Aside from Mastercard who recently won a patent about coupons and their use online, IBM has also won two patents for a system that verifies the integrity of a blockchain. The system developed by IBM will certify that the blockchain has passed certain audit requirements in particular periods of time.
Both of the IBM patents in regards to this were approved on May 31 and are related to describing the certified and audit-able “checkpoints”. Their main goal is to allow businesses to satisfy the regulations for data verification and retention when they are connected to the network.
Understanding the Blockchain Based Checkpoints System
As such, the first patent is based on a single point of a checkpoint and what constitutes it, according to IBM. Here, the requirement is that all peers and nodes that perform validation should achieve consensus about the validity of the blockchain at the time of the snapshot.
According to the summary found in the first patent’s information:
“Before a checkpoint is certified, it must be consistent, meaning that all validating peers must reach the same state (value) for the checkpoint. Preferably, the checkpoint is a compression of the current blockchain world state into a compact representation (e.g., a hash value) of the ledger that is consistent across the (validating) peers.”
Obviously, the idea is for the audit to go back to the Genesis block and work its way up from there. This has been done to make sure that the immutability and consensus are kept in tact up to the point in time that is being certified.
When it comes to the second patent, it actually builds on the first but with the description of how each checkpoint can be audited. In this patent, IBM implements and patents a process that audits the checkpoints – where businesses can also refer back to any certified checkpoint and reconcile data from the blockchain.
As the summary from the second patent says:
“To have a certifiably-auditable blockchain, 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.”
As we can all see, IBM is focused on products and services for enterprise-level businesses that run on the blockchain. As a true innovator, IBM is focused on blockchain scaling, auditing and supply chain management.
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‘’Intranel made us an offer that for 20% of the company they would handle all of the business management and development things like helping with hiring and managing staff, paying tax, lobbying for regulator guidance and all the ‘boring’ business stuff.’’The company offered to contract about 4 people to the developers at a discounted rate and also to provide assistance with finding decent employees for Cryptopia. Since then, the story took a turn for the worse since Intranel hired staff only for themselves and contracted the new employees to Cryptopia and they were given unwarranted managerial latitude so when the exchange was very reliant on the staff, Intranel demanded more than 5% equity in the exchange. The cryptopia co-founder resigned from the position and VCdragon claims that he was not even paid during the 1 month holiday. He stated:
‘’They bled money everywhere they could, we paid for tax on their staff’s flu shots? We paid taxes on Christmas fits to their staff and our company bought the gifts. Everything they were unable to take for themselves they pissed into the wind on needless expenses and luxuries to the company could not afford….that ultimately buried us. ‘’In the coming altcoin news was reported that Intranel also attempted to sell the Cryptopia company and was also nearly bankrupt.
Steve Wozniak Co-Founds Blockchain-Based Energy Firm In Malta
Steve Wozniak is in the latest cryptocurrency news for investing a new blockchain-based company that is headquartered in Malta. In the latest updates we can see that Steve Wozniak co-founds the energy efficiency company named Efforce as a report by the Maltese news daily The Malta Independent issued on July 18 shows.
The reports show that Steve Wozniak co-founded the company along with Jacopo Visetti who - as his LinkedIn profile shows - works in the renewable energy and environment sector. The page also shows that Visetti co-founded Efforce in January 2018 which is approximately one year and seven months ago.
The Efforce’s LinkedIn page also features Steve Wozniak in the news - just like many best cryptocurrency news sites at this time. According to the page, the company provides the first blockchain-based platform focused on investing in energy efficiency, with its main goal of “being recognized as the first and main platform in the world for tokenized energy savings.”
In the report which is viral in the altcoin news, Wozniak is featured for his recent statement about Efforce at the pre-launch for the Delta Summit which is a blockchain conference held in Malta every year.
Now that Steve Wozniak co-founds the firm, he also said that "EFFORCE is a unique business model and we can have a great impact on the entrepreneurship."
As the news show, Steve Wozniak reportedly spoke about his view towards blockchain and how he thinks that blockchain will be a great boon to decreasing the public’s environmental impact without requiring people to change their habits. Wozniak also addressed the local government and its pro-blockchain attitude as the key to Efforce’s decision to launch in Malta.
Steve Wozniak also said that efficiency has always been important to him. He said the idea is to save money on energy but also to do good on the environment. “Blockchain will improve the way we use energy and lower energy consumption without changing our habits,” Wozniak said.
As we previously reported, Steve Wozniak also co-founded a blockchain investment project in October 2018 this year. He founded the venture capital fund EQUI Global to support investments in blockchain solutions.
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