Islamic Development Bank Institute Secures Patent for New Blockchain Consensus Mechanism

The Islamic Development Bank Institute (IsDBI) has been granted a patent by the United States Patent and Trademark Office (USPTO) for a new blockchain consensus mechanism called Proof-of-Use (PoU). According to Foresight News, this patent, numbered 12,548,031 B2, introduces a system based on the principle of reciprocity, where participants verify others' transactions in exchange for having their own transactions verified. Unlike the Proof-of-Stake (PoS) or Proof-of-Work (PoW) models, PoU aims to base network influence on actual participation rather than computational power or the amount of cryptocurrency held. This approach seeks to reduce energy consumption and address the wealth concentration issues associated with PoS. The IsDBI, a part of the Islamic Development Bank (IsDB), focuses on establishing Islamic financial regulations and researching related fintech applications. The IsDB is an intergovernmental multilateral development institution comprising 57 member countries.