Patents: The Cornerstone Of Blockchain

Patents: The Cornerstone Of Blockchain

Blockchain is at its peak, and more and more companies are eager to join the bandwagon. While this may seem an easy task to accomplish, it requires a lot of efforts.

To be a part of the same, one of the many things that is urgently required to be undertaken is filing a patent in Blockchain technology. It is an important step to be done by all the different industries that want to incorporate it.  Patents hold a great importance in the Blockchain Ecosystem. Seeing the kind of technological advancements in Blockchain ecosystem, companies operating in different businesses cannot stay away from it.

As companies from different businesses are trying to engage themselves in the blockchain technology, the number of patents being filed are increasing at a fast pace.

Latest Patents Filed in the Blockchain Technology:

Since we know a multitude of companies are trying to set up their businesses based on Blockchain technology, a rise in the same has been observed. In this article, we have tried to cover just two of the latest patents filed in the Blockchain technology by Walmart and Mitsubishi UFJ Financial Group.

Patent Filed by Walmart for Blockchain-Based Customer Marketplace:

Walmart, the well-known organization has recently filed a patent in the blockchain technology. The patent is filed for a marketplace that will aim at reselling purchased products. The patent was filed on May 17 by the US Patent and Trademark Office USPTO.

As per the patent, it is a service that will record the purchases made by customers on the Blockchain ledger and hence the customer will be able to resell the purchased products using the purchase records already saved on the Blockchain ledger.

blockchain walmart

Walmart came up with the idea of filing such a patent since all of us as customers don’t tend to keep purchased products for a very long time and wish to resell them after a certain time-span. As described in the patent, in this Blockchain technology system reselling of the products will become easy since all the purchased records can be accessed from the Blockchain ledger. This will not only provide ease of use, will also be completely transparent and secure.

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Abstract:

“A registration-based user-interface architecture includes a retail shopping facility operated on behalf of an enterprise having a plurality of physically-discrete items disposed therein that are offered for retail sale. A control circuit maintains a record (for example, in a blockchain ledger) of a particular customer’s purchase of a particular one of these items and also provides an opportunity to that particular customer to resell that particular item via a sales platform operated on behalf of the enterprise. By one approach the control circuit is further configured to interface with the particular customer to register that customer’s purchase of this particular item. That interface may be conducted, for example, via a point-of-sale interface, a browser-based interface, a mobile device app-based interface, and so forth. By one approach this registration must necessarily occur within a predetermined amount of time from when the customer purchases the item.”

Mitsubishi UFJ Financial Group to Switch to Blockchain Payments by 2020:

Mitsubishi UFJ Financial Group(MUFG) is Japan’s biggest bank and is aiming at developing a new Blockchain system that can reduce the cost of payments and increase the speed of transactions. In partnership with a U.S tech company Akamai, MUFG is designing a Blockchain system that will be able to handle 1 million transactions per second at latencies of less than 2 seconds.

Mitsubishi UFJ Financial Group to Switch to Blockchain

Bitcoin, on the contrary, can process only 7 processes per second at a latency time of more than 10 seconds.

The new Blockchain is permissioned and will only allow verified computers to join the network. The entire Blockchain system is called Akamai Intelligent Platform and is built on the Akamai Intelligent Platform.

“We expect to roll forward on the payment network application with Mitsubishi in early 2020,” said Andy Champagne, chief technology officer of Akamai. He also stated that the patent for the same was filed at the end of the year 2017 and will be able to roll out the same by 2020.

The patent outlines a blockchain system that will address all the complexities involved in payments. According to the patent, this new Blockchain system will provide speed and security to the online payments.

Note: No further details on the ecosystem has been released to the public.

Conclusion:

There are many other companies who are working on creating ecosystems on Blockchain technology and then filling a patent on the same. This has boosted sales and resulted in further trust between the public investors and the stock ratings of the company. One thing is for sure, with the help of patents, Blockchain is growing from strength to strength and shall soon disrupt the sectors where it is being implemented.

Pragya Dani is a technical blogger at Systweak. She loves exploring hidden and lesser known features of gadgets and all things tech. Pragya also likes trying out different cuisines and Italian tops her list

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