Bank Of China Has Filed For A Blockchain Scaling Solution Patent
Bank of China (not People's Bank of China), a commercial and state-run bank in China has filed a patent for a Blockchain scaling solution with the Chinese State Intellectual Property (SIPO).
The patent was originally submitted September 28 last year but was only released by SIPO this February 23, 2018.
It contains a system that compresses blockchain data which solves storage space problems in new blocks without compromising on immutability and traceability.
Data in new blocks will be reduced by compressing transaction data from a number of blocks to a single 'data block', which will then be hosted on a separate data storage system temporarily.
A hash function will then run the data with its block hash value and the compression transaction will trace the relationship between the data bock, compressed block and the compression event, which will all be recorded on the blockchain.
South Korea Will Support Normal Transactions Of Cryptocurrencies
Choi Heung-sik, the Director of South Korea's Financial Supervisory Service (FSS), stated in a press conference that instead of strenghtening regulations, normal transactions of crytocurrency will be supported by the government considering virtual currency framework movement worldwide.
Regulators implemented real-name system at exchanges and as a result, anonymous cryptocurrency trading was allowed to use virtual accounts.
Nevertheless, banks have only been issuing new virtual accounts for the conutry's top for exchanges: Upbit, Bithumb, Coinone and Korbit but unwilling to issue for small and midium-sized crypto exchanges.
Choi emphasized that the government will encourage banks to make transactions in connection with the problem of small and medium-sized exchanges
Headlines for the world of Cryptocurrencies - February 23, 2018United Kingdom's Treasury Committee Initiated An 'Inquiry' Into Bitcoin And Blockchain Technology / Ethereum Classic Will Have A Fork Snapshot Next Week |
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Headlines for the world of Cryptocurrencies - February 22, 2018Bitcoin Fees Are Currently At Its Lowest In 18 Months / PayPal Executive John Rainey Is Positive About Bitcoin As A Future Popular Payment Method |
Headlines for the world of Cryptocurrencies - February 21, 2018Arizona Will Soon Accept Bitcoin For Income Tax Payment / Japanese Cryptocurrrency Exchanges Tap Star Power For Advertising Their Services |
