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Bank of China Claims Exclusive Rights To Blockchain Scaling Solution

One of the most prominent commercial banks in the country, the Bank of China, intends to work on a solution to scale blockchain systems. In an effort to make this a possibility, the bank has filed a patent application for this process.
On February 23,China’s State Intellectual Property Office (SIPO) has released a document stating that an application for a patent for the invention of Zhao Shuxiang was submitted by the bank last year on September 28.
The new system would reportedly work in a different way compared to today’s blockchains. For example: Instead of letting a block store the transactions from a previous one, with a specific system that compress the data, the new block could be used in order to pack transactions from multiple  blocks. According to the patent, this is a “data block.” If the system receives a request to compress transactions from different locks (1 to 1,000), it creates a new data block that is temporarily hosted on a different storage system. Once it will be needed, the system will run the packed data using a hash function with a hash value.
In other words, this method will reduce the amount of data stored in new blocks  as transactions mount in a blockchain while simultaneously ensuring that data from previous transactions is not tampered with and cannot be traced. This will reduce costs, increase efficiency, reduce bureaucracy, and register information and track records very efficiently.
The patent is still being reviewed at the moment.

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