Enterprise software program vendor R3 has received a patent for a blockchain-based file system designed to make company information-sharing extra e
Enterprise software program vendor R3 has received a patent for a blockchain-based file system designed to make company information-sharing extra environment friendly.
Awarded Tuesday by the U.S. Patent and Trademark Workplace, the patent describes a “system and methodology for managing transactions in dynamic digital paperwork” that would supply corporations with a shared distributed ledger to produce related events with the identical immutable information file.
The award comes simply over every week after R3 acquired one other patent, that one for a brand new decentralized funds system that does not have to make use of a blockchain. Awarded Dec. 31, R3 claims its protocol might facilitate extra advanced funds that require events to substantiate identities or meet sure authorized necessities.
It is not clear whether or not the brand new file sharing system could be an unbiased protocol, or built-in with R3’s present Corda blockchain. In December, the corporate completed a trial, the biggest of its form, that examined Corda’s commerce finance functions along with greater than 70 corporations from all all over the world.
Sometimes, corporations hold their very own information of agreements and positions struck with different entities. Whereas this duplication offers them with a safe retailer of information, R3 claims in its patent submitting that the present system can create slight disparities that trigger miscommunications, unfulfilled guarantees and authorized disputes.
R3’s patented system, which is constructed on a non-public blockchain, might replicate “each transaction to make sure all events with entry to the ledger, however not essentially concerned in anyone transaction, have present and immutable info”. Based on the patent, which was initially filed in August 2016, that would deal with among the inefficiencies and operational dangers related to legacy file methods.
The patent additionally particulars how the brand new system may very well be used to share a ratified settlement, made accessible to each signatories, that may mechanically replace information with amendments or embrace new information for acceptable events. It may be used to file related workflow with out a third social gathering who’s trusted to make sure all events obtain the very same info on the proper time, R3 says.
The submitting lists R3 technologists Richard Gendal Brown, Mike Hearn and James Carlyle because the system’s inventors.
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