Dragonchain awarded patent for blockchain-powered loyalty system

Technology
May 21, 2019
28
Dragonchain, an enterprise blockchain-as-a-service supplier initially developed out of a Disney mechanism incubator, was awarded a patent for a loyalty system that tracks and monetizes time on the decentralised public ledger, based on paperwork printed by the U.S. Patent and Trademark Workplace (USPTO). The patent, titled safety methods and strategies based mostly on cryptographic utility
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Dragonchain, an enterprise blockchain-as-a-service supplier initially developed out of a Disney mechanism incubator, was awarded a patent for a loyalty system that tracks and monetizes time on the decentralised public ledger, based on paperwork printed by the U.S. Patent and Trademark Workplace (USPTO).

The patent, titled safety methods and strategies based mostly on cryptographic utility token stock tenure, describes a brand new technique for creating time-based worth methods on a decentralised public ledger. The patent is a continuation of an software filed in November of 2018.

In keeping with the corporate, the system represents time-based scores utilizing a worth known as the “Dragon Days of Slumber Rating” (DDSS). The mannequin shares some similarities with proof-of-elapsed-time based mostly consensus (PoET), which can be utilized in some permissioned enterprise blockchains.

DDSS has purposes in digital property and loyalty rewards by hardening a decentralised public ledger towards tampering and gaming by dangerous actors, mentioned Dragonchain. Joe Roets, founder and CEO of Dragonchain mentioned:

Once you have a look at present loyalty applications, the rewards should not proportionate to somebody’s precise loyalty. For instance, airline rewards are sometimes based mostly on utilizing a bank card to build up factors, moderately than rewarding the time somebody has flown with an airline. By monetizing time with decentralised public ledger, DDSS creates a brand new kind of worth system to acknowledge true loyalty by way of immutable measurement.

The patent is the latest addition to a “lengthy record” of patents filed or obtained by Dragonchain. In November 2018, Dragonchain was awarded a patent for Interchain, which goals to permit customers to conduct processing throughout public blockchains reminiscent of Bitcoin, Ethereum, and Ethereum Traditional.

Associated: Dragonchain to ‘Reimagine’ Decentralised public ledger with Launch of Seven New Merchandise

Dragonchain’s push to patent its mechanism is an element of a bigger race amongst firms to stake mental property claims within the rising area. Final week, StormX, one other Seattle startup—was granted a patent for micropayment distributions.

In the meantime, multinational conglomerates reminiscent of Amazon, Mastercard, and Nike are making their very own mental property claims. At instances, these claims run counter to the ethos of the crypto money motion, which tends to worth open-source collaboration.

How the open-source system and these mental property claims will work together sooner or later continues to be topic to debate.

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