Royal Bank of Canada had five patents in blockchain during Q1 2024. The Royal Bank of Canada filed patents in Q1 2024 for methods of generating data on cryptocurrencies and digital reward processing using distributed ledger technology. The first patent describes a method for displaying a benchmark index for cryptocurrencies based on market capitalization values and prices over time, as well as predicting future prices. The second patent focuses on digital reward processing using distributed ledgers stored on multiple node computing devices. GlobalData’s report on Royal Bank of Canada gives a 360-degree view of the company including its patenting strategy. Buy the report here.

Royal Bank of Canada grant share with blockchain as a theme is 20% in Q1 2024. Grant share is based on the ratio of number of grants to total number of patents.

Recent Patents

Application: Methods and systems for generating data on cryptocurrencies (Patent ID: US20240070778A1)

The patent filed by the Royal Bank of Canada describes a method for generating data on cryptocurrencies. The method involves receiving a request to display a benchmark index related to cryptocurrencies, determining market capitalization values and prices of each cryptocurrency over time, generating the benchmark index based on these values, and displaying the index. Additionally, the method includes predicting the future price of cryptocurrencies based on the total value of the cryptocurrencies over a past period of time.

The claims in the patent outline the specific steps involved in generating the benchmark index, including determining market capitalization values, calculating weights for each cryptocurrency, and summing the weights multiplied by the prices over time. The patent also describes methods for determining residual risk based on the relationship between the returns of the benchmark index and global equities index or sentiment index. Furthermore, the patent details a process for predicting future cryptocurrency prices using machine learning models, specifically transformers machine learning models. Overall, the patent presents a comprehensive method for analyzing and predicting cryptocurrency market trends based on historical data and market indicators.

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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.