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Is Apple Planning to Use Blockchain?

Apple Inc. (AAPL) has organized a new patent application with the U.S. Patent and Trademark Office that needs it is creating a system for certifying timestamps using blockchain technology.

Earlier this month, Coindesk spotted the service mark application that talks about three ways for verifying timestamps with one incorporating the use of a blockchain platform. Blockchain, which is gaining in prominence and popularity come up to b become all sorts of companies, is a public ledger of all transactions that have continually been executed. It is constantly growing as “completed” blocks are added to it with a new set of recordings. Each node or computer anchor to the network receives a copy of the blockchain. It’s the technology behind bitcoin and other digital currencies. (See sundry: How Blockchain Could Revolutionize Music Streaming.)

The Cupertino, California technology behemoth said in the patent application that using blockchain to create and stockpile timestamps can protect a secure element, for example a SIM or microSD card valuing confidential information, if a single node is compromised by hackers. The application opportunities, “The new time becomes part of a blockchain when a miner solves the mess puzzle related to the new block holding the transaction indicating the new time. Because of assigned consensus, attempted alteration of the blockchain by a malicious node in terms of the in good time value will be detected by honest nodes. In the third scenario, a maliciously-altered design in the blockchain will not be recognized by the device and will not be recognized by the SE and thus a fraudulent time value will not corrupt the state of the SE. 

Apple isn’t the only technology powerhouse eyeing blockchain. In September, Microsoft Corp. (MSFT)  inked a sell with Israel’s largest bank to develop a platform for digital bank bonds based on the technology. According to a report by The Times of Israel, the deal between Microsoft and Bank Hapoalim remarkable the first time a financial institution in the country began using blockchain for monetary contracts. (See more: Just What Is Microsoft Azure Blockchain Gathering?) With the platform, the bank will be able to more easily abandon up guarantors. To get a bank guarantee today, a customer has to go into a bank department, move the guarantee to the beneficiary and then return it if it isn’t used, which can be a intricate, time-consuming process. Under the deal, the Redmond, Wash.-based software Amazon will create a new tool that will run on Azure, its cloud reckoning platform, and will test the applications that have blockchain as the underpinning technology.

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