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Europe’s first patent for digital data storage on blockchain
Europe’s first patent for digital data storage on blockchain
Blockchain

Europe’s first patent for digital data storage on blockchain

By Giancarlo Donadio - 28 Oct 2018

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The company that obtained the first European patent for the digital preservation of data in accordance with the law, designed for blockchains, is Italian.

The system was born from an idea of Savino Solutions, a software house, specialized in conservation and digitalization in accordance with the law. The patent cost more than 2 million euros in investments:

Our system is designed for those blockchains that will have legal value, according to the Decree Simplification 2019. What do we do? In accordance with the law, we preserve over time the blocks of blockchains with data of various kinds (for example, those of financial flows). We do it with our own proprietary technology: a cloud technology that uses algorithms to manage data and especially to make them opposable to third parties,” explains Nicola Savino.

What is the patent for?

The system, accredited by Agid, promises to preserve, in accordance with the provisions currently in force and the decrees of law, the blocks managed by blockchains.

Today there is no real legal and technological certainty to ensure over time the legal value of the data stored on blockchains. Our system will fill this gap and will be useful for both startups and companies that use blockchain technology for various reasons,continues Savino, who talks about the advantages of his system:

It will make the data contained on blockchains opposable to third parties and will enable its users to comply with the European standards on data retention set by ETSI, the European Telecommunications Standards Institute“.

The use of the system goes beyond blockchain technology and allows, more generally, to certify and make enforceable under the law, not only computer documents such as PDFs, but also individual information that is managed every day in any business information system.

Savino reveals that the patent was born from five years of work of his team and the use of about twenty developers.

It works on an annual subscription

The system, patent number A9048, is already available on the market. The cost of its use depends on the amount and nature of the data to be stored and is available on an annual fee.

 

Giancarlo Donadio
Giancarlo Donadio

Giancarlo starts writing about business with Millionaire. With the magazine from Milan, he collaborates in the realization of "STARTUP. Sogna, Credici, Realizza. Dall'idea al successo" (Startup. Dream, Believe, Realize. From idea to success) for Hoepli. Since 2016 he's been collaborating with Startupitalia! where he specializes in fintech, blockchain technology, and cryptocurrencies within the SmartMoney column. Today he is a co-founder of Pandant, a web agency focused on content marketing and personal branding.

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