The blockchain is famous for its transparency and reliability. The modification of its protocols could lead either to a disaster or to a completely new system.
The patent on the invention, a system that would enable modification in the blockchain protocol without the agreement of all consensus participants, was filed in December previous year. The company that did so is called CEM.
CEM demonstrated the problems that can arise with the blockchain if it cannot be easily modified. MCE offers the new method of synchronizing rule changes in the system that is responsible for the transactions in blockchain.
The work principle is following: if the system decides that the transaction data is valid, it generates a new block for the transaction, there, the information about the protocol change is indicated.
The data is transferred to other systems, and all the subsequent blocks will work based on the new rules.
SME Group has already shown its innovative approach to cryptocurrency when the company introduced bitcoin futures. Now, a new technology is on the way. Let`s see though what it is going to bring.