Apple New Patent Shows Company’s Interest in Blockchain

Apple New Patent Shows Company’s Interest in Blockchain

For the first time blockchain was implemented in 2009 as a nucleus element of bitcoin. “The technology behind bitcoin lets people who do not know or trust each other build a dependable ledger. This has implications far beyond the cryptocurrency”, described it The Economist .

Indeed, blockchains are suitable not only for cryptocurrencies but medical records, food traceability and recording of events in general. No wonder that on December 7, 2017, the U.S. Patent and Trademark Office released an application by Apple , giving details about the program which can establish and verify timestamps. This program is able to combine some aspects of blockchain technology with Public Key Infrastructure (PKI) tools.

Our top trading bots

What Apple’s new patent is and how it works

The proposed use case includes binding a part of the information to a specific transaction on a blockchain. This way is supposed to be established the state of that data at a certain point in time. If this information is altered, further transactions can be generated that detail readjusts to the data.

In the Apple’s application, there are described three probable methods for creating timestamps. One of these patterns focuses on a blockchain platform.

“Multi-check architecture” by Apple

This program would create a block including a timestamp. Every following block would be supplemented to it as miners certify each transaction, which took place on the chain. Apple calls this system a “multi-check architecture”. It means that another system would affirm the timestamp each time after the block is created, however, before it is supplemented to the chain.

As it is stated in the application, the American multinational technology company would contemplate whether to use blockchain given the decentralized security qualities it provides.

“If any party attempts to alter a node sometime earlier in the blockchain, each hash puzzle solution for block subsequent to the altered block becomes broken or incorrect. Each participant can see that such a broken blockchain does not agree with their own copy of the blockchain. The broken blockchain is thus not recognized by the nodes,” points the document.

The advantage of applying a decentralized ledger to retain timestamps is two-fold. Thanks to it the actual time could continuously be maintained as well as the network could be protected from deformation if at least one node is endangered by deliberate intruders.

Stablecoins present new dilemmas for regulators as mass adoption looms
Stablecoins present peculiar challenges to regulators. Although there is no single, agreed-upon definition of a stablecoin, the common denominator of the...
3 reasons why Bitcoin is on shaky ground after failing to retake $60K
Bitcoin (BTC) is back testing lower levels after failing to conquer $60,000 resistance — and indicators suggest the downturn is not over.BTC/USD bounced...
Tether gets Coinbase’s seal of approval, will list on pro offering
The United States’ largest cryptocurrency exchange, Coinbase, is listing Tether (USDT) on its professional trading platform.According to a Thursday announcement,...
Institutional XRP inflows surge as AUM nearly doubles
Institutional investors have rallied around XRP this past week, with the assets under management, or AUM, or XRP investment products nearly doubling.According...
You can’t talk about blockchain and not bring up CBDCs and stablecoins
Ever since the publication of Satoshi Nakamoto’s white paper back in November 2008, “Bitcoin: A Peer-to-Peer Electronic Cash System,” the term “blockchain”...
EOS Climbs 10% As Investors Gain Confidence
Investing.com - EOS was trading at $6.8473 by 20:45 (00:45 GMT) on the Investing.com Index on Sunday, up 10.35% on the day. It was the largest one-day percentage...
US isn't prepared to regulate new industries like crypto, says Ripple CTO
David Schwartz, chief technology officer of Ripple Labs, said United States regulators’ response to the crypto industry may help XRP in the end but is also...
China’s digital yuan will offer best privacy protection, says official
Chinese authorities are willing to ensure maximum user privacy for the country’s central bank digital currency, or CBDC, according to an official at the...
Blockchain To Use In The USE
Breakthrough technologies, including cloud technologies and blockchain system, will be applied to the USE. The head of Rosoboradzor Sergei Kravtsov announced...
Bank of England Governor Says Bitcoin Failed as “Currency,” But There’s Hope for Blockchain
The head of the prime bank of the United Kingdom – Bank of England – latterly claimed that BTC has gone wrong both as currency and as a reserve of cost....
Worthy Blockchain projects According To Forbes
The edition of Forbes already drew attention to the crypto-distribution by its publication of the rating of the richest people in the cryptocurrency world....
‘Bitcoin Has Economic Value,’ South Korean Court Rules
This is a milestone in the history of bitcoin’s nine-year-old existence. For the first time, one of South Korea’s courts has held that the most known...
Morgan Stanley Follows The Lead of Goldman Sachs in BTC Futures Clearing
Things are becoming more exciting in the world of big investment. Maybe, the two bulls will butt the heads, as the prime worldwide financial services firm...
Top-5 Changes That Blockchain Can Bring in 2018
The previous year was quite positive regarding adopting blockchain technology as database and tech giants were moving forward in this sphere. Among them,...
Zuckerberg Has Big Plans For 2018
Mark Zuckerberg , the founder of the Facebook social network, summed up the results of 2017 and shared his plans for 2018, noting that his main goal will...