Xerox Applies for Blockchain Timestamp Patent
A recent patent application by Xerox indicates a desire to create a Blockchain-based timestamp protocol for data such as copies or pictures.
In spite of the negative news surrounding cryptocurrencies this week, the push for new and innovative uses for Blockchain technology continues. A recent patent application by Xerox indicates a desire to create a Blockchain-based timestamp protocol for data such as copies or pictures. The timestamp would be irrevocable, meaning that the data could then be admissible in courts as evidence.
The application contains detailed analysis of how Proof of Existence can functionally create the appropriate chain for stamping each data point. The application says:
“The proof of existence is a specific example of the proof of existence service. In this example, the proof of existence service can be understood as a group of miner nodes who add blocks to [Bitcoin’s Blockchain]. The proof of existence is an example only. Another service that uses the [Blockchain] of the Bitcoin or another service that uses the [Blockchain] other than the Bitcoin may be used as the proof of existence service.”
Xerox had earlier filed a separate pair of Blockchain-related patents as well. The announcement follows on the heels of other major institutions filing patents for Blockchain technology applications. Bank of America, in fact, recently filed nine unique Blockchain technology patent applications relating to payment methodology, bringing their total to over thirty.