Google, Amazon, Bank of America, Mastercard, IBM and Microsoft Blockchain Patents are Piling Up
Top Big Tech Companies Working On Blockchain
The blockchain technology that drives cryptocurrencies has been among the most significant news items in the past three years. With the explosive price spike of Bitcoin last year, the cryptocurrency markets have become the center of financial attention in many parts of the world. But the underlying technology behind Bitcoin, the distributed decentralized public ledger known as the blockchain, has also begun to shake up industries all over the world.
While the initial applications of the blockchain were primarily and almost exclusively centered around the financial services for which the tech was built, the effectiveness of the model in transferring, storing, and moving data has made it a key component of several ambitious plans in both the public and the private sector. This is a very positive trend for the cryptocurrency community, which has always sought adoption by the masses as a means to expand the tremendous reach of the technology and exert change on the existing financial model that dominates the world of economics.
In this light, the crypto space has had a tremendously positive year, even considering the current bearish sentiments driving the market. Several prominent companies with major success on the traditional financial and tech markets have patented blockchain technologies in order to make their own information storage, supply chain, and distribution faculties more secure, effective, and efficient.
Moving forward, the work done by these companies will continue to provide much-needed innovation, development, and institutional backing to the growing crypto space and blockchain industry.
Google And Blockchain
One of the foremost tech companies currently on the market, Google has significant clout among the internet community. The company had initially expressed a disdain for cryptocurrencies and Bitcoin, top executives having made statements calling the industry a bubble that is likely to eventually burst. But their tone has changed on blockchain technology, and the massive tech giant filed a patent earlier this year to create their own blockchain infrastructure.
The main use of blockchain for Google seems to involve the recording of signatures and verification of data that is stored on their massive databases. The immutable nature of the blockchain means that the company’s IT department will be able to easily tell if, and when, their information has been edited, deleted, or altered significantly.
The plan is to use what experts have called a “tamper-evident log,” a setup that will utilize two overlapping blockchains in order to carefully verify any change or alteration made on the network being monitored.
The Bank Of America Goes Blockchain
Bank of America is likely one of the last companies that one would expect to be deeply interested in revolutionary blockchain financial technology. But despite the irony of their embrace of the tech, Bank of America actually holds the record for the largest amount of distributed ledger tech patents among similar organizations. The total amount has climbed to around 40 blockchain patents, with a whopping nine having been filed on February 22nd of this year alone.
Following in the steps of Google in their blockchain system interest, Bank of America is interested in using the tech to settle legitimate transactions and prevent illegitimate ones on their growing financial network.
Yet another bank surprisingly turning to blockchain technology, Mastercard is reported to have filed 27 unique blockchain patents as of January this year. But according to some sources inside the company, including the Operations and Technology President Edwin McLaughlin, the giant financial services organization is currently sitting on somewhere between fifty and sixty patents concerning blockchain technology.
One of the biggest patents to have been verified as coming from the financial services giant is a patent finalized back in July 17th of this year. The patent revolves around using blockchain to protect consumers and expediate the transaction process. According to the patent, the ecosystem will create multiple user profiles, including details like address, identifying account information, and account balances in crypto and fiat alike.
Additionally, the behemoth came forward with another patent poised to provide more secure and efficient transactions across their vast network of credit cards.
Microsoft Bets On Blockchain
Microsoft has been clear from the very beginning that they are a company in favor of blockchain technology. Earlier, the company created their own cloud computation platform known as Azure, which allows developers to create their own blockchain network, managing it from a simple and user-friendly platform.
But the giant did not stop there. Early in August of this year, the company filed two new patents with the Patent Office in the United States. The patent claimed that Microsoft will be using a new TEE, or Trusted Execution Environment system in order to further security efforts on their growing cloud computing platform system.
Different from the financial services companies on the rest of this list, Amazon is a giant e-commerce company with a penchant for adopting the latest technologies to renovate and change their infrastructure. They filed cryptocurrency-involved patent concerning cloud computing. In the patent, the writers detail that Amazon is looking to use a cryptocurrency to accept payment for cloud computation services on their emerging cloud computing platform called Amazon Web Services, or AWS.
A Bright Future
The cryptocurrency space is always looking for the next route to mass adoption and institutional support. In this light, it is incredibly important that large corporations continue to adopt blockchain technology for a variety of different uses. In addition to lending important legitimacy to the industry, these adoptions help to slowly fight the public misconception that blockchain technology is only useful in the creation and facilitation of cryptocurrencies.
To the contrary, the institutional and corporate interest in blockchain furthers the narrative spouted by blockchain developers from the very beginning—that the blockchain can change the nature of business. At its core, the distributed ledger has already helped major companies to overhaul their supply chain processes, and it continues to be a cornerstone of developmental processes in multiple companies. Amidst a deeply bearish market, big companies are working to do big things with blockchain.