SBI Ripple Asia to Use Blockchain for Securities

SBI Ripple Asia is creating a consortium that will study the use of blockchain technology in securities products
30 January 2018   181

SBI Ripple Asia, a joint venture between Japanese investment firm SBI and San Francisco-based DLT payment startup Ripple, announced on Tuesday that it is forming a consortium that will research the use of distributed ledger technology in securities products.

The company said the new consortium will improve efficiency for customers and reduce operational cost through the partnership of 18 securities firms to research and commercialize applications of emerging technologies, particularly blockchain technology.

Companies that will be part of the initiative include SBI Securities, Daiwa Securities and Nomura Securities. SBI Ripple Asia also said that the consortium will form a DLT Advanced Experiment Working Group to further its blockchain research.

We have recently reported that SBI Ripple Asia announced a successful pilot last March with 47 banks that used Ripple's technology for interbank transactions.

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.