Blockchain consortium R3 applies for patent on distributed ledger technology

R3CEV, the blockchain alliance, wants to apply for a patent for its software product "Concord". Transactions on this platform are different from those on the Bitcoin and Ethereum public chains. Only approved participants can access and view transaction information on it. The privacy of private chains has been criticized before. I believe that R3's patent application will be supported by those who want to protect the privacy of information on the blockchain and attract support from developers in the financial field, so that more applications can be built using its technology.

Translation: Nicole

New York startup R3CEV is reportedly attempting to patent a blockchain-powered financial platform.

Earlier this week, a patent was filed for a software product called "Concord," and the startup is said to be looking to launch a platform in 2017, with the first tests to begin later this year, The Wall Street Journal reported.

R3 did not respond to a request for comment by press time, and the patent could not be found in a search of the U.S. Patent and Trademark Office.

Transactions on Concord are not like public chains like Bitcoin and Ethereum. Participants using the platform can only view transactions on it if they are approved. This setting is due to the fact that confidentiality in the private blockchain field has been criticized in the past.

Additionally, the platform is said to lack a digital currency or digital asset.

Todd McDonald

In an interview with The Wall Street Journal, R3 co-founder and COO Todd McDonald described it as a “complete reinvention of the backend.” R3 reportedly hopes the platform will attract developers from the financial sector who can build applications with its technology.