CME Group introduced a technology that simplifies the procedure for changing rules in the blockchain


According to the new patent application CME Group, the company is looking for ways for developers to change the rules of the blockchain without needing to reach a consensus between all of its nodes.

The authors of the application write that this is a key need for the systems that are included in the bonus programs of airlines and other applications where the blockchain is used to store and update information in real time. The application was filed by the company in December 2016, but the US Patent and Trademark Office (USPTO) published it only last Thursday.

As an example of the use of this CME system leads bonus programs of airlines. If the airline will store client data of the bonus program in a public lockbox, the processing of operations must be performed on the spot so that when the rules or another aspect of the bonus program changes, the airline has the opportunity to change the rules of the blockchain itself.

In addition, according to the authors of the patent, public blockchain is difficult to change – this feature is an important part of the cryptocurrency, but inconvenient for private and commercial use.

Further on the text:

“Here is one example of changing the rules – for example, the airline wants to increase the commission for the transfer of bonus miles between the parties. If a company uses an open blockchain-protocol like bitcoin, where anyone can act as a miner or a node, the reward increase should be approved by all users of the blockchain. Therefore, in order for this change to take effect, each software and node must update its software. Otherwise … a fork may happen. “

This is not the first patent application of CME, related to the blockchain. Earlier the company offered to use technology on trading platforms for storage and management of transaction data.

Leave a Comment

Your email address will not be published.

You may also like

Hot News