Apple Inc. has turned in a new patent application, which uses the blockchain technology to create and verify timestamps. The system operates within a prospective system, according to U.S Patent and Trademark Office. Timestamp is the time of an event encoded and recorded by a computer. The computer maintains accurate timestamps, from minutes to even fractions of seconds. Such precision helps improve the effectiveness of networks on the computer. Timestamp mechanism is used for various synchronization processes.
Blockchain technology, which became very popular by its widespread use in cryptocurrencies, is now playing a major role in financial and non-financial applications as well. This is due to the blockchain's popular feature of decentralization, and the security that comes by it.
The patent released by Apple details a program that can certify timestamps. It does so by merging the features of blockchain technology with those of Public Key Infrastructure (PKI) tools. Apple’s application details three methods to develop timestamps, with one of these describing the blockchain platform.
Apple explains that their patent involves linking a particular piece of information to a particular transaction on their blockchain network. By creating a whole network of these transactions, Apple will be able to verify changes in the network. This would create a more secure network and will be able to root out a single malicious node from the whole network.
In the application, Apple states:
“If any party attempts to alter a node some time earlier in the blockchain, each hash puzzle solution for block subsequent to the altered block becomes broken or incorrect. Each participant can see that such a broken blockchain does not agree with their own copy of the blockchain. The broken blockchain is thus not recognized by the nodes.”
The benefit of using a blockchain-based network are numerous. The whole cryptocurrency market is based on this technology. The decentralized system that is achieved through blockchain creates a secure network that requires authentication from all its member before changes can be made. As changes cannot be made without authorization from all the nodes, the network can very easily identify corrupt or useless nodes. This prevents corruption of the system.
Apple is just one of the companies who have recently announced that they will be using blockchain technologies. Recently, American Express, Microsoft, and many other conglomerates, announced projects with blockchain technologies.