Quant Network, a leading force in distributed ledger technology (DLT), has achieved a significant milestone by acquiring a patent for the chronological ordering of blockchain transactions. This development could greatly enhance the efficiency, security, and transparency of blockchain operations, marking a leap forward in DLT.
The new patent, named ‘Blockchain Communications and Ordering,’ reflects Quant’s innovative method for sequencing transactions across multiple blockchains, demonstrating its dedication to progress in the blockchain tech landscape.
We have secured a new patent, part of our ongoing mission to make distributed ledger technology simple, trusted and future-proof.#TheFoundationOfTheBlockchainEconomyhttps://t.co/2aSTRZ7o3f
— Quant (@quant_network) August 1, 2023
Prior to Quant's pioneering efforts, the varying 'block times' across different blockchains posed a challenge for the consistent ordering of transactions. This issue was a significant hurdle for firms looking to integrate multi-blockchain projects or use multiple types of blockchains.
Quant's newly granted Japanese patent 7273053 provides a solution by establishing a universal time zone across all blockchains. This approach allows enterprises of all sizes to create reliable, consensus-based records, thus improving the incorporation and functionality of blockchain technology across various sectors.
DLT is a type of database spread across multiple locations or institutions, offering a decentralized model of data storage. In this context, blockchain is a specific type of DLT where transactions are recorded with an immutable cryptographic signature, a hash. While often associated with cryptocurrencies, the potential applications of blockchain technology extend far beyond.
Quant Network has been instrumental in DLT-related collaborations with large institutions and remains committed to making blockchain tech more accessible to firms of all sizes. This commitment is evident in Overledger, their low-code, Software-as-a-Service (SaaS) platform designed to simplify the integration and use of blockchain technology.
By ensuring the chronological ordering of transactions, Quant Network's technology could streamline operations across industries that rely on blockchain technology, including finance, supply chain management, healthcare, and more. The enhanced transparency could boost trust in blockchain technology, encouraging wider adoption.
