One of the largest Canadian banks can start using a public block to track assets.
How will the public blockade be used?
In a patent application, TD Bank described how to use public lock-up to help POS-computers in tracking transactions. Computers will create blocks of data that contain information about the assets sold, their values in a particular currency, as well as the transactions themselves.
The application was filed in September 2016, and it is not yet known whether the bank has taken further steps in this direction. Nevertheless, the fact of having such a statement is an excellent recommendation for public blockers, in which everyone can manage software for approving transactions.
“One of the advantages of blocking is the public nature of its architecture, allowing everyone to evaluate the contents of the registry and verify ownership rights.”
Moreover, such a register will allow any person to verify the fact of the transaction that “minimizes the risk of falsification in the registers”.
Also in the patent application are noted such aspects as the lower speed of such a system. It is assumed that TD Bank can successfully adapt to the fact that other institutions are often perceived as a shortcoming of the blockade.