Samsung SDS Improves Shipping via Blockchain

Blockchain will allow importers and exporters to make transactions of documents without forgery and tampering threats
21 December 2017   579

Today Samsung SDS announced that a consortium led by the company had successfully concluded a monthslong test on blockchain-powered storage in marine transport, with the expectation that the technology will take the shipping industry to a new level.

It is stated that blockchain technology will allow importers and exporters to make transactions of documents, such as a bill of landing and letter of credit, without forgery and tampering threats.

According to the company, blockchain can also track and store information, such as location, temperature, humidity and external shocks en route.

The consortium, joined by 38 entities from private and public sectors, has tested the blockchain technology since May. Samsung SDS vowed to support the application of the blockchain technology with logistics firms in the consortium, including Hyundai Marine Merchant.

Meanwhile, Samsung SDS is working on the Seoul Metropolitan Government’s project to create an information strategy plan based on blockchain technology.

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.