The Islamic Development Bank Institute has obtained a US patent for the Proof-of-Use blockchain consensus mechanism.
Foresight News reported, citing The Fintech Times, that the Islamic Development Bank Institute (IsDBI) has been granted US Patent No. 12,548,031 B2 by the United States Patent and Trademark Office (USPTO). This patent covers a new blockchain consensus mechanism called "Proof-of-Use" (PoU).
The PoU mechanism is based on the principle of reciprocity, where participants validate others' transactions in exchange for having their own transactions validated. Unlike PoS or PoW models, PoU aims to make network influence dependent on actual participation rather than computing power or token holdings. It seeks to reduce energy consumption while addressing the wealth concentration issue present in PoS models.
The Islamic Development Bank Institute (IsDBI) is affiliated with the Islamic Development Bank (IsDB), primarily responsible for formulating Islamic financial regulations and conducting research on related financial technology applications. Its parent institution, IsDB, is an intergovernmental multilateral development organization composed of 57 member countries.
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