Just when we thought that blockchain couldn’t get any more interesting, here’s a piece of news that will brighten up your day! Xerox was awarded a patent for blockchain-driven auditing system for electronic files on Tuesday.
As per the record of the patent published by the US Patent and Trademark Office (USPTO), it is, “An electronic device making a change to an electronic document can transmit the change to the network. An audit log chain is residing on the network and shared among all the nodes on the network. A node on the network can verify a change of document made by other nodes and add a new block to the chain using one-way hashes, making the chain resistant to tampering. If an invalid block is detected, the system can send an auditing alert to the network. The audit log can be strongly resistant to tampering, providing reliable evidence for use in audit compliance, investigations, and business or court record keeping.”
The patent further added that the machine housing the blockchain would identify a first version of an electronic document, receive, from a user electronic device, a revised version of the electronic document, analyze the first version and the revised version to create a diff between the first version and the revised version, form a data packet that comprises the diff and an identifier for the user electronic device or for a user of the user electronic device, access a private key for the user or the user electronic device, sign the data packet with the private key.
The signed data would then be transmitted to a plurality of nodes on a communication network. It may also employ some version of cryptocurrency or digital tokens wherein “accessing the private key comprises receiving the private key from a key store or a wallet.”
Earlier this year, Winklevoss twins bagged a patent for settling exchange-traded products with cryptocurrencies.