Goldman Sachs has filed a patent for a computer-implemented method of providing joint claims to tokens using smart contracts stored in a distributed ledger. The method involves receiving conflicting claims to a pool of tokens, determining a trigger condition using predefined rules, and distributing the tokens to resolve the conflicting claims based on the trigger condition. The patent aims to enable efficient and automated token distribution in a secure and transparent manner. GlobalData’s report on Goldman Sachs Group gives a 360-degree view of the company including its patenting strategy. Buy the report here.

According to GlobalData’s company profile on Goldman Sachs Group, digital lending was a key innovation area identified from patents. Goldman Sachs Group's grant share as of June 2023 was 1%. Grant share is based on the ratio of number of grants to total number of patents.

A patent for a computer-implemented method of resolving conflicting claims to tokens in a distributed ledger

Source: United States Patent and Trademark Office(USPTO). Credit: The Goldman Sachs Group Inc

A recently filed patent (Publication Number: US20230206366A1) describes a computer-implemented method for providing joint claims to tokens in a distributed ledger. The method involves receiving conflicting claims to a pool of tokens associated with a smart contract that includes rules. These conflicting claims are then provided to the distributed ledger. The method also includes receiving an indication from the distributed ledger that a trigger condition, determined by the smart contract rules, has been met. Once the trigger condition is met, information generated using a subset of the rules is received, indicating a distribution of the tokens to resolve the conflicting claims. Finally, the method causes a transfer of some of the tokens according to the indicated distribution.

The patent also mentions that the subset of rules used to resolve the conflicting claims may not assign tokens proportionally to the claimants' stakes. Instead, the rules may assign equal amounts of tokens up to a minimum claim and a maximum deposit insurance amount, and then assign a proportional amount of tokens to the remaining claims. The distributed ledger records claims for each token holder equal to the total deposits made by that holder. Additionally, the method allows for the periodic transfer of tokens to a deposit insurance smart contract to mitigate any deficiency between the total value of the pool and the total value of the conflicting claims.

The patent further describes the use of an oracle to determine trigger conditions, such as external loss events, and resolve claims in favor of impacted users. In such cases, portions of the tokens in the pool may be transferred to a reinsurance smart contract, and a reinsurance payment may be received for losses over a threshold. The outstanding claims from the conflicting claims would then receive a proportional amount of the pool after accounting for the reinsurance payment.

Overall, this patent presents a method for handling conflicting claims to tokens in a distributed ledger, providing a mechanism for resolving these claims based on predetermined rules. The method also includes features such as deposit insurance and reinsurance to mitigate potential losses.

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.