Verisign Patents New Technology that Prevents Bitcoin Double Spending
Verisign patent application for a technology to prevent double spending can make bitcoin payments more efficient. Verisign, a digital signing and security solutions provider has recently moved to patent a technology that prevents double spending. The technology in question can effectively detect and prevent digital assets like bitcoin and other cryptocurrency from being double spent, thus protecting the interests of the receiver. Most digital currencies work using a single use cryptographic key. This key can be transferred only once for the transaction to be considered valid. When multiple....
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Patents are not something native to the Bitcoin world, but that isn’t keeping companies from trying to file them anyway. Bank of America has been trying to patent various blockchain-based solutions in the recent months, and now Verisign is looking to do the same. Based on a recent Medium post, we can see how Verisign wants to address the double spend scenario in the digital currency world. Verisign Solved The Double Spend Problem? Even though very few people are concerned about the prospect of being subject to a double spend in the Bitcoin world, although other types of digital currency....
The ongoing debate about whether or not Bitcoin can scale sufficiently on its path to mass adoption has led many people to question if it will ever reach that point at all. The Bitcoin protocol’s main focus is providing security in transactions. It prevents double-spending by making it incredibly ...
In addition to 15 previously filed blockchain-related patents, Bank of America is now reportedly drafting up another 20 patents that will be submitted to the US Patents and Trademark Office (USPTO) later this month. While numerous reports from regulators, settling houses and even governments talk up the potential of Bitcoin’s underlying technology – the blockchain, Bank of America (BOA) is trying to get ahead in the blockchain space as one of the few big financial institutions actively filing patents related to crypto technology. Speaking to CNBC, a spokesperson for the bank revealed that....
One of the reasons Bitcoin has experienced a degree of success over other digital currencies is its ability to overcome what is known as the double-spend problem. Double spending, for many years, had been a vexing issue for any sort of e-currency: how to avoid someone from having the ability to send money to one party while simultaneously sending it to another. Double spending is not a problem that exists in physical fiat-based currencies. This is due to the fact that one can duplicate files that make up a digital system much more easily than the time and effort it takes to counterfeit....
There are many reasons to be excited about bitcoin: it could enable totally new business and technology models; it resembles the internet in the early '90s in the sense that it is a network that no-one owns and everyone can contribute to; it could revolutionise legal concepts of ownership; it could disrupt the payments industry; it could even become a tax haven. It could also flop. In an earlier post, I described the thinking behind my first angel investment in the digital currency space: CoinDesk. In this post, I discuss what first got me excited about bitcoin - the solution to the....