What it is: Apple recently filed a patent for an application that uses blockchain technology for time stamping.
Apple files patents for a variety of inventions but not all of them ever turn into commercial products. However, watching Apple’s patents can hint at the direction that Apple may be heading in the near future. That’s why it’s not surprising to hear that Apple recently filed a patent regarding blockchain technology. This is the same technology that creates a digital ledger to keep track of cryptocurrencies like Bitcoin.
What Apple plans to do with their blockchain patent remains to be seen. However, it’s obvious that blockchain technology will be used for a variety of tasks in the future. Kaspersky Labs, the makers of anti-virus software, recently revealed plans to use blockchains to track voting. In this way, voters can be accurately and reliably tabulated and verified. Blockchains offer privacy, anonymity, and security, which makes it perfect for online voting.
Blockchain technology is going to have a huge impact on online voting, cryptocurrencies, and smart legal contracts. By creating a completely secure and transparent system that lets everyone view data without being able to modify it, block chains promise to increase trust through distributed computing since no single copy of the blockchain exists anywhere but is spread throughout computers all over the world. That means blockchains will threaten today’s status quo of centralized power, specifically governments.
Every major company will soon be relying on blockchain technology. The only question is when and what.