UK Government to Invest $26.6 mln in Blockchain

Organisations can apply for a share of £19 million for innovative projects or £12 million for business-graduate partnerships in either industry sector area
24 January 2018   363

The United Kingdom’s technology development arm, Innovate UK, announced on Monday it has up to £19 million ($26.6 million) to invest in innovative ideas for new products, processes and services in the fields of emerging and enabling technologies and health and life sciences, including blockchain technology.

Participants have to submit their proposal until March 28, 2018, and project must meet the specific competition scope. The projects’ scopes must cost at least £35,000 and last at least for three months, but can go on to three years with a cost of £2 million, according to the announcement. One more part of the eligibility criteria is that businesses should be able to raise up to 70% of their costs on their own.

The agency will also offer a further £12 million ($16.8 million) for businesses trying to recruit graduates to help develop their project.

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   55

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.