Bitcoin Global News (BGN)

November 16, 2018 -- ADVFN Crypto NewsWire -- Amazon was just given approval for two patent submissions that are related to digital signatures and distributed data. These are two of the most important processes that came out of Bitcoin’s structure. They have no been broken down and used to benefit other types of networks, not just cryptocurrencies.

Digital Signatures

Digital signatures are the process that ensures transactions of cryptocurrencies are from the intended sender and accepted by the intended receiver. These signatures are unique to each user and encrypted so that they cannot be duplicated.

Amazon’s patent “signature delegation” describes a method for“protecting the integrity of digital signatures and encrypted communications.” The system is a novel application of digital signatures that allows the generation, distribution, validation, and revocation of one-time-use cryptographic keys.

Distributed Data

Distributed data is the process in which a network holds information across a multitude of memory sources, instead of one single data center. This is one of the most important aspects in relation to blockchain networks and cryptocurrency security, because without one central storehouse of data, hackers have no place to specifically attack.

The second patent was first filed back in December of 2015. It outlines a filing proposes using a “grid encoding technique.” The patent suggests this method can help to minimize storage redundancy and in turn, allow for maximum availability, durability, and means of data recovery. Other blockchain companies such as Filecoin, Sia, Storj, and Swarm have all attempted to deal with these issues of distributed data storage using blockchain technology.

Amazon is becoming a major source for blockchain technology development, and is also creating an entirely new service within the industry of Blockchain-as-a-Service (Baas). Through Amazon Web Services, businesses can utilize templates for blockchain networks built on the Ethereum public network as well as the Hyperledger permission network developed by the Linux Foundation.

By: BGN Editorial Staff