Bank of China is the oldest Bank of China, which should not be confused with the people’s Bank — Central Bank of the country, has applied to the State intellectual property office of China (SIPO) for a patent.
According to local news sources, the technology that plans to patent the Bank is addressing the challenges of scalability, blockchain systems.
The patent application was filed on 28 September 2017, but the Agency issued the news that only 23 of February 2018. The author of the solution is specified Zhao Susan.
The patent also describes method of data compression of the blockchain, which is aimed at addressing memory space in the new units without compromising tracking and immutability information.
What exactly is the decision according to Bank of China: the volume of data stored in the new blocks will be reduced in the following way — when a full node receives a request for compression, it compresses transaction data from multiple blocks into a single “data block”, which is then temporarily stored in another data store.
Those data will then be passed through a hash function with a certain hash value, and transaction compression will display the relationship between the compressed block, the data block and event compression. The relevant connections between these three shortcuts will also be recorded in the blockchain.
Given the fact that China has chosen a policy of strict regulation, forbidding to invest in the ICO and trading crypto-currencies in the country, Finance Minister of South Korea considers it necessary to establish with China the cooperation in the field of Blockchain.
Earlier this week, the Chinese computer company Lenovo has also filed a patent, but not in the State intellectual property office of China (SIPO), and the Office of patents and trademarks USA (USPTO). A new patent application Lenovo is also associated with bloccano suggests that the Chinese tech giant might use the technology for the validation of physical documents.