Business
New blockchain patent filing and VP of Engineering
New blockchain patent filing and VP of Engineering.
About this update from Cirata Plc
[{"type":"text","content":"\n \nRNS Number : 6463V WANdisco Plc 25 July 2018 \n\n25 July 2018\n \nWANdisco plc\n(\"WANdisco\" or the \"Company\")\nWANdisco announces filing of new blockchain patent and VP of Engineering\n \nWANdisco's patent filing gives a glimpse of blockchain's commercial future\n \nSan Ramon, California - WANdisco (LSE: WAND), the LiveData company, announces a new patent filing. The filing protects the use of the WANdisco's Distributed Coordination Engine™ (DConE) - a patented Paxos-based consensus technology - to resolve issues associated with public blockchain technology.1\n \nPublic blockchains have a number of significant limitations, which include resource intensiveness required to maintain their integrity. In order for permissioned blockchains to be commercially viable these restraints need to be overcome. Through the use of DConE, WANdisco's pending blockchain patent enables effective permissioned blockchain transactions with an underlying algorithmic mechanism. This mechanism enables throughput to be achieved that is orders of magnitude higher than public blockchains. \n \nAn algorithmic mechanism is designed for scalability and does not have a single point of failure, which is crucial for essential business applications. It is also extremely secure because algorithmic consensus is very difficult to manipulate. As a result, building and maintaining blockchain-based business applications will be simpler and far more scalable than existing technologies. \n \nDConE's blockchain application opens up the potential of blockchain technology to a broad set of commercial applications including but not limited to supply chain, banking, healthcare, retail, pharmaceutical, insurance, and government. \n \nThe Company believes academic interest in this patent will be around the importance of algorithmically-based consensus, which enables a decentralized network to arrive at an agreement about the state of the blockchain. For additional information, an academic paper on blockchains can be found here.\n \nToday's announcement follows the appointment of Dr. Ramki Thurimella Ph.D as VP of Research in January 2018. Dr. Thurimella was tasked with exploring new applications for WANdisco's unique replication technology and their transformation into successful products. Additionally, WANd...