Bank of China has filed a patent application for technology registration …

Bank of China filed a patent application for blockchain scaling technology

Bank of China – one of the four largest commercial banks in the country – has applied for a patent on technology to scale blockchain systems. About it writes CoinDesk.

The innovation is as follows: instead of storing transactions from the previous block in a new block, the data compression system can be used to pack transactions from several blocks into a structure, which in the patent is called a “data block”.

For example, as stated in document, when the system receives a request to compress transactions of blocks from 1 to 1000, generation of a new block starts, which the will be temporarily stored in another data store. After of this the system passes the packed data through a hash function with a specific hash value.

Besides Togo, compression system assigns titles blocks in the blockchain, newly generated “data blocks” and the compression event itself. The relationship between these three names are also recorded in the blockchain.

According to the patent, this method allows you to reduce volume data stored in new blocks as Togo, how new transactions are embedded in the blockchain, along the way providing traceability and protection from breaking for of all previous transactions.

Patent pending and pending approval, but already it is now clear that is he is an part more extensive Bank of China initiative to improve his business at help of distributed ledger technology.

Bank of China has filed a patent application for technology registration ...

In the past year it became known that the Bank of China, together with the Chinese Internet giant Tencent, is working on a partnership project to use blockchain for financial purposes.