Dragonchain awarded patent for blockchain loyalty system

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Dragonchain, an enterprise blockchain-as-a-service provider originally developed out of Walt Disney, was awarded a patent for a loyalty system that tracks and monetizes time on the blockchain, according to documents published by the U.S. Patent and Trademark Office (USPTO).

The patent, titled security systems and methods based on cryptographic utility token inventory tenure, describes a new method for creating time-based value systems on a blockchain. The patent is a continuation of an application filed in November of 2018.

According to the company, the system represents time-based scores using a value called the “Dragon Days of Slumber Score” (DDSS). The model shares some similarities with proof-of-elapsed-time based consensus (PoET), which is also used in some permissioned enterprise blockchains.

DDSS has applications in digital assets and loyalty rewards by hardening a blockchain against tampering and gaming by bad actors, said Dragonchain.

“By monetizing time within the system, it brings about a new type of value system to reinvigorate the loyalty programs,” said Joe Roets, founder and CEO of Dragonchain.

The patent is the most recent addition to a “long list” of patents filed or received by Dragonchain. In November 2018, Dragonchain was awarded a patent for Interchain, which aims to allow users to conduct processing across public blockchains such as Bitcoin, Ethereum, and Ethereum Classic.

Dragonchain’s push to patent its technology is part of a larger race among companies to stake intellectual property claims in the emerging field. Last week, StormX, another Seattle startup—was granted a patent for micropayment distributions.

Meanwhile, multinational conglomerates such as Amazon, Mastercard, and Nike are making their own intellectual property claims. At times, these claims run counter to the ethos of the cryptocurrency movement, which tends to value open-source collaboration.

How the open-source ecosystem and these intellectual property claims will interact in the future is still subject to debate.

Updated: May 17 at 10:18 am PDT

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Dragonchain, currently ranked #192 by market cap, is down 18.29% over the past 24 hours. DRGN has a market cap of $20.34M with a 24 hour volume of $982.6K.

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Dragonchain is down 18.29% over the past 24 hours.

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Mitchell is a software enthusiast and entrepreneur. In addition to writing, he runs a non-profit that teaches people about the blockchain. In his spare time he loves playing chess or hiking.

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