The commercial, state-run Bank of China, not to be confused with the People’s Bank of China, the country’s central bank, has filed a patent with the Chinese State Intellectual Property Office (SIPO) for a solution to scale Blockchain technology systems, according to local news outlet tech.ifeng.

The bank originally applied for the patent on Sept. 28, 2017, with a Zhao Shuxiang indicated as the patent’s inventor, but SIPO only released news of the patent on Feb. 23, 2018.

The patent contains a method for compressing Blockchain data that seeks to solve the problem of storage space in new blocks without compromising on traceability and immutability.

As described in the patent, the amount of data stored in in new blocks would be reduced in the following way: when a full-size node receives a compression request from a client, it compresses transaction data from multiple blocks into a single “data block”, which would then be temporarily hosted on a different data storage system.

This data would then be run through a hash function with the data block hash value, and the compression transaction would map the relationship between the compressed block, the data block, and the compression event, which would all be recorded on the Blockchain.

While China has been one of the stricter countries globally in terms of cryptocurrency regulation, having banned Initial Coin Offerings (ICO) and foreign exchanges from operating within the country, the South Korean Finance Minister spoke earlier this month of a need to cooperate with China in the sphere of Blockchain during a meeting with the governor of the People’s Bank of China.

Earlier this week, Chinese multinational PC company Lenovo also filed a Blockchain-based patent for verifying the integrity of physical documents, but with the U.S. Patent and Trademark Office (USPTO), rather than China’s SIPO.

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India’s National Association of Software and Services Companies (NASSCOM) signed a memorandum of understanding (MoU) with Canada’s Blockchain Research Institute (BRI) to collaborate on Blockchain education and training in India, tech news outlet CIO reported yesterday, Feb. 22.

BRI tweeted a photo of their co-founder, Don Tapscott, signing the MoU alongside Sanjay Tugnait, CEO of consulting firm Capgemini Canada, and Sangeeta Gupta, VP for NASSCOM:

BRI co-founder and Executive Chairman @dtapscott signed an MoU with @nasscom to help foster #blockchain innovation in India. pic.twitter.com/Mqc6tT1NFZ

— Blockchain R.I. (@blockchainRI) February 21, 2018

NASSCOM and BRI together will establish the Centre of Excellence in India, designed to foster the adoption of Blockchain technologies in education, government, and startups, according to Indian information platform Inc42.

Raman Roy, Chairman of NASSCOM, said that the new alliance aimed at fostering India’s Blockchain environment will “help enhance our vision for a digital economy:”

“We believe Blockchain is a transformative technology for businesses. It is imperative that we identify and explain key application opportunities, issues, strategies and approaches that enable companies and governments to capitalize on this emerging technology.”

In relationship to the partnership, Don Tapscott said, “We need to create an awakening in India, showcase the power of Blockchain,” CIO reported.

A misinterpretation of the Indian Finance Minister’s warnings of a crackdown on cryptocurrencies that finance illegal activities as instead a ban of crypto in the country caused the crypto markets to slump in early February.

In a second misinterpretation of crypto news from India, India’s December 2017 tax policy for cryptocurrency was wrongly reported in the media as a new, strict policy earlier this month, causing the crypto markets to dip again amongst the confusion.

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