2017 was the year of blockchain and cryptocurrencies. We saw both technologies go mainstream, attracting the interest of banks and governments. And while many invest large amounts of their hard earned money, others do not get the hype.
2017 was the year of blockchain and cryptocurrencies. We saw both technologies go mainstream, attracting the interest of banks and governments. And while many invest large amounts of their hard earned money, others do not get the hype. However, the better part of the community believes that even if digital money doesn’t stand the test of time, blockchain is the technology of the future.
The number of patent filings is enormous. But this only goes to show that even the big names of the financial industry are keeping an eye on technologies. For instance, Bank of America applied for a patent, which would eventually let them exchange cryptocurrency for fiat money. After a customer does the exchange he could further change them for another cryptocurrency, hence he has three separate bank accounts acting as money stores.
Accenture were one of those who secured a patent as well. Undoubtedly, they managed to polarize the community with their editable blockchain patent. Accenture propose the idea that under certain conditions parties in the blockchain can make changes such as altering data or event when it might be subject to fraud. This gives the opportunity the keep unfriendly parties away from the blockchain but it is kind of against the nature and ideology of the system.
At the same time, one of the biggest credit monitors, FICO, began to monitor bitcoin transaction. The organization claims that cryptocurrencies are often used in money laundering schemes and other illegal actions. From now on, FICO would rate transactions with “threat score”. The ones with the highest scores will be considered risky and probably fraudulent.
Notable patent fillings came from China as well. With China UnionPay willing to connect its ATMs via blockchain. If that is to happen, blockchain could solve many current security-related problems and furthermore improve the speed of transaction processing. Another notable mention is Richard Sandor’s intention to produce hardware device that makes cryptocurrency trade available. He proposes that his device with tie digital money to derivatives contracts. The registry would eventually serve as a physical equivalent of the cryptocurrency. All of that happens when the definition of “physical delivery” of something that has completely digital nature is far from precise.