RKVST granted patent enabling “Practical scale for blockchain” – News analysis with high performance
SANTA CLARA, California and CAMBRIDGE, UK – June 1, 2023 – RKVST announced that it has been granted a US patent that the company said enables practical scaling for blockchains, putting an end to the unlimited storage requirements that come with ever-growing transaction data, improving scalability, performance, availability and cost.
Blockchain and distributed ledger technologies (DLT) are emerging as a fundamental building block for new digital communication platforms. The ability to securely store, trade and compute data in a shared responsibility system is enormously powerful, extending far beyond cryptocurrency and NFT use cases to include supply chain, environmental, social and governance (ESG) implementation, the Internet of Things ( IoT), regulatory compliance and auditing and many more.
Blockchains record, verify and log a sequence of transactions, and it is a well-known feature that as the number of transactions increases, the more data is created, necessitating an increase in storage capacity. Also, blockchains are immutable, meaning nothing is deleted from the ledger, so storage requirements are constantly growing. This leads to problems with scalability, performance and availability, as well as cost.
The Data Structure Storage Optimization patent, invented by Jon Geater and Mansoor Ahmed-Rengers, enables more flexible storage of the chain data in parts without losing the end-to-end cryptographic verifiability of the chain. This addresses the fear and cost of maintaining ever-growing data.
Jon Geater, co-founder and chief product officer, RKVST, said: “At RKVST, we are working hard to make blockchain practical for real-world business use. The RKVST blockchain-powered platform provides proof-of-origin, proof-of-origin and proof-of-authenticity for all data, which is fundamental to any supply chain. By implementing the technology behind this patent, we can deliver portable data integrity, transparency and trust over the long term without the burden of ever-increasing operating costs.”
Known techniques exist today that aim to reduce the blockchain storage problem by reducing the storage space required for the blocks – crushing empty blocks together or using compression to reduce the storage space requirements of all blocks in general. While these solutions help to some extent, they only delay the inevitable and eventually the same storage problems occur. This innovation will be transformative in terms of the scalability and cost of deploying blockchain, rapidly ushering in the time when blockchain is ubiquitous across enterprise applications.