In spite of the negative news surrounding cryptocurrencies this week, the push for new and innovative uses for Blockchain technology continues. A recent patent application by Xerox indicates a desire to create a Blockchain-based timestamp protocol for data such as copies or pictures. The timestamp would be irrevocable, meaning that the data could then be admissible in courts as evidence.
The application contains detailed analysis of how Proof of Existence can functionally create the appropriate chain for stamping each data point. The application says:
“The proof of existence is a specific example of the proof of existence service. In this example, the proof of existence service can be understood as a group of miner nodes who add blocks to [Bitcoin’s Blockchain]. The proof of existence is an example only. Another service that uses the [Blockchain] of the Bitcoin or another service that uses the [Blockchain] other than the Bitcoin may be used as the proof of existence service.”
Xerox had earlier filed a separate pair of Blockchain-related patents as well. The announcement follows on the heels of other major institutions filing patents for Blockchain technology applications. Bank of America, in fact, recently filed nine unique Blockchain technology patent applications relating to payment methodology, bringing their total to over thirty.
https://cointelegraph.com/news/xerox-applies-for-blockchain-timestamp-patent
The application contains detailed analysis of how Proof of Existence can functionally create the appropriate chain for stamping each data point. The application says:
“The proof of existence is a specific example of the proof of existence service. In this example, the proof of existence service can be understood as a group of miner nodes who add blocks to [Bitcoin’s Blockchain]. The proof of existence is an example only. Another service that uses the [Blockchain] of the Bitcoin or another service that uses the [Blockchain] other than the Bitcoin may be used as the proof of existence service.”
Xerox had earlier filed a separate pair of Blockchain-related patents as well. The announcement follows on the heels of other major institutions filing patents for Blockchain technology applications. Bank of America, in fact, recently filed nine unique Blockchain technology patent applications relating to payment methodology, bringing their total to over thirty.
https://cointelegraph.com/news/xerox-applies-for-blockchain-timestamp-patent
Just one of the many ways that blockchain technology can be applied with enormous benefits. I am sure that there would be more coming as months passes by. Blockchain technology for sure is a great innovation that can upgrade and revolutionize so many of the usual things we are doing. It can be able to touch so many industries and what we have right now is just the tip of the iceberg.
While for sure there are fellows who detest Bitcoin, there is no question that as far as the blockchain technology is concerned most will agree that this can be an enormous help for mankind and these companies should be glad that Satoshi never patented his gift to humanity.
