IBM Receives Six Blockchain Related Patents In One Week
IBM is one of the big tech companies which is involved in more than 400 blockchain related projects.
Notably, the company has received six blockchain-related patents from the United States Patent and Trademark Office (USPTO) in a span of one week. Of the six, two were awarded yesterday, while the rest were awarded last week.
A short explanation of each of the patent is given below:
Patent 1: 20180198630
System, method, and computer program product for privacy-preserving transaction validation mechanisms for smart contracts that are included in a ledger
Description: The patent was awarded on July 12, while the application was filed on March 5, 2018. It is a patent related to blockchain transactions. The patent describes a system that will have the ability to perform multiple forms of transactions, handle confidential transactions, validate them, control access to transactions, facilitate audit, and ensures accountability of all the validating parties involved.
Patent 2: 20180198624
Private blockchain transaction management and termination
Description: This is the second blockchain-related patent awarded yesterday. The application was filed on January 12, 2017. The patent describes a private blockchain system that is more efficient than a public and global blockchain. IBM has criticized that public and global blockchain is slow, expensive, and lengthy.
Patent 3: 20180189333
Limiting blockchain size to optimize performance
Description: IBM received the patent for this system last week. It was one of the four four blockchain-related patents awarded. The patented system describes a method to boost the DLT’s performance. The patent points out that most of the traditional blockchain systems consume a large memory size as all data pertaining to a transaction is recorded. The complexity increases while dealing with Internet of Things (IoT) network, which is made up of a variety of machines that interact together. IBM’s solution is to trim the size of the entire blockchain by squeezing the blocks and speeding up processes.
Patent 4: 20180189528
Tracking assets with a blockchain
Description: The application for the patent titled “Tracking assets with a blockchain” was filed on January 5, 2017. The system explains the use of the distributed ledger technology for different types of assets, instead of financial transactions. The patent explains the system as follows:
the blockchain may be used to establish ownership, provenance, a historical record of status, state, location changes, etc. In operation, tracked assets may include a serial number used to uniquely identify each specific item and that serial number may naturally be a key identifier used in the ledger.
Patent 5: 20180189732
Blockchain for program code credit and programmer contribution in a collective
Description: The application for this patent was filed by IBM on January 5, 2017. The patent describes a method to leverage blockchain to assist programmers who work as a team gets equal treatment and compensation based on a perfect assessment of their contribution. Presently, programmers who join hands with other parties to code a sophisticated software product face difficulty in determining their level of involvement in both public and private space. The patented system proposes a blockchain-based system that could assist in tracking the volume of work and individual contribution with great accuracy. This will enable determining the reward and solve dispute resolutions.
Patent 6: 20180189449
Tracking items used for providing medical services
Description: IBM filed an application for patent on January 4, 2017. The patent, awarded last week, explains a blockchain system for tracking objects used by doctors in surgical operation and other medical procedures. From the point of patient safety, the proper management of medical items is crucial. That is why such a system would enhance the medical service.