China develops a blockchain intellectual property

Major Chinese universities are seeking means to patent the blockchain solutions
28 February 2018   3777

China State Intellectual Property Office published data that clearly indicates the will of Chinese government-funded academic institutions to solidify its grip on blockchain technology. The list includes Zhejiang University, Shenzhen University and Chinese Academy of Sciences. Recently, the government of China is doing its best to establish a market for fintech companies, as the number of ordinary companies also trying to patent their patent-related inventions.

To be more specific. Zhejiang University designed a system for cross-border payment operations and it proposes using a blockchain ledger on cloud servers for handling and confirming the transactions instead of traditional third party acting as a trustee. Chinese Academy of Sciences is building a blockchain solution that aims to unite private, public and consortium types of blockchain into one package. As for Shenzhen University, its project is more specific: a system for tagging and tracing artists' works, and on top of that a tamper-proof artwork trading system upon successful launch.

Last week Bank of China reported to have submitted a patent application on using a data compression in the process of block creation in a ledger thus addressing the issue of scaling the latter.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   99

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.