Currently, the new and innovative uses for Blockchain technology has been adopting by many companies. The Blockchain market size is likely to grow from last year $210.2 mln to $2315.5 mln in 2021.
Mainly, Blockchain targets banks, financial institutions and payment systems. Uber, Airbnb and Capital one is the major corporations integrating Blockchain into their systems.
Why are they adopting Blockchain?
However, worldwide banks are prone to cyberattacks, malware and hacks. This causes to lose confidence in credit cards and ATMs due to the threat of identity theft. Institutions of financial have also shown themselves to be astoundingly prone to losing customer data. The main aim of Blockchain technology is to help decline and contest such security. It concerns helping to prevent identity theft and fake transactions.
Former Ethereum lead developer Roman Mandelei shared:
“I think the identity hacking will be solves through Blockchain because if your identity is controls by one private key that is secure by you personally, there is no way to hack it, or at least much less than in the traditional database systems”.
Blockchain boost great for Nvidia Business
The Blockchain technology is positively reflecting on Nvidia’s sales. The major companies like Samsung and IBM are hiring Bitcoin and Blockchain experts and if they use Nvidia chips, it would mean big wins for the chip manufacturer.
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Xerox Applies for Blockchain Timestamp Patent
Recently, a patent application by Xerox indicates a desire to create a Blockchain based timestamp protocol for data such as pictures or copies. The timestamp can be irrevocable which means data could be admissible in courts as evidence.
The application holds the details 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”.
Recently, the Bank of America filed nine unique Blockchain technology patent applications relating to payment methodology. Earlier, Xerox filed separate pair of Blockchain based patent.