IBM Secures Two Crucial Cryptocurrency Patents

Blockchain integrity and security is something that is always constantly talked about and hotly discussed. Recently, the technological giant IBM has acquired two crucial and influential patents that will change the marketplace of cryptocurrency security.

IBM acquired these two patents on May 31st and aims to utilize them as soon as possible. While the patents mostly offer clear and concise definitions about various aspects of blockchain technology, the existence of the two patents puts IBM closer to becoming a key player in the blockchain world.

If a company seeks to enter into a technological area such as blockchain they must take small steps towards the market of these industries. That is exactly what these two patents serve as for IBM. They are stepping stones towards a greater influence in the huge world of blockchain. Many companies are competing very fiercely to be the dominant force in the blockchain revolution that is taking the technology world by storm.

The First Patent

Patent number one defines what is defined as a checkpoint. It describes a checkpoint as something that confirms data from other nodes or messengers and stores its information. IBM’s official summary for the patent states

“Before a checkpoint is certified, it must be consistent, meaning that all validating peers must reach the same state for the checkpoint. Preferably, the checkpoint is a compression of the current blockchain world state into a compact representation of the ledger that is consistent across the peers.”

This ultimately allows for a more citable and understandable definition of a checkpoint. Moving forward, many companies will look to this as a key building block for companies wishing to utilize and create blockchain technology. When IBM goes to make any product in the future they will likely rely on this patent because it is at the core of just about all blockchain technology.

No company can seek to make products that all seamlessly interact with one another without first defining and being on the same terms across all devices and software. This patent will make being on the same page a whole lot easier.

The Second Patent

Secondly, IBM has acquired a patent that expands upon the other patent and discusses how various checkpoints have the ability to be audited. IBM has patented its new auditing process. It seeks to have set in stone processes that all of its software and devices will operate on so there can be seamless communication and transferring of data between various products and companies. IBM’s official patent report states

“An auditor should be able to rerun the transactions between checkpoints and then compare the value of the latter checkpoint with the value recorded in the ledger. The first step in this auditing process is to double check the hashes of all the blocks in the chain. To be thorough, the signatures on all transactions should be checked, although the hashes on all blocks ought to be sufficient.”

IBM has been revolutionizing the computer industry for many years now, and these two patents are stepping stones towards them becoming a key player in the blockchain industry. Whether they get involved in the cryptocurrency technology, finances, or data transfer aspect of blockchain technology, they will be sure to make big changes to the 21st century technological industry.

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