IBM is in the crypto news again for filing a patent application after evidencing that the use cases for distributed ledger technology are constantly growing.
The goal of this tech giant is to create a system in which the blockchain will represent a form of the experiment consisted of individual blocks that will contain the research data, results, and analysis. Also, the blocks will contain all the post-data analysis with an option to review the effect of the modifications.
IBM filed the patent application with the United States Patent and Trademark Office right before 2017 ended but also when IBM filed a blockchain patent with augmented reality and focused on gaming.
The decision is a result of the lack of transparency for data collection according to the scientific research community and blockchain seems to be the cure for this disease. The blockchain might also solve problems related to information protection and unauthorized modifications as well.
What is most interesting is that IBM is not the only company that wants to bring changes in this sector. However, other companies delivered ideas that fell short in addressing what the most important elements are surrounding the privacy, confidentiality, and accessibility. On the contrary of the many solutions provided, IBM’s solution focuses on a nimble computing environment for conducting experiments on the blockchain.
The company describes a ‘’first block of research data and the second block of analysis data’’ all that representing an analysis performed on the research data. In general, the technology wants to accelerate the scientific research process by allowing researches to use more tools to help them analyze and make conclusions which will lead to a more efficient and successful experiment or research.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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