Is Apple Planning to Use Blockchain?

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Is Apple Planning to Use Blockchain?

Apple Inc. (AAPL) has submitted a new patent application with the United States Patent and Trademark Office, indicating that it is developing a blockchain-based method for validating timestamps.

Earlier this month, Coindesk discovered a patent application that discusses three methods for confirming timestamps, one of which involves the usage of a blockchain platform. Blockchain, which is gaining popularity across all types of businesses, is a public record of all transactions that have ever been completed. It is continually developing as “finished” blocks with fresh recordings are added to it. Every network node or computer obtains a copy of the blockchain. It’s the technology that powers bitcoin and other cryptocurrencies.

In the patent application, the Cupertino, California-based technology company said that utilizing blockchain to establish and store timestamps may preserve a secure element, such as a SIM or microSD card containing secret information, if a single node is hacked by hackers. “The new time becomes part of a blockchain when a miner solves the hash problem associated to the new block carrying the transaction showing the new time,” the program explains. Because of distributed consensus, any effort by a malicious node to modify the blockchain in terms of time value would be noticed by honest nodes. In the third situation, a maliciously changed blockchain block will not be recognized by the device or the SE, and so a false time value will not affect the SE’s state.

Apple isn’t the only technological behemoth interested in blockchain. Microsoft Corp. (MSFT) signed a contract with Israel’s biggest bank in September to establish a platform for digital bank guarantees based on the technology. According to The Times of Israel, the arrangement between Microsoft and Bank Hapoalim was the first time in the nation that a financial institution used blockchain for financial transactions. The platform will allow the bank to more easily sign up guarantors. Today, a client must visit a bank office, transfer the guarantee to the beneficiary, and then return it if it is not utilized, which may be a difficult and time-consuming procedure. Under the terms of the agreement, the Redmond, Wash.-based software giant will develop a new tool that will operate on Azure, its cloud computing platform, and will test blockchain-based apps.

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