WANdisco’s patent filing gives a glimpse of blockchain’s commercial future
WANdisco (LSE:WAND), the LiveData company, announces a new patent filing. The filing protects the use of the WANdisco’s Distributed Coordination Engine™ (DConE) – a patented Paxos-based consensus technology – to resolve issues associated with public blockchain technology.1
Public blockchains have a number of significant limitations, which include resource intensiveness required to maintain their integrity. In order for permissioned blockchains to be commercially viable these restraints need to be overcome. Through the use of DConE, WANdisco’s pending blockchain patent enables effective permissioned blockchain transactions with an underlying algorithmic mechanism. This mechanism enables throughput to be achieved that is orders of magnitude higher than public blockchains.
An algorithmic mechanism is designed for scalability and does not have a single point of failure, which is crucial for essential business applications. It is also extremely secure because algorithmic consensus is very difficult to manipulate. As a result, building and maintaining blockchain-based business applications will be simpler and far more scalable than existing technologies.
DConE’s blockchain application opens up the potential of blockchain technology to a broad set of commercial applications including but not limited to supply chain, banking, healthcare, retail, pharmaceutical, insurance, and government.
The Company believes academic interest in this patent will be around the importance of algorithmically-based consensus, which enables a decentralized network to arrive at an agreement about the state of the blockchain. For additional information, an academic paper on blockchains can be found here.
Today’s announcement follows the appointment of Dr. Ramki Thurimella Ph.D as VP of Research in January 2018. Dr. Thurimella was tasked with exploring new applications for WANdisco’s unique replication technology and their transformation into successful products. Additionally, WANdisco today announces the appointment of Dr. Sakthi Subramanian as WANdisco’s new VP of Engineering. Dr. Subramanian is a network security expert and has been Vice-President of Engineering at FireEye, Inc. and Director of Engineering at McAfee. Sakthi has a Bachelors in Electrical Engineering from the Indian Institute of Technology, Chennai, and a Ph.D in Computer Science from the University of Texas at Austin.
The Board remains positive about the burgeoning pipeline of opportunities and is confident that the Company continues to trade in line with market expectations. The Company will announce a detailed trading update in mid-August.