Apple . is creating a system for proving timestamps with the use blockchain technology.
Blockchain, which is gaining in prominence and publicity amidst all kinds of companies, is a public ledger of all transactions that have ever been accomplished. Previously this month, Coindesk spotted the patent request that is discussing about three methods for verifying timestamps with one involving the use of a blockchain platform.
The application of the Cupertino (California technology giant) says, "The new time becomes part of a blockchain when a miner solves the hash puzzle related to the new block holding the transaction pointing the new time. Because of distributed consensus, attempted alteration of the blockchain by a malignant node provided by the time worth will be revealed by veridical nodes.
Apple isn’t the only technology powerhouse eyeing blockchain. In September, Microsoft Corp.(MSFT) inked a deal with Israel’s largest bank to accomplish a platform for digital bank guarantees based on the technology. According to a report by The Times of Israel, the deal between Microsoft and Bank Hapoalim marked the first time a financial institution in the country start using blockchain for financial contracts.
If this platform will be used, the bank will have the opportunity more easily sign up warrantors. To get a bank guarantee today, a client has to go into a bank branch, move the guarantee to the beneficiary and then return it if it isn't used, which can be a difficult and it will take a lot of time.
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