Published February 24, 2018 | View complete press releases list |
Date: February 24, 2018
Categories: Financial Technology, Innovation, Technology, technology
Keywords: Bank Of China, Blockchain
According to a document published on February 23 by the State Intellectual Property Office of China (SIPO), the application was first introduced on September 28 last year and invented by Zhao Shuxiang.
The application specifies that instead of allowing new block storage transactions from the previous one, a data compressing system could be used to pack transactions from several blocks into what the patent calls a "data block".
In addition, the compression system will give labels for identifying blocks on the blockchain, newly generated data blocks and compression event. The corresponding relationship between the three labels is also recorded on the blockchain.
Using this method, the patent claims to reduce the amount of data stored in new blocks, as transactions are mounted in a blockchainchain, while ensuring that data from all previous transactions will continue to be protected from unauthorized access and tracing.
Although the patent is currently under consideration and is yet to be granted, it is part of the wider efforts of the state commercial bank of the country to promote its business using distributed ledger technology. Bank of China has already joined the Internet giant Tencent in China for a trial blockchain in financial applications.
Re-disseminated by The Asian Banker
According to a document published on February 23 by the State Intellectual Property Office of China (SIPO), the application was first introduced on September 28 last year and invented by Zhao Shuxiang.
The application specifies that instead of allowing new block storage transactions from the previous one, a data compressing system could be used to pack transactions from several blocks into what the patent calls a "data block".
In addition, the compression system will give labels for identifying blocks on the blockchain, newly generated data blocks and compression event. The corresponding relationship between the three labels is also recorded on the blockchain.
Using this method, the patent claims to reduce the amount of data stored in new blocks, as transactions are mounted in a blockchainchain, while ensuring that data from all previous transactions will continue to be protected from unauthorized access and tracing.
Although the patent is currently under consideration and is yet to be granted, it is part of the wider efforts of the state commercial bank of the country to promote its business using distributed ledger technology. Bank of China has already joined the Internet giant Tencent in China for a trial blockchain in financial applications.
Re-disseminated by The Asian Banker
