Categories: Bitcoin Business

Amazon Secures Patent Involving Cryptographic Proof-of-Work

Click here to view original web page at www.financemagnates.com

E-commerce giant Amazon has won a new patent related to the proof-of-work (PoW) algorithm, the system that underpins most major cryptocurrencies, including Bitcoin and Litecoin.

The patent document, which was initially filed in December 2016, describes a system that uses PoW cryptographic concept to prevent distributed denial-of-service (DDoS) attacks.

In this sense, the authors of the document propose to use Merkle Trees, which allows computers on the network to verify individual records without having to review and compare versions of the entire database.

Suggested articles

How the FX Industry Can Benefit from Outsourced ITGo to article >>

This, according to the patent, makes building the Merkle tree is the required proof-of-work within the network while also guaranteeing that all the other records in the database haven’t been changed.

The patent published by the U.S. Patent and Trademark Office (USPTO) further explains: “A proof-of-work system where a first party (e.g., a client computer system) may request access to a computing resource. A second party (e.g., a service provider) may determine a challenge that may be provided to the first party. A valid solution to the challenge may be generated and provided for the request to be fulfilled.”

Abundance of big companies filing patent applications

Last year alone, several major companies applied for Blockchain-related patents. In turn, it’s been obvious that E-commerce giant was going to dip their toes into blockchain territory for months now. Earlier in November, Amazon filed a cloud computing patent, which describes how to use cryptocurrencies as a payment method for cloud computing services on Amazon Web Services (AWS).

However, and despite public interest and competitors’ experience, Amazon has never accepted cryptocurrencies as a payment option for its products. The company hasn’t changed its attitude even after one of its major rivals, Overstock, delved further into the crypto space with various ventures and many expected Amazon would have to follow suit.

The patent document, which was […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Price Forecast: BTC/USD Volume Could Indicate A Breakout

Bitcoin’s daily volume spike could create a necessary condition for a breakout. Traded price ranges continue to constrict. Bitcoin’s Bullish… Read More

4 hours ago

Billionaire Tim Draper: Bitcoin Will Hit $250,000 By 2022

Billionaire venture capitalist Tim Draper told BlockTV that in the next several years, Bitcoin could reach $250,000 per coin. "$250,000… Read More

4 hours ago

Maduro Mandates Petro-Financed Public Housing Scheme in Venezuela

Embattled Venezuelan leader Nicolas Maduro looks to expand Petro adoption through a new housing initiative. | Image: REUTERS /THIRD PARTY.… Read More

4 hours ago

Malware InnfiRAT Targets Bitcoin And Crypto Wallets

The malware named InnfiRAT could be stealing bitcoins and cryptocurrency wallet information. It is usually downloaded through email attachments and… Read More

4 hours ago

Bitcoin (BTC) Interest in China Driven by Price Action News

Share Tweet Send Share Baidu search trends in 2019 show Chinese bitcoin interest being driven largely by price action news.… Read More

4 hours ago

Crypto and the Latency Arms Race: Crypto Exchanges and the HFT Crowd

Max Boonen is founder and CEO of crypto trading firm B2C2 . This post is the second in a series… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More