Bank of China Vs. the Blockchain

Bank of China doesn’t pay attention to crypto-ban from the government. The bank is interested in the advantages which new technologies can offer, so, nothing can stop it. The central bank of the country applied for a patent with the Chinese State Intellectual Property Office (SIPO) for registering a solution based on the blockchain technology.
The bank sent its application in September 2017, but just now, in the end of February, the Office released news about this patent. The technology is about compressing data of the blockchain in order to solve the storage issues in new blocks. With this technology, the volume of data that are stored in new blocks, will be compressed in the following way. The data that are stored in old blocks will be used and compressed in a new block. The compression transaction will be keeping all data about all blocks plus the compression data, and then will be stored in the blockchain.
China has been one of the strictest countries to cryptocurrency and ICOs, but regarding the blockchain, it has many things to offer.

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