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.
The City Of Graz Opens A Cancer Research Laboratory That Will Use Smart Contracts On The Blockchain
“Blockchain is definitely one of the new important technologies. In addition to Artificial Intelligence and Speech Recognition, it is one of the big issues we want to highlight in the coming period of the EU Presidency.”The Austrian government will provide Lancor with grants over a 5-year period for research equipment, clinical trials, facilities and more. Graz is not the only city in Austria with high blockchain interest. Vienna, the capital, is trying to stimulate blockchain innovation by opening a cryptocurrency bank last year. The country, in general, is open to negotiations regarding crypto legislation. The government also issued $1.35 billion in bonds on the Ethereum blockchain in September 2018.
DLT Use Cases: IBM Files A New Patent Application For Open Scientific Research On The Blockchain
UK Research Shows That Private Blockchains And New EU Privacy Rules Might Go Well Together
“There is a risk that this legal uncertainty will have a chilling effect on innovation, at least in the EU and potentially more broadly. For example, if all nodes and miners of a platform were to be deemed joint controllers, they would have joint and several liability, with potential penalties under the GDPR.”However, blockchain operators could be treated like processors the same way the companies behind cloud technologies control the users’ data. Blockchain networks could store personal data externally to meet the rules of the privacy laws or allow nodes to delete the private key that has encrypted information. GDPR rules are really hard to comply with especially for crypto mining businesses which are why the researches urge the European Data Protection Board to create a guide of the protection law that will be clearer.
Maduro: You Can Trade Petro To Other Crypto Assets Only If You Have Bought It In 2018
“Anyone who buys the Petro until Dec 31 will be able to convert it into any other digital currency.”In the past 12 months, Venezuela suffered extreme hyperinflation, therefore, the national currency of the country, the Bolivar, is basically worthless. Many citizens in the country are incapable of buying necessary things such as food and medicine since the Bolivar lost its value. According to a report from BBC:
“A 2.4kg chicken has been costing 14,600,000 bolivars (equivalent to $2.22, or £1.74) in the capital, Caracas. Last Thursday, a toilet roll cost 2,600,000 bolivars. And a kilogram of meat cost 9,500,000 bolivars.’’In order to change this terrible economic situation, the president Maduro created Petro that is supposed to represent the oil reserves of the country and become the new national currency. However, there are many issues with the cryptocurrency and some experts deny calling it a cryptocurrency. According to the official whitepaper, Venezuela guarantees that Petro will be accepted as a method of payment of national fees, taxes, and public services. The government also claimed that they raised more than $1 billion from the token sale of Petro. A few months later that number changed to $5 billion in the token sale. Experts believe that the government cannot have control over cryptocurrencies such as Petro and that is exactly why Petro is doomed to fail.
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