Bank of China apply for Blockchain expansion patent

According to the document released by China’s State Intellectual Property Office (SIPO) on February 23, Bank of China first filed a patent application on September 28, 2017. The invention is entitled “A method and system for compressing blockchain data”. The purpose of the invention is to solve the problem of storage space shortage caused by the continuous growth of data in the blockchain transaction system and provide a method for compressing blockchain data.

Although the patent is currently under review and has not yet been approved, it is part of a wider effort by state-owned commercial banks to move their businesses forward using distributed ledger technology. Previously, Bank of China had already piloted the financial application blockchain in cooperation with the Chinese Internet giant.

Bank of China Patent Application by CoinDesk on Scribd

In fact, this is a method and system for compressing blockchain data, which is characterized in that a corresponding block is compressed into a data block according to a compression transaction request, and the data block is dumped into a data storage system; a data block is calculated according to the data block Greek value, according to the hash value of the data block to generate the compression transaction, the establishment of the compressed block representation, the data block identification and compression transaction identification mapping, buck transaction and mapping to the block chain trading system.

Source: coindesk