Share this article
R3 Files Patent Application for Distributed Ledger Tech
New York-based startup R3CEV has reportedly filed for a patent for a blockchain-inspired financial platform.
By Stan Higgins
Updated Sep 11, 2021, 12:27 p.m. Published Aug 24, 2016, 3:26 p.m. 1 min read
New York startup R3CEV is reportedly attempting to patent a blockchain-inspired financial platform.
According to The Wall Street Journal, a patent filing for a software product dubbed "Concord" took place earlier this week. The startup is said to be aiming for a 2017 launch of the platform, with initial testing taking place later this year.
R3 did not respond to requests for comment at press time, nor was the patent accessible in US Patent & Trademark Office searches.
Unlike public blockchains like bitcoin and ethereum, transactions on Concord are said to be shared only with approved parties using the platform, a move that would follow criticisms about confidentiality in the private blockchain space.
Further, the platform is said to lack a cryptocurrency or digital asset.
In an interview with the Journal, R3 co-founder and COO Todd McDonald described it as a "total re-imagining of the back office". According to the report, R3 hopes that the platform will attract developers from the finance world who can build applications on top of its technology.
Patent image via Shutterstock
More For You
Researchers at the privacy-centric blockchain startup say their multi-layer quantum defense will feature a soft fork to freeze and protect dormant BTC.
What to know:
- AmericanFortress has unveiled a patent-pending post-quantum signature scheme that aims to protect existing crypto assets, including dormant wallets, from future quantum attacks without mass fund migrations.
- The proposed protocol would use a backward-compatible soft fork and zero-knowledge proofs to freeze and secure vulnerable pre-BIP32 bitcoin addresses, such as Satoshi-era wallets,...
Top Stories
