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Author Topic: Bank of China Moves to Patent Blockchain Scaling Solution  (Read 80 times)
status101
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February 24, 2018, 12:03:28 PM
Last edit: March 03, 2018, 07:54:38 AM by status101
Merited by singlebit (5)
 #1

"The application details 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."

Did you know why china needs this thing for the system run the packed data through function with hash value.
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February 24, 2018, 12:11:38 PM
 #2

"The application details 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."

https://www.coindesk.com/bank-of-china-thinks-it-has-a-solution-to-the-blockchain-scaling-issue/

Did you know why china needs this thing for the system run the packed data through function with hash value.

Maybe they are intending to set up their own cryptocurrency?

 
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February 24, 2018, 01:21:18 PM
 #3

"The application details 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."

https://www.coindesk.com/bank-of-china-thinks-it-has-a-solution-to-the-blockchain-scaling-issue/

Did you know why china needs this thing for the system run the packed data through function with hash value.

First, as I can't stop myself from saying this....
Quote
Bank of China Moves to Patent
Something from China patenting something is just .... Cheesy
The masters of copy paste are doing patents now.

Quote
The application details 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 instance, as the patent application describes, once 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. The system will then run the packed data through a hash function with a hash value.

There is nothing that innovative on this.
It's a basic and rather crude method of pruning by removing the header.

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February 24, 2018, 01:28:23 PM
Merited by singlebit (2)
 #4

So from the way I see it, the blocks of data are then packed into another set of blocks before being chained altogether, which I think would just add another layer of security but not solve scalability long-term as the process, on paper seem to just add more weight to a block rather than lessen it. Though I understand that they'd compress the initial block, still the end result would be a bigger block before being attached to a chain. Also, if the need to search these blocks for a single information arises, the block needs to be unzipped (lol) for the raw data to be processed—completely unaware of how things would work in such a blockchain but that is all I could think of right now.

The main applications for this type of blockchain-run system could be for a new fancy, government-owned crypto, or for sorting things etc—possibilities are huge for this type of blockchain. It would be cool if they have a working testnet to see the viability of such a blockchain. Nevertheless, it's great that several ideas on improving the blockchain tech are springing right now.

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February 24, 2018, 01:42:34 PM
Merited by singlebit (2)
 #5

There are limits to what can be achieved with compression of what is effectively random data, such as hashes.  It's a bit like the misguided search for a perpetual motion machine.  After a while, those pesky realities of physics and math come into play and you're not going to get any more efficient than the practical limits allow.  Some would see cause for concern in a bank that doesn't understand math, but such is the way of the world, in which ignorant people patent dumb ideas because they think it will make them wealthy.  All the compressing and decompressing will just create greater overhead in terms of CPU and memory usage, while the savings in terms of filesize will be either minimal or non-existent after you've added all the "labels".  If it were as simple as adding compression to the mix, obviously we would have done it by now. 

Nothing to see here, unless you wanted a good laugh.


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March 03, 2018, 07:24:57 AM
 #6

Maybe china move and they planned to make their own system or program to synchronize even though many block both or only one
could control more random data to enhance like neo to beyond byzantine faulth tolerance that gaves resistance of a faulth-tolerant data or system exist on mechanism for new development planned by bank of china and move to letting new block store transactions more reasons on china but still silently,But now no one updating on this for the latest on what they did.
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