Accenture blockchain patent drive continues apace. The technology and consulting major has two recent patent applications to address the blockchain interoperability challenges.
The global technology powerhouse had filed these patent applications in 2018. The United States Patent and Trademark Office (USPTO) has recently published them.
The blockchain technology has significant promise. As a result, there is a lot of excitement around blockchain. At the time of writing, the cryptocurrency market has a market cap of $176.6 billion, as CoinMarketCap reports. A Statista report projects the global market for blockchain technology to reach $2.3 billion in 2021.
The blockchain technology ecosystem has some work to do before the technology can fulfil its potential, though. Transaction throughput, scalability, regulations are just some of the aspects that need focus. Blockchain interoperability is another such area.
Blockchain networks don’t have interoperability by default. Different networks use different technology stack, therefore, you can’t use Bitcoin on the Ethereum network.
In the cryptocurrency space, centralized exchanges have come up as stop-gap arrangements. They let crypto users trade their different digital currencies. However, centralized exchanges are susceptible to cyber attacks.
Blockchain interoperability challenges aren’t confined to cryptocurrencies. Enterprise blockchain networks need interoperability too. They often address these using complex solutions.
An example is Medicalchain. This company is securing “Electronic Medical Records” (EMRs) using blockchain. At the same time, they are transforming EMR systems by giving seamless access to authorized stakeholders.
They are using Hyperledger Fabric, an enterprise blockchain to secure EMRs. Their solution to give seamless access to authorized stakeholders involves Ethereum. Medicalchain then uses additional code to integrate these two blockchain networks.
The new Accenture blockchain patent applications intend to simplify this.
A two-part blockchain interoperability solution
The first patent deals with the cryptologic blockchain interoperability aspect. Nodes in different blockchain networks can share their data concerning cryptographic tokens using a digital signature.
A sender can send a multi-signature certification message to a recipient. The proposed solution provides for the recipient to verify the message and digital signature using the public key.
The second patent proposes to use smart contracts for blockchain interoperability. In this case, the sender of the message can lock the crypto token data on the blockchain. This way, they can ensure data integrity while waiting for the recipient to confirm the transaction.
Accenture is making key strides in protecting their blockchain innovation with the help of patents. As Cointelegraph reports, the technology giant wants to improve logistics processes using blockchain.
Accenture blockchain patent drive isn’t so much unique. Other technology giants are also protecting their blockchain innovations with patents. An example is IBM, with several blockchain patents, e.g.:
- A solution to protect enterprise blockchains from replay attacks;
- Improving network security and database management using blockchain;
- A solution to audit blockchain.
Better interoperability on the cards?
Interoperability of blockchain networks is imperative. Accenture has proposed promising solutions, and we need to watch closely how they address the implementation on the ground.