US patent awarded to Quant recognises blockchain potential

credit: Shutterstock
credit: Shutterstock

Quant has secured a new patent from the US Patent and Trademark Office, recognising the company has “invented a unique method for chronologically ordering transactions from different blockchains”. 

The patent, titled ‘Blockchain Communications and Ordering’, adds to Quant’s recent patent it obtained from the Japanese Patent Office last year. 

Both patents represent another significant milestone in Quant’s ongoing mission to make distributed ledger technology simple, trusted and future-proof.

Prior to Quant’s research and development, different ‘block times’ (the average time taken to generate a new block) across blockchains meant that finding a definitive transaction ordering method over multiple blockchains, that a consortium could agree on, was a disjointed and inconsistent process. 

This hindered firms from integrating multi-blockchain-based projects into existing systems or using more than one type of blockchain in their operations.

The grant of US patent 11842335 recognises that Quant has introduced a method to agree on a universal time zone for all blockchains so that enterprises and smaller businesses can produce reliable, consensus-based records.

Helen Kemmitt, Quant’s General Counsel, commented: “As blockchain adoption grows, patents are vital in protecting the fruits of research and development, and act as a catalyst for ongoing innovation. 

“At Quant, we view patents as a key way of solidifying our market position as a pioneer in blockchain for finance.”

Quant has supported large institutions in the digitisation of financial markets, including collaborating with the Bank of England and Bank of International Settlements on Project Rosalind to explore how APIs could be used for Central Bank Digital Currencies. 

Gilbert Verdian, Founder and CEO at Quant, commented on his firm’s involvement on Project Rosalind, stating: “Our expertise drove the project and we helped to shape the boundaries of what’s possible for a CBDC. We’re incredibly proud to have been recognised as a valuable partner in the CBDC space.”