UBS wants to strengthen system security with smart contract blockchain verification

nStorming comment: traditional financial institutions are more closely watching the blockchain technology, and accelerate the research and application of the technology. Well-known financial services company UBS Group has submitted a patent application documents, hopes to use smart contracts and blockchains to carry out transaction verification work to make its computer system more secure. In fact, UBS has always been more interested in the technology and is continually exploring its use. The further development of this work is therefore even more exciting.n
nTranslation: Inan
UBS, the world’s largest financial services company, is studying how to develop more secure computer systems.n
In a patent application published last Thursday by the U.S. Patent and Trademark Office, UBS indicated it may use a distributed ledger to create a permanent record of all activities on the chain to verify the transaction.n
According to the narrative of the application documents, compared with the traditional technology, the core advantage of the distributed ledger lies in its decentralization and immutability.n
The document emphasizes:n
n”Although there are already many non-chunks related to accounts, data security, authentication and verification (eg, access authorization for financial or other accounts, verification by transaction buyers, verification by security holders, verification of documentary notarisation, etc.) Chain technologies, most of these technologies rely on the trust of third parties to manage the database and / or do not have some or some of the advantages of blockchain technology. “n
nThe document states that smart contracts will be used to automatically register records added to the chain. Once the record is added, the user will automatically receive a notice issued by the smart contract.n
UBS said it could put smart contracts on the same blockchain that stores added data or develop two separate blockchains: one for storing data and one for adding smart data to monitor the addition of data .n
The company has always been interested in blockchain applications, whose chief executive, Sergio Ermotti, said he believes blockchain technology “played an important role in altering and reshaping our industry in October, just this year.”n
UBS did not say anything bad, in the second half of 2016 announced a joint IBM in the blockchain on the basis of creating a trading platform. The project, called “Batavia,” ushered in again with four major banking partners in early October 2017.n

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