Quant Network Secures Patent for Blockchain Communications and Ordering Method

Yesterday, Quant Network announced that they have been granted a new patent entitled ‘Blockchain Communications and Ordering’.

The newly secured patent acknowledges Quant’s method for chronologically ordering transactions from different blockchains. Prior to their research and development efforts, the varying ‘block times’ across blockchains posed a challenge in finding a unified transaction ordering method that consortia could agree on. This lack of consensus hindered the seamless integration of multi-blockchain-based projects into existing systems and limited businesses from utilizing more than one type of blockchain in their operations.

However, with the grant of the Japanese patent 7273053, Quant has secured the intellectual property to an innovative approach to establish a universal time zone for all blockchains. This breakthrough enables enterprises and smaller businesses to produce reliable, consensus-based records, enhancing their operational efficiency.

Quant Network noted in its press release that its commitment to driving innovation extends beyond large institutions. While they have collaborated with entities like the Bank of England on central bank digital currency projects, their overarching vision is to make blockchain technology accessible to firms of all sizes. Their low-code, Software-as-a-Service (SaaS) platform, Overledger, is designed with this goal in mind. Furthermore, other components of Overledger’s cutting-edge technology are currently pending patents in various jurisdictions.

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Helen Kemmitt, General Counsel at Quant Network, expressed her excitement over the patent’s significance, emphasizing that patents are objective evidence of true innovation in the finance and technology sectors. It underscores Quant’s dedication to pushing the boundaries of what is possible in the blockchain space.