Blockstream and Digital Garage joined forces

Two blockchain-related companies expand partnership with to accelerate blockchain cryptocurrency deployments in Japan
21 November 2017   247

The Blockstream team announced the expansion of cooperation with DG Lab, within the framework of which it is planned to accelerate the implementation of block-technologies based on the Elements platform in Japan.

One of Japan's largest inter-dealer brokers The Tokyo Tanshi will join the cooperation in this field. The companies are working on several innovative projects, including the issuance and circulation of local currencies with the help of block-technologies and over-the-counter.

We have spent significant time over the past two years researching and experimenting with various cryptocurrency and blockchain technologies. While there are many interesting initiatives underway, we have been the most impressed with the maturity and potential of the Elements Blockchain Platform. We believe working with DG Lab and Blockstream presents many exciting new capabilities for the next 100 years of our company.

Yuichiro Yanagida 

President, The Tokyo Tanshi

Blockstream also received additional investment from the DG Lab Fund, after which the company's total financing exceeded $ 80 million.

In Japan, there is a rapidly growing interest in Bitcoin and blockchain technology. In the future, it will be vital for us to develop financial applications using blockchains and technological platforms that lead innovations in the industry. We believe that Blockstream’s blockchain platform, Elements, with its excellent security and reliability, is the exact technology we need. With our strong partnership with Blockstream, we are excited about accelerating the development of technologies to build a social infrastructure that will allow digital assets as well as bitcoins to circulate safely and efficiently. DG will also help Blockstream enter the Japanese market. We are looking forward to creating synergy in a variety of areas.

Kaoru Hayashi

Representative Director, President Executive Officer and Group CEO, DG

We are looking forward for the results of above mentioned cooperation. 

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   56

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.