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D+H Files for Multiple Patents on Private Blockchain Tech
Canada-based fintech vendor D+H Corporation has filed several patent applications relating to the creation and use of private distributed ledgers.
By Stan Higgins
Updated Sep 13, 2021, 6:50 a.m. Published Aug 18, 2017, 11:15 a.m.
Canada-based fintech vendor D+H Corporation has filed three patent applications relating to the creation and use of private distributed ledgers.
The U.S. Patent and Trademark Office published the trio of applications yesterday, public records show, all of which share the same title: "Peer-to-Peer Financial Transactions Using A Private Distributed Ledger." The applications were submitted on February 10.
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The applications themselves focus on the ways in which a private distributed ledger can be built and managed. Unlike public blockchains like bitcoin, in which any user can launch a node or compete to add their own transaction blocks, private networks restrict users to a list of permissioned parties.
As explained in the abstract of one of the applications:
"Methods and systems for performing peer-to-peer financial transactions using a private distributed ledger are described. One example method includes allocating an initial currency value to a genesis address, the initial currency value representing a maximum value of currency to be managed in the blockchain network; identifying a new member to add to the blockchain network; generating an address for the new member; and transferring an amount from the genesis address the address for the new member, the transferred amount equaling an amount to be managed by the new member in the blockchain network."
The blockchain-related filings are the first for the Canada-based D+H, which, as reported last year by CoinDesk, has moved to integrate blockchain into its suite of payment services.
The firm has also worked with financial institutions like Rabobank on developing blockchain applications. In the Rabobank project, D+H helped create a cross-border transaction tool that utilizes the technology.
Wires image via Shutterstock
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