American multinational software giant Intel company headquartered in the Silicon Valley is seeking to record and verify transactions on blockchain technology platform.
A filing was released by the U.S. Patent and Trademark Office on Thursday which says, Intel proposes a method by which they will automatically partition and update distributed ledgers. A processor will be embedded to enable verification of new blocks and able to be linked to the ledger.
Cryptocurrencies like bitcoin and Ethereum uses advanced conventional mining method. Also, they depend on a network of competing nodes to validate and record transactions in exchange for rewards. But the method proposed by Intel is different from this conventional method.
The application says certain parameters should be pre-programmed in physical computers to define the method of validating a block.
The application states, “Distributed ledgers have inherent scalability issues. When all of the validators in a Distributed Ledger System must have a copy of all transactions, all of the transactions must be broadcast to all of the validators. These broadcasted transactions create a very large number of network messages.”
“A blockchain is a database that is stored on multiple different data processing systems and that can be updated by multiple different data processing systems. A distributed ledger may provide a digital record of financial transactions and asset ownership, for instance. Structurally, a distributed ledger may contain multiple block records, and each block record may include multiple transaction records, for example. A transaction record may document a set of one or more financial transactions, for instance. For brevity, block records may be referred to as “blocks,” and transaction records may be referred to as “transactions.” The data processing systems which interact with the distributed ledger may be referred to as “nodes.” For a distributed ledger, multiple different nodes may add new blocks of transactions to the ledger,” application’s technical field describes.
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