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R3 patents DLT for 'dynamic' accounting system

Consortium startup R3 filed two patent applications, detailing its work on the application of distributed ledger technology to "dynamic" agreements between financial institutions.

23.Oct.17 3:21 AM
By Daria Zaytseva


R3 patents DLT for 'dynamic' accounting system

These two applications, submitted last year and published by the US Patent and Trademark Office on October 19, detail the use of the system to track, support and update agreements through a shared ledger.

Using the system, only authorized parties can make changes to these agreements - provided that other participating parties subscribe to them - while the underlying technical documents of the platform retain the status of these agreements.

According to the filings, possible applications for this technology are financial transactions such as cash exchanges and derivative contracts, as well as the use of office applications such as work schedules and delivery schedules.

In describing the application, R3 writes that the development of applied cryptography and distributed registers presented the possibility of authoritative recording systems that are securely shared between firms.

R3 announced in August 2016 that it was looking for patents related to its work, amounting to what one of the founders Todd MacDonald described as a "total reimagining of the back office."

The documents themselves came a few weeks before the public debut in November 2016 by the code behind Corda, R3's DLT platform. Version 1.0 of the Corda software was published on October 3.

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