Lenovo, the renowned Chinese technology company, is set to use blockchain to verify the validity of documents. This is according to an application provided by U.S. Patent and Trademark Office (USPTO). The application that was first submitted in August 2016 seeks a patent for using digital signatures that are encoded in documents, which can be processed by technology such as computers for the verification of a document legitimacy.
How the System Will Work
Machines such as computers will decode the signatures and change them to a digital map that the user can compare with the physical document. According to the application, the digital signature is a form of a security blockchain that has various digital signatures, representing blocks in the security chain. According to Lenovo, the security blockchain is a distributed database that will have more data records got from revisions and tampering. The company further explains that when using the blockchain security, anyone can check and validate the authenticity of the physical documents even if there are multiple copies made; even other people who have made entries on the blockchain. A key advantage of the system is that multiple parties that have copies of the same document can verify if it is the accurate copy.
Lenovo has had other trials with blockchain technology last year. According to an article by Forbes, the company collaborated with IBM to come up with a blockchain invoicing system. The partnership’s aim was to invent a system that could make operational data processes and billing transparent and easily traceable.
Use of Blockchain Technology by Other Firms
Other global companies that have taken advantage of blockchain to improve their services include IBM, which collaborated with a network of banks to use blockchain software and digital currency to move money throughout the South Pacific. The network has 12 currency corridors that include Australia, New Zealand, and other countries including Tonga and Fiji. Merchants now find it easier to send money in real time to other countries.
IBM is also involved in tryouts with other global companies such as Maersk, which is based on the Hyper ledger fabric – a blockchain network that provides a foundation for those applications that have modular architecture. The solution was built by IBM and Digital asset to host chaincodes, which are smart contracts that have the application logic of the network.
Why Blockchain Technology?
Blockchain technology is expected to revolutionize the digital world, just as the Internet has done. The potential for future applications that use blockchain technology is endless. Blockchain technology can be used for the management of paper trails, to exchange essential information in real time, do away with intermediaries in transactions, and eliminate fraud due to its irreversibility. Although it might take some time before firms come up with smart contracts that can change the corporate world, organizations such as Lenovo have set the ball rolling. It is now the right time for employees who work for global companies to know how blockchain technology works.
So what do you think about Lenovo’s use of blockchain technology for the verification of physical documents? Leave us your views in the comments section below.