Thursday, 01 June 2023

New patent addresses challenges created by ever-growing blockchain storage requirements

SANTA CLARA, Calif. and CAMBRIDGE, U.K. – 1 June 2023 – RKVST® has been granted a U.S. patent that enables practical scale for blockchains, putting an end to the limitless 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 of new digital communications platforms. The ability to securely store, trade and compute data in a shared responsibility system is enormously powerful, reaching far beyond cryptocurrency and NFT use cases to include supply chain, environmental, social and governance (ESG) implementation, internet of things (IoT), regulatory compliance and audit and many more.

Blockchains record, confirm 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. What’s more, blockchains are immutable, meaning nothing is ever deleted from the ledger, so storage requirements constantly grow. This leads to problems with scalability, performance and availability, as well as cost.

The patent on Data Structure Storage Optimisation, 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 fears and costs of maintaining ever-growing data.

Jon Geater, co-founder and chief product officer, RKVST, said:
“At RKVST we’re working hard to make blockchain practical for real-world, enterprise use. The RKVST blockchain-powered platform provides proof of origin, proof of provenance and proof of authenticity for any data, which is fundamental for any supply chain. In implementing the technology behind this patent, we can deliver portable data integrity, transparency and trust for the long term without the burden of ever-increasing operational overheads.”

Known techniques exist today that aim to mitigate the blockchain storage problem by reducing the storage space required for the blocks – squashing empty blocks together or using compression to reduce the storage space requirement for all blocks in general. While these solutions help to a certain extent, they only delay the inevitable and eventually the same storage issues arise. This innovation will be transformational in terms of the scalability and cost of deploying blockchain, and rapidly brings forward the time when blockchain is ubiquitous across enterprise applications.

RKVST was built to eliminate time-wasting, expensive and error-prone processes required today to verify and validate information as it flows between companies, ensuring it is safe to use. The RKVST API is the fastest way to instantly prove who did what, when for any digital asset. It is available as a free forever basic service which anyone can use today at www.rkvst.com.

More information:
Patent number US-11636080-B2: Data Structure Storage Optimisation
Patent pending in the U.K. and Europe

About RKVST
RKVST enables organisations to prove and verify the provenance and authenticity of any data they use in their business operations. Whether that’s tracking nuclear material, underpinning climate transparency or eliminating supply chain disputes, RKVST provenance-as-a-service removes the frustration, time wasting and uncertainty of manual data verification. Underpinned by blockchain technology, RKVST seamlessly integrates with existing software and secure data storage systems via an open API, creating a record of proof of origin, provenance and authenticity for any data. It’s also then easy to share that provenance with partners, suppliers and customers, providing the transparency, integrity and trust that every business needs for its critical decision-making. To learn more, visit RKVST.com.

Contacts:
Liz Harris, vice president marketing, RKVST
liz.harris@rkvst.com
Jackie Solis, PR for RKVST (U.S.)
jackie@bospar.com
Allie Andrews or Rachel Williams, PR for RKVST (U.K. and Europe)
alliea@prpr.co.uk / rachelw@prpr.co.uk
+44 (0)1442 245030