A South Korean government-funded organization has submitted a blockchain-related patent application to the U.S. Patent and Trademark Office (USPTO), public documents show.
The application, which was submitted by the Electronics and Telecommunications Research Institute (ETRI) on January 10 of this year, details a blockchain-powered system for managing data that belongs to public organizations.
More specifically, the system, fueled by a number of servers, would record the financial transaction history of a public organization on a blockchain. To boost the system's reliability, a third-party server is also introduced to the structure as it does "a mathematical operation."
At the heart of the concept is an effort to boost transparency around information tied to public organizations.
As the application explains:
"An income history or an expenditures history of the public organizations that enforce the national budget and non-profit organizations that raise donations needs to be transparently managed. However, even though there are many possibilities that the server may be attacked or manipulated/tampered internally, it is difficult for ordinary citizens or donors to know the income history and the expenditures history of public organizations."
Alongside the U.S. patent, ETRI submitted a similar application to the Korean Intellectual Property Office in January 2017.
The application is a notable example of a government-funded organization moving to obtain patent rights around an application of blockchain.
ETRI, according to its official site, was founded in 1976 and is one of the most elite research organizations in the field of telecommunication in South Korea. It's also an active patent-seeker, its published data shows, with more than 10,000 patent applications submitted thus far.
South Korea flag image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.