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.
You are looking for information, articles, knowledge about the topic Is Apple Planning to Use Blockchain? on internet, you do not find the information you need! Here are the best content compiled and compiled by the smartinvestplan.com team, along with other related topics such as: Cryptocurrency.