The world’s largest financial services company is looking into creating more secure computer systems.
In a patent application released by the U.S. Patent and Trademark Office last Thursday, UBS explains how it might use a distributed ledger to validate transactions by creating a permanent record of every action committed on the chain.
The key advantages a distributed ledger has over traditional technologies is its decentralization and immutability, according to the application.
The document emphasizes:
The application noted the use of smart contracts to automatically register that a record is added to the chain. Once the record is added, the user will automatically receive a notification sent by the same contract.
UBS indicated it could either put the smart contract on the same blockchain that stores the data being added or develop two separate blockchains: one to store the data, and one to hold the smart contract monitoring data additions.
The company has long been interested in blockchain applications, with UBS chief executive Sergio Ermotti saying he believes blockchain technology "play a big role in changing and reshaping our industry" this past October.
UBS image via Denis Linine / Shutterstock
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