In a patent application recently released by the U.S. Patent and Trademark Office, the company outlines how it could use a distributed ledger to record who owns an asset, as well as use digital wallets to allow owners to access these assets.
According to the application:
“Information regarding the ownership of particular assets (e.g., shares in a company, etc.) are stored in a blockchain, and various data processing operations (referred to below as “application processing”) are performed using this ownership information.”
The application notes each block’s cryptographic hash value as an attractive feature, stating that the fact that a blockchain cannot be modified by malicious actors acts as an effective security function in protecting asset ownership data.
The fact that users can maintain privacy even with a public blockchain only adds to the technology’s attractiveness, according to the application…