Tech Giant Cisco Applies Patent for Bitcoin Mining

On Tuesday, Cisco Network tech giant won a patent which was applied to the bitcoin mining process. According to U.S Patent and Trademark Office, the firm submitted the patent application early in September 2015. The patent was mainly for a crowd-sourced cloud computing system.

The patent blueprints on how computer owners will be able to provide their unused processing power for certain processes. Basically, it includes the energy-intensive mining process. It elaborates how a user could partition their resources to create dedicated computing power for a cloud application. The cloud application is utilized for various purposes.

Cisco cites as follows

“This model is suitable for, among other things, offering distributed processing and services that can be optimized for speed, volume, scale and resiliency, cost, and regulatory compliance–for example, distributed neighborhood theft protection systems, or cluster, city or municipality county relevant services… One such case involves bitcoin mining, which may be very computationally intensive and is typically more convenient for every participant when done in ‘mining pools.”

Cisco proclaims the advantages of distributed processing in the filing. The system can easily scaled and buoyant against certain forms of attack.

Patent’s usage

The company asserts that the service provider can use geographic distribution to offload or optimize network loading, as well as to resell large-scale, low-cost computing and storage capacity.

Cisco is one of well-known enterprise technology firm which research applications of the blockchain. It specifically researchers in the field of connected devices or the Internet of Things. The company is approving patents for other uses of the blockchain. It also includes one which clouts the tech and tracks the data for group chats.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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