Dnata and IBM created new scheme of transportation

The new proposition for cargo service delivery will use blockchain technology
24 November 2017   424

This solution has added improve visibility and transparency for all stakeholders and eliminating redundant data. The processes can be more streamlined and simplified. As a result, this decision will increase the efficiency of transportation and save money for the company's customers.

For example, traditional cargo transportation requires a lot of paper documents and participation in the process of several inspectors who will monitor it, sign documents, etc. Moreover, these documents must be signed by several parties. Even the electronic system of cargo transportation requires a long administrative process. But blockchain technology can simplify this process by digitizing the supply chain. At the same time, neither party can change, edit or delete any of the blocks without the consent of other users.

This technology is a very secure way to share information between parties. It creates a permanent, digital public transactions ledger which can be shared with a computers distributed network. The sharing possibilities of this technology create a lot of opportunities for logistics. For example better tracking of orders, reducing errors, improvement of transparency and better fraud detection.

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   102

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.