We have secured a new patent, part of our ongoing mission to make distributed ledger technology simple, trusted and future-proof.
The patent, titled ‘Blockchain Communications and Ordering’, recognises that Quant has invented a unique method for chronologically ordering transactions from different blockchains.
Prior to our research and development, different ‘block times’ (the average time taken to generate a new block) across blockchains meant that finding a definitive transaction ordering method over multiple blockchains – one that a consortium could agree on – was a disjointed and inconsistent process. This hindered firms from integrating multi blockchain-based projects into existing systems or using more than one type of blockchain in their operations. The grant of Japanese patent 7273053 recognises that Quant has introduced a method to agree on a universal time zone for all blockchains, so that enterprises and smaller businesses can produce reliable, consensus-based records.
Although we work with large institutions – most recently with the Bank of England on a project examining central bank digital currencies – we also aim to make blockchain more accessible to firms of all sizes via our low-code, SaaS platform, Overledger. Other elements of Overledger’s technology are also patent pending in various jurisdictions.
Helen Kemmitt, our general counsel, comments: “Patents underpin many of the world’s most important inventions. ‘Innovation’ is a word that’s overused in the finance and technology sectors – but a patent is an entirely objective seal that a firm is indeed a true innovator, which is why we’re unashamedly excited about this.”
Overledger platform allows customers to issue digital money as well as interoperable assets with just a few clicks, move them from one blockchain network to another, write new apps that will run on any network, create secure smart contracts that will execute on any blockchain, and use simple APIs to integrate with their existing systems.
