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:
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.
South Korea flag image via Shutterstock
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