PraSaga Patent Revolutionises the Use of Blockchain for the Financial Sector

PraSaga™, a Swiss foundation building the next generation of Layer One blockchain, has announced that the U.S. Patent and Trademark Office granted the company a patent for its method of processing message passing transactions, which allows them to put a full operating system, SagaOS onto the blockchain. The patent (number 20200348963) covers PraSaga’s systemic extensible blockchain object model comprising a first-class object model and a distributed ledger technology.

PraSaga is fulfilling its vision for a limitless global infrastructure, enabling a system that will benefit users across the globe. Currently the blockchain ecosystem is limited by its scalability, of which transaction processing is a particularly challenging bottleneck. This is typified by the limitations of the smart contract, which enables the processing of just one transaction or action, at any time. PraSaga’s technology will enable the execution of multiple actions simultaneously and in greater numbers.

“The award of this patent enables PraSaga to take another significant step in delivering the next evolution of blockchain architecture – by providing the ecosystem with a major building block in scalability,” states Michael Holdmann, CEO and Founder of PraSaga. “Our technology fundamentally changes how a blockchain can scale by enabling SagaOS to execute operations and functions directly off of SagaChain, enabling much more complex problems to be solved and a globally hardened codebase.”

The patent with its 26 claims is granted to the Swiss Foundation and establishes based on the prior art of IBM’s OS/2 operating system (what later became the basis for OSX, Windows and Linux) an operating system that will run on the global network of the SagaChain and store the class trees and logic for Smart Assets saved into individual accounts on SagaChain.

“This is going to improve the ability for developers to create applications, manage their codebases and address real world challenges,” said David Beberman, CTO and Co-Founder of Prasaga. “We set out to address parallel processing of transactions and in the process built a method for writing blockchain applications that more closely matches other applications environments.”

PraSaga will be talking about the importance of this patent during a keynote speech at Crypto Valley Summit, which it will be sponsoring this year. The summit gathers investors, corporates, and high-profile individuals in one place, in order to examine how the present and future applications of blockchain technology can help optimize and evolve businesses, revolutionize healthcare, modernize governmental institutions, improve regulated industries and supply chains, and improve our daily lives as a whole. The Summit is being held in Zug, Switzerland on September 14 and 15.