shares.
Because blockchain and Crypto are so dynamic, there is no telling what exactly can be done with them and it seems many companies want to stay on top of this. For example, IBM is known to have one of the largest collections of blockchain patents of any company worldwide and it seems this trend is not ending anytime soon.