Bank of China presents patent for new Blockchain scalability solution

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The Bank of China (a commercial bank not to be confused with the People's Bank of China, the country's central bank) filed a patent with the Intellectual Property Office of the State of China (SIPO) to find a solution to scale technology systems Blockchain.

The bank originally applied for the patent on September 28, 2017, indicating Zhao Shuxiang as the inventor of the patent, but SIPO only released the patent news yesterday, February 23.

The patent contains a method to compress Blockchain data that seeks to solve the problem of storage space in new blocks without compromising traceability and immutability.

As defined in the patent, the amount of data stored in new blocks would be reduced as follows: when a full-size node receives a compression request from a client, it compresses the transaction data of multiple blocks into a single "block" of data "that would then be temporarily housed in a different data storage system.

This information would be executed through a hash function with the hash value of the data block, and the compression transaction would map the relationship between the compressed block, the data block and the compression event, which would all be recorded in the Blockchain.

While China has been one of the most difficult countries worldwide in terms of cryptocurrency regulation having banned the Initial Currency Offer (ICO) and foreign operations in the country, the South Korean Finance Minister spoke earlier this month of the need to cooperate with China in the Blockchain sphere during a meeting with the governor of the People's Bank of China, which indicates that the huge Asian country has a broad and recognized work in the area.

A few days ago, the Chinese multinational computer company Lenovo also filed a patent based on Blockchain to verify the integrity of the physical files, but with the United States Patent and Trademark Office (USPTO), instead of the SIPO China.

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Source:cointelegraph