Blockchain Scaling Issues: Bank Of China Thinks It Has A Solution

Blockchain Scaling Issues: Bank Of China Thinks It Has A Solution

Blockchain
February 23, 2018 by Bitzamp
306
Blockchain Scaling Issues: Bank Of China Thinks It Has A Solution According to the document published on February 23 by China’s State Intellectual Property Office (SIPO), the Bank of China filed a patent application for a process that is better suited to blockchain systems. The application was presented on September 28th and invented by Zhao Shuxiang.
Bitzamp

Blockchain Scaling Issues: Bank Of China Thinks It Has A Solution
According to the document published on February 23 by China’s State Intellectual Property Office (SIPO), the Bank of China filed a patent application for a process that is better suited to blockchain systems. The application was presented on September 28th and invented by Zhao Shuxiang.

The application of a data compression system that can be used to execute transactions of multiple blocks in a patent calls a “data block”.
For example, the system has a request to compress transactions from block 1 to 1,000, which results in the formation of a new block of data. The system will run the data via a hash function with a hash value.

Using this method, the patent claims a reduction in the amount of data stored in new blocks of transactions in a blockchain, while ensuring that the data of all transactions is always tamper-proof and traceable.


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