Initially,
when it debuted in 2009, the buzz about blockchain-primarily revolved around
its uses in the financial services industry. Later, it swept its way into
various industries due to its transparency and security pillars in a zero-trust
environment. Currently, the use of blockchain is limited to the start-up domain
and has spread to well-established financial institutions. This technology has
a staggering CAGR rate of over 69% between 2019 to 2025. Despite such promising
development, significant companies like Google, Facebook, and Apple have held
back from this technology.
The
biggest revolution of this technology is that it ensures provenance. To put it
plainly, it validates that something was done at a certain point in time. This unleashes
the power to avoid corruption and unlock more collaboration and value
potential.
Blockchain
has grown into one of the most failsafe systems of dealing in the digital
network space while not being indestructible. The technology has been praised
for ensuring information integrity when used as intended.
Many
companies have invested in blockchain research and come up with solutions to
meet their business requirements.
To
begin with, let's see what FAGMA companies have contributed to this field.
MICROSOFT
Microsoft
is one of the most supportive corporations when it comes to cryptocurrencies.
Microsoft had started accepting Bitcoin payments on its website in 2014 when
almost no one had even heard of cryptocurrencies. Microsoft has some 40 patents
related to Blockchains as payment gateways and for secure storage. Bill Gates
and several of his non-profit organizations have looked at Blockchains to improve
their organization's workings.
Among
the many Blockchain patents filed by Microsoft, the one which highlights
security at its core is "
Establishment
of a confidential blockchain network- US-10922425-B2" and "Proof of
ticket consensus processing on a confidential blockchain network - US20200089895A1".
Microsoft
filed a patent in the USA in 2018 for the 'Establishment of a confidential
blockchain network,' which was published in 2021.
In this
patent, a permissioned blockchain is caused to be deployed to nodes. Unable to
store a nano block (encrypted database), access level blocks are established.
The access level blocks include access level blocks for users, including
security credentials for the user. For each access level block: nodes are
selected for the deployment block and are replicated to each of the selected
nodes. There are at least two copies of each access level block on the
permissioned blockchain, and it is capable of performing cryptographic
operations.
Microsoft
USA filed another patent in 2018 for the 'Proof of ticket consensus processing
on a confidential blockchain network,' which was published in 2020.
In this
patent, each node communicates a transaction in a permissioned blockchain that
stores an access level block corresponding to a user. At each node associated
with the transaction, a real-time determination is made to verify the security
credentials for the transaction. In response to generating a consensus among
each node, approval for the transaction is provided. At each access level block
in the permissioned blockchain, cryptographic details are stored as a nanoblock
in the access level block.
AMAZON
Amazon
has listed "thousands of banned, unsafe, or mislabeled products" with
fake certifications, which led its inclination towards a Patent for a
blockchain system that would allow "verifiable tracking of an item through
a supply chain using a distributed electronic ledger." The patents "Blockchained-backed
device and user provisioning - US-10581847-B1" and "Granting and
securing ownership of cross-application digital assets - US-10946291-B1" also
reflect the security implementation of blockchain.
In "Blockchained-backed
device and user provisioning."
Distributed
computing and storage systems and services are not necessarily under complete
control of the implementing user or enterprise. The integrity of transactions
made in addition to that can be challenging to ascertain. In such scenarios, the
cryptographic method for authenticating the identity of the connecting users
and/or devices may be implemented. However, it can be challenging to detect
attackers in a diffuse environment.
In "
Granting
and securing ownership of cross-application digital assets,"
a
blockchain-based approach is made for granting and securing cross-application
digital assets. In Current games, the players don't truly own the loot earned,
but this development will allow digital assets to be transferred between
multiple applications, which multiple developer entities may offer.
FACEBOOK
Experts
believe Facebook could use blockchain technology to enhance privacy for the
billions of people on its platform on any given day on the privacy and data fronts.
For instance, blockchain could be employed to prove a person's identity and
could be used to provide users with more control over their data. Facebook
could create contracts that stipulate who can receive information on the
platform. Working on this, Facebook announced it was making the team study how
the blockchain technology behind bitcoin can be used in developing new
products.
APPLE
In
August 2017, Apple filed a patent for a blockchain-based timestamp
verification system. Electronic trading systems can't function without
timestamps, and network administrators rely on timestamps to locate and fix
problems. If timestamps are stored on a blockchain, the network will recognize
when an intruder tries to alter a timestamp, creating unauthorized blocks that the
network would not validate. Instead, the network would reauthenticate the
proper timestamp.
GOOGLE
Google
filed a blockchain patent application focusing on securing information stored
in the cloud, even as it expresses a strong dislike for Bitcoin and other
cryptocurrencies. The search engine giant is looking forward to using
blockchain to record signatures and verify the data stored in their databases.
To do
so, they will utilize a "tamper-evident log." The application uses
two blockchains – the first one contains signatures, and the second one stores
the information verified by the signature.
Another
giant in blockchain research is IBM.
In
2020, IBM made significant strides toward bringing blockchain into the
mainstream by focusing on the benefits it offers enterprise users. Those virtues
include connecting with a broader range of partners to share data across secure
networks built on trust and transparency.
It can
be noted that, through applications such as nonfungible tokens, record-breaking
investment, and market capitalization, 2021 has given the blockchain market a
fresh lease of life.
With
that being said, market activity and excitement, on the other hand, draw more
than just headlines and enthusiastic adopters. There is a rising extent of
current cybersecurity concerns and the unique hazards that decentralized
systems might permit. Also, blockchain penetration is still relatively low.
This is, in part, because it's still tough to use. As I've covered before,
blockchain-based development is still relatively inaccessible.