Factom, a method for auditing and securing hundreds of thousands of genuine-time information making use of blockchain technologies, has submitted yet another blockchain patent application for the advancement of its functions this year.
CCN reported before this thirty day period that the knowledge distribution organization had submitted a patent application for a method enabling document validation on the blockchain, a feature most likely to be integral for the foreseeable future functions of the platform’s providers to governments, organizations, and non-earnings.
The firm’s 2nd proposal, released by the U.S. Patent & Trademark Business office (USPTO) nowadays, on Aug. 23, has a more stealth-oriented intention:
“Confidential, top secret knowledge may possibly be shared by way of just one or more blockchains. Home loan purposes, clinical information, money information, and other electronic documents typically consist of social protection quantities, names, addresses, account information and facts, and other own knowledge. A top secret sharing algorithm is applied to any top secret knowledge to crank out shares. The shares may possibly then be integrated or created to just one or more blockchains for distribution.”
The method is designed to safe delicate money and own information and facts safeguarded with a hashing algorithm that splits the delicate information and facts into different shares and then distributes the shares across different blockchains for additional protection. The knowledge is effectively encrypted and then saved in separate blockchain knowledge vaults, a structure that could demonstrate extremely really safe if perfectly-carried out.
Info protection is typically listed as just one of the leading use situations for blockchain technologies. In a world the place hundreds of thousands of folks can be hacked concurrently from a popular databases with a solitary level of assault, blockchain networks offer enhanced protection.
Blockchains are more tricky to hack thanks to the information and facts becoming distributed, updated, and verified across multiple computer nodes as an alternative of just just one, which means multiple nodes will need to be forcibly managed for hackers to seize delicate information and facts or endeavor to change it. The new patent may possibly consider things a move even further by distributing secured knowledge in scrambled components across multiple distributed ledgers.
Stated as just one of the inventors of the patent is Paul Snow, who is head of the Texas Bitcoin Affiliation in addition to the CEO of Factom. The other inventors are Mahesh Paolini-Subramanya, Factom’s EVP of engineering and Brian Deery who is the company’s main scientist.
Factom took off in 2014 immediately after becoming integrated into the Microsoft Azure platform, main to enhanced publicity and a 600% boost in the worth of the company’s cryptocurrency token. Now, the job is rated 119th on CoinMarketCap with a circulating market place cap of more than $42 million.
In 2016, the job secured a wise city offer in China to strategy the blockchain administration of multiple wise cities currently in the notion and improvement phase, effectively amounting to a partnership with the Chinese government.
Photos from Shutterstock
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