In the corporate sector, information-sharing is a very common issue which is going to be benefited by blockchain-based record system designed by Enterprise software vendor R3 which got its patent for such system. The patent narrates a ‘’system and method for managing transactions in dynamic digital documents’’ providing with a distributed ledger. Through the system they will be able to issue pertinent parties with the same immutable data record. Vendor R3, which is an enterprise blockchain technology company leading n ecosystem of more than 300 firms working together to build distributed applications on top of Corda for usage across industries, got awarded after getting patent and its protocol could benefit more complex payments that require some legal requirements.
By the way, it is yet unknown whether the new record-sharing system will be an independent protocol and the company completed a trial that examined Corda’s trade finance applications with up to 70 countries from around the globe. According to the patent, the current system can create inequalities that cause legal disputes and miscommunication. The private blockchain could replicate every transaction with an eye to checking all parties with access to the ledger. The patent also paid a suspicion of addressing some of the inefficiencies and operational risks stick to legacy record systems.
The new system can automatically update records with amendments or incorporate new records for relevant parties. According to R3 the system can also be utilized to record pertinent workflow and it deducts third party and get the same information at exact time. So, it is expected that the initiative will take the corporate information-sharing a way forward and increase its efficiency. If the plan can concretize their exact goal then it will push corporate officials’ mind regarding to blockchain technology and the adoption of blockchain technology by corporations will drastically get increased.