Lenovo Applies for a Blockchain Document Validation Patent

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Chinese multinational PC company Lenovo has filed a ptent with the U.S. Patent and Trademark Office (USPTO) for a system to “verify integrity of physical documents,” using a “security Blockchain”.

This is not a recent development, as the patent application was submitted back in August 2016, but was published late last week on February 15th.

The tremendous advantage of digital signatures encoded into documents, as opposed to physical signatures printed with physical ink, provides assurance that the document was not modified after the signing.

The security Blockchain, Lenovo writes, would allow one to ensure “that they have the current authentic physical document even if multiple paper copies exist and multiple people have made entries in the chain of modification.” In the case that multiple, fake copies of a physical document came into existence, they would “show up as orphaned blocks in the chain.”

Another example of an international multinational corporation advancing into Blockchain is the Swiss banking giant UBS, which back in December 2017 filed a similar patent with USPTO for a Blockchain-based system for client IP and user validation.

Despite Lenovo’s patent application wasn’t submitted recently, its online release comes as China is in the midst of a general crackdown on all things crypto within the country. China banned all foreign cryptocurrency exchanges in early February, following last September’s ban of Initial Coin Offerings (ICO).

The interesting factor is that even though the crypto bans in place, Chinese companies have not slowed down with exploring and joining the crypto sphere. On February 7th, Chinese-based payment service provider LianLian partnered with RippleNet to facilitate faster and less expensive cross-boarder payments in Europe, the US, and China.

 

 

Source: Molly Zuckerman, cointelegraph.com

Bogdan Maslea