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US bank holding company Capital One won a blockchain patent for content validation.
The patent, originally filed Feb. 22, 2018 and released last week, details a device that supports a content validation network based on blockchain technology.
"In general, the content that content providers make available to users is very limited, and it can often be difficult for users to verify the validity of content provided by users.
A blockchain is an ever-growing list of records, called blocks, linked and secured using cryptography. Each block can contain a hash pointer as a link to a previous block, a timestamp, and transactional data (for example, each block can include many transactions). By design, a blockchain is inherently resistant to changing transactional data. "
Despite the support of the banking elite at the "blockchain not Bitcoin", the patent of Capital One refers to both Bitcoin and Ethereum, which perfectly illustrate the operation of the blockchain, thus countering the anti-crypto speech.
"[Thus] a blockchain can be considered as a log of the transactions ordered. A particular type of blockchain (eg Bitcoin) stores parts as system states shared by all nodes in the network. Bitcoin nodes implement a simple replicated state machine model that moves parts from one node address to another node address, where each node can include many addresses. "
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"Another special type of blockchain (eg, Ethereum) extends Bitcoin to support user-defined and complete state machines. An Ethereum blockchain allows the user to define complex calculations and / or instructions in the form of a smart contract, which includes executable code designed to perform one or more actions depending on the number of users. occurrence of a condition. An intelligent Ethereum contract, for example, defines in executable code a computer protocol that facilitates, verifies and / or enforces the negotiation or execution of a contract.
Once deployed, a smart contract is run on all Ethereum nodes as a replicated state computer. The Ethereum node includes an execution engine (for example, an Ethereum virtual machine (EVM)) that executes a smart contract. A difference between Ethereum and Bitcoin is that intelligent transaction and contract states are managed by Ethereum, while only transaction states are managed by Bitcoin. In fact, a smart contract is identified by a unique address that includes a balance. When recovering from a single address trigger transaction, the smart contract performs intelligent contract logistics. "
The content validation system based on a blockchain can also trigger payments, resulting in "the transfer of compensation between entity accounts badociated with the content validation process", effectively exploiting digital badets and perhaps the decentralized crypto-currencies to transfer value.
As educational and informational discussions deepen and banking leaders better understand emerging technology, developers hope crypto-currencies will be unfounded technologies, or purely speculative tools, illustrated by JPMorgan CEO Jamie Dimon , which will qualify Bitcoin as "fraud", will change gradually.
Ethereum co-founder, Vitalik Buterin, would advocate a more holistic approach to blockchain and cryptocurrency integration, while opposing the "blockchain not bitcoin" discourse.
According to the local News1 newspaper, Buterin met with members of the South Korean parliament last week to give an overview of the industry, pointing out that cryptocurrencies are an essential part of the blockchain ecosystem.
Capital One is the tenth largest bank in the United States in terms of badets and operates three main divisions: credit cards, consumer services and business services. His bank holding company, specializing in credit cards, auto loans, bank accounts and savings, reported a net profit of $ 1.3 billion in the fourth quarter of 2018,
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Disclaimer: The opinions expressed in Daily Hodl do not constitute investment advice. Investors should exercise due diligence before making high risk investments in Bitcoin, Cryptocurrency or digital badets. Please note that your transfers and transactions are at your own risk and that any loss you may incur is your responsibility. The Daily Hodl does not recommend buying or selling crypto-currencies or digital badets, and the Daily Hodl is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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