ETRI – A South-Korean Organization Files For Blockchain Patent

According to documents released to the public, the U.S patent and Trademark office (USPTO), has received a blockchain patent application from a South Korean based organization. The Electronics and Telecommunications Research Institute (ETRI), the Korean body that submitted the application in January 10th early this year, has a well explained blockchain supported system for handling information that is meant for public institutions.

Most importantly, the system, supported by numerous servers, will be able to keep a record of the financial history of every public institution on a blockchain. To enhance the functionality of the entire system, a third party will also be put in the blockchain structure while it does its mathematical calculations.

While each concept is being executed, the goal is to enhance transparency when it comes to information linked to public companies. Together with the United States patent, in January, the ETRI also handed in a related application to the Korean Intellectual Property Office.

This application is a unique example of a government sponsored foundation that’s seeking to acquire rights on the application of blockchain.

ETRI is a south Korean organization that was founded in 1976 according to information on its official website. It is top notch research firm that mainly deals with telecommunication in South Korea. In addition, it is a vibrant patent-seeker according to public information, with over 10,000 patent applications presented so far.

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