- Summary:
- Data verification in blockchain communication is a bottleneck in provision of proof of reliability and Lleida has addressed it.
Lleida.net, a Spanish listed company, that specializes in provision of secure and reliable electronic communication solutions, has received a European patent for their system to validate the veracity of blockchain transactions.
The method provides a mechanism for recording messaging data permanently in a blockchain ledger for the purposes of tracing and enhancing credibility. This innovative approach offers a more secure and decentralised means of certifying communications in order to foster confidence in the digital economy.
A look at Lleida’s blockchain data certification
Lleida.net says it plans to expand its presence in the global market for electronic signature, notification, and contracting by investing heavily in R&D and intellectual property and bolstering its existing internationalisation strategy.
The patent addresses the issue of reliability of content, which is a major challenge for blockchain networks and the blockchain sector. With this new method, Lleida’s global patent tally for its certification and notification systems, digital tokens in electronic contracting and notifications, and other innovations now stands at 302. Furthermore, the company estimates that the patent’s approval will help it earn an estimated €30 million in additional SaaS revenue over the course of its lifetime.
What makes electronic certification innovative is the additional layer of trustworthiness that blockchain provides for the events, transactions, and individuals involved. The ability of smart contracts to retrieve and store information from external sources such as information on message transmission, is a key feature of this technology. The outcome is an immutable, auditable log of every message traffic that can be accessed via the blockchain.