Quant, a prominent distributed ledger technology (DLT) service provider, has recently achieved a significant milestone by securing a new patent from the United States Patent and Trademark Office. The patent, titled ‘Blockchain Communications and Ordering,’ acknowledges Quant’s inventive approach to chronologically ordering transactions across different blockchains.
Innovative Transaction Ordering Method
The patent underscores Quant’s dedication to simplifying and future-proofing distributed ledger technology. It recognizes Quant’s breakthrough method for chronologically ordering transactions, addressing the challenge posed by the varying ‘block times’ across different blockchains. Prior to Quant’s research and development efforts, the disjointed and inconsistent process of finding a definitive transaction ordering method hindered the integration of multi-blockchain projects into existing systems.
Overcoming Challenges in Multi-Blockchain Integration
Quant’s patent, identified as US patent 11842335, signifies the introduction of a method to establish a universal time zone for all blockchains. This innovative approach aims to facilitate enterprises and smaller businesses in generating reliable, consensus-based records, overcoming the hurdles associated with different block times.
Strategic Importance of Patents
Helen Kemmitt, Quant’s general counsel, emphasizes the strategic importance of patents in the blockchain space. She views patents as crucial for protecting the outcomes of research and development, acting as a catalyst for continuous innovation. In Quant’s perspective, patents play a pivotal role in solidifying their market position as a trailblazer in blockchain for finance.
Quant’s History of Collaboration and Innovation
Quant has a commendable track record of supporting major institutions in the digitization of financial markets. Notably, the company collaborated with the Bank of England and the Bank of International Settlements on Project Rosalind, exploring the application of APIs in digital currency systems. Additionally, Quant is actively working on making blockchain more accessible to businesses of all sizes through its low-code platform, Overledger. Various elements of Overledger’s technology are currently pending patent approval in different jurisdictions.
Catalyzing Ongoing Innovation
This recent patent achievement adds to Quant’s portfolio of intellectual property, further reinforcing its position as a leader in the evolving landscape of distributed ledger technology. The company’s commitment to ongoing innovation, protection of intellectual assets, and simplifying blockchain processes highlights its strategic foresight and dedication to advancing the broader adoption of blockchain technology across diverse industries.