Bermuda gathers team for Blockchain study

The government of Bermuda has founded a blockchain task group to promote cryptocurrency commerce in the British overseas territory
24 November 2017   823

Announced during a press conference, the task force has been established to advance Bermuda's regulatory environment for tokens, "tokenised securities," cryptocurrencies and initial coin offerings (ICOs).

There are significant opportunities in the sphere of cryptocurrency, but that window is getting smaller and moving faster than ever before.

 

John Narroway

Chair of the Blockchain Business Development Working Group

The task force constitutes two groups: the Blockchain Legal and Regulatory Working Group, and the Blockchain Business Development Working Group – which will work to assist development of the technology.

The move aims to bring new business to the island, help boost GDP and open up more job opportunities.

Furthermore, the Bermuda Business Development Agency (BDA) has entered into a partnership with the government to expand the initiative.

It is also planned to design a regulatory framework for distributed ledger technologies (DLT) that would launch in early 2018. According to David Burt, Bermuda is considering a complementary regulatory framework covering the promotion and sale of utility tokens, aligned with the DLT framework.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   110

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.