Bank of China, one of the country’s four largest public commercial banks, has applied for a patent where it can better scale Blockchain systems.
Bank of China submitted its Blockchain patent last year
February 23′ The application was originally submitted on September 28, 2017 and was discovered by Zhao Shuxiang, according to a document released by China’s State Intellectual Property Office (SIPO) in ta.
The application allows a new block to record transactions from a previous transaction. instead of allowing it, it puts transactions of multiple blocks into what it calls a “data block”. A data compression system is used for this.
When the system receives a request to compress transactions from block 1 to 1,000, it creates a new data block. And it causes them to be temporarily hosted on a different storage system.
The system then runs the packed data with a hash.
Also provides improvements in the amount of data
Also, the compression system identifies tags to identify blocks in the Blockchain, newly created data blocks, and compression event. The relationship between the three tags is also recorded with the Blockchain.
Using this method, the patent ensures that data from all previous transactions is still tamper-proof and traceable. It is also claimed that there is a reduction in the amount of data in new blocks as transactions are mounted within a blockchain.
Note that the patent is currently under review.
Coindesk