Key blockchain techs of Korea set to tap into global markets
South Korean company Bloom Technology announced on Dec. 23 that it had applied for U.S. patents for two advanced blockchain solutions.
One is the verifiable pruning technology designed to dramatically reduce the size of the ledger while the other is the DAG-based BFT consensus algorithm for securely achieving fast speed and unlimited scalability.
Bloom Technology, which used the technologies to build its own Locus Chain, gained patents for the two in South Korea this February and June, respectively.
On top of the U.S., the outfit said it had also applied for patents in seven other countries, including the EU, China, Russia, Australia, Canada, Japan, and the U.K.
The Korean company expected that it would be able to receive the U.S. patents in late 2022, at the earliest.
“Previous public blockchain platforms were not suitable for processing many transactions instantly. By comparison, we strive to build a platform which can be used in real-life situations,” Bloom Technology CEO Lee Sang-yoon said.
“In case we garner the global patents, including the U.S. ones, that would mean that our competitive edge is recognized across the world.”
Digital Finance Research Institute chief Moon Young-bae, a blockchain commentator in Seoul, said that many new technologies are necessary to commercialize blockchain in a full-fledged manner.
“The Wright Brothers built the first successful airplane. But the world needed propellers and jet engines to commercialize planes in full swing,” Moon said in a telephone interview.
“Along the same line, blockchain needs new technologies for the ledger structure and verification know-how. Hence, Bloom’s application of patents for its verifiable pruning technology and advanced consensus algorithm draws attention.”
Bloom Technology has joined hands with Echo&Smart to build a smart city south of Seoul by 2024. U.S. tech giant NVIDIA is also expected to join the project.
Under the partnership, Bloom Technology is set to help found a blockchain system so that residents and commuters in the new city will save and control their data safely and securely.