CME Group has been granted a patent for a computer-implemented method that allows for altering blockchain rules. The system validates transactions, processes blocks, and communicates changes to other systems maintaining copies of the blockchain data structure. This innovation enhances the flexibility and adaptability of blockchain technology. GlobalData’s report on CME Group gives a 360-degree view of the company including its patenting strategy. Buy the report here.
Smarter leaders trust GlobalData
According to GlobalData’s company profile on CME Group, was a key innovation area identified from patents. CME Group's grant share as of May 2024 was 24%. Grant share is based on the ratio of number of grants to total number of patents.
Blockchain system allowing dynamic modification of validation rules
A recently granted patent (Publication Number: US11995067B2) discloses a computer-implemented method and system for managing changes to the operation of a system that validates transactions and processes blocks for a blockchain data structure. The method involves receiving a data message indicating a change, validating it based on static and dynamic rules, modifying the dynamic rule data store, generating a new block with the change, and communicating this to other systems maintaining copies of the blockchain. The validity of subsequent transactions is determined by the rules stored in the blockchain data structure, including the added change, as per the current state of the static and dynamic rules.
Furthermore, the system includes components such as a transaction receiver, validation processor, data structure generator, and transmitter to facilitate the process. The data message can specify when the change takes effect, is digitally signed by authorized parties, and can involve adding or altering rules in the dynamic rule data store. The method also allows for the prioritization of newer rules over older ones, includes rules like transaction fee schedules or whitelists of wallet addresses, and involves signing transactions with authorized signatures for rule changes. Overall, the patent outlines a comprehensive approach to managing changes in blockchain operations while ensuring the integrity and consistency of transactions within the system.
To know more about GlobalData’s detailed insights on CME Group, buy the report here.
Data Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
