New patent filings indicate that the CME Group may be undertaking the exploration of the various ways in which different developers could proceed and modify the blockchain’s rules without having to bother about the consensus from the various network’s nodes.
A person familiar with the matter opined, “It’s a key need for such systems and other applications in which a blockchain is used to store and maintain information in real time. The filing was published last Thursday by the U.S. Patent and Trademark Office (USPTO), having been submitted in December 2016.”
CME has moved ahead to cite the frequent flyer programs in an effort to provide a suitable example in line with where exactly the system would be needed. Essentially, whenever an airline resolves to store its frequent flyer customer data on a public blockchain, it then follows that a system must be established that will see to it that the rules governing the blockchain are tweaked. And that is incase the airline alters the rules or manipulates them. It could also be about the alteration of the frequent flyer program itself.
It goes without saying that the public blockchains are crucial for cryptocurrencies, but it is also worth noting that they are of a pretty difficult to change nature. That is exactly what makes them less than ideal for quite a significant number of the commercial and private uses.
The filing is a remarkable presentation of the most recent blockchain-related intellectual property bid for the derivatives business guru. The CME’s past patent filings give a preview of just how the company might be considering using the tech in the storage as well as the management of the transaction data in connection with trading venues.
The airline is at the moment considering hiking its transaction fees in the transfer of airline miles between parties and that is the perfect example of the rule change. If it happens that the airline moves ahead and uses the open blockchain protocol for instance bitcoin, then it will be up to the various block chain users to give the approval.