Komsco acquired a patent for blockchain…It is used for a citywide digital coin ‘Chak’
Korea Minting and Security Printing Corporation (Komsco) filed an application for a patent on the so-called anchoring technique used for blockchain. Anchoring refers to a technology designed to send a timestamp proof of blockchain-based transactions to other services. The agency aims to ensure security for the transactions made through Chak, a citywide digital coin. Komsco announced its filing of the patent on Thursday in collaboration with a blockchain startup. “The patented technology can guarantee security since it allows for the storage of data on another blockchain system,” the agency said. “Using the technology, we will develop Chak as a hub for warranting data,” it said. The technology is designed to ensure reliability and security between networks through a multi-verification process. A private blockchain is run by companies or institutions and deemed vulnerable to hacking or forgery attempts. The anchoring technique can regularly store the input of data on another blockchain platform to prevent any arbitrary changes in data. Chak is a city wide digital currency supported by a blockchain platform called Monachain, which is developed by LG CNS. Six regional governments including Seongnam, Siheung and Gunsan have adopted the coin. The anchoring technology could detect hacking attempts on the digital coin. With the latest patent, the state-run corporation has collected seven patents related to blockchain. Besides intellectual property, Koscom applied for twelve patents on blockchain.