А digital revolution is around the corner

Digital Revolution is around the corner
23 June 2017   1503

The two worldwide famous enterprises, namely an Estonian legal startup Agrello and Blockchain Development Corp ViewFin have recently declared their partnership on Digital Identity Implementation, that can be surely related to “smart agreements”.

The most strategically important reasons of their software success are following:

  • no coding or legal skills required
  • easy to set up
  • automated engine
  • legally binding agreements

During the “Blockchain and Finance Conference” (BFC2017)  Allegro announced that they were going to use an unique technology and graphical interface to develop a shared digital identity engine.

Among  key reasons for their choice to develop on Ethereum, Hando Rand, Agrello CEO listed several such as

-the maturity of the Ethereum ecosystem

-the continuous efforts by the Ethereum Foundation to overcome regulatory hurdles

According to the announcement on their unexpected clever agreement, Agrello will release an Ethereum-based token in its upcoming ICO but they are also going  to remain compatible with other blockchain environments, namely Metaverse, Antshares, Lisk, Qtum, RSK, Ethereum Classic and NEM at last but not least.

Thus, the optimised system for the Ethereum ecosystem by Allegro will definitely be a success.

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   95

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.