According to recent reports, a new patent filed by the State Intellectual Property Office revealed that the Bank of China has submitted an application related to blockchain expansion. This is not the first time the bank has shown interest in blockchain technology. In this patent, the challenge of data growth in blockchain transaction systems and the need for scalability are highlighted as key issues.
As cryptocurrencies like Bitcoin face increasing scrutiny, the underlying blockchain technology has gained more attention. More and more companies, including major financial institutions, are exploring its potential. The Bank of China, one of China’s four largest state-owned commercial banks, is among those actively engaging with blockchain innovation.
On February 24, documents released by the State Intellectual Property Office (SIPO) indicated that the Bank of China first filed a patent on blockchain expansion on September 28, 2017. This marks a significant step in the bank's ongoing efforts to explore and implement blockchain solutions.
The patent details a method for compressing blockchain data. It involves receiving a compressed transaction request from a client, compressing the relevant block into a data block, and transferring it to a storage system. A hash value is then calculated, and a compressed transaction is generated along with a mapping between identifiers. These elements are published onto the blockchain, enabling efficient storage without compromising traceability or security.
In traditional blockchain systems, each block has a size limit. For example, Bitcoin blocks are capped at 1MB. While this helps maintain network stability, it also leads to congestion when transaction volumes increase.
With more transactions, smaller block sizes can cause delays and inefficiencies. This makes blockchain scalability a critical issue. Expanding the capacity of blockchain networks is essential to support growing demand and ensure smooth operations.
Interestingly, this is not the first time the Bank of China has explored blockchain. Earlier in 2017, it quietly launched BOCwallet, a blockchain-based e-wallet, and partnered with Tencent to pilot blockchain applications in finance. These initiatives show the bank's long-term commitment to leveraging emerging technologies for innovation and efficiency.
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