Xerox to Create a Blockchain System That Will
TechnologyBit News Today1 min read
The U.S. Patent and Trademark Office (USPTO) has granted Xerox Corporation a patent for a blockchain-based system that tracks revisions made to electronic documents. Published on November 13, the patent filing outlines a technology designed to securely audit modifications to electronic files and determine if a document has been altered.
How the System Works
Xerox's patented system operates on a network of servers and electronic devices. When a user makes a change to an electronic document, the system generates and saves a data packet containing the revision details. This data packet is then signed with the user's private key and transmitted to a node on the network.
The node validates the signed transaction and, upon success, updates the blockchain with the new data. If the transaction is unsuccessful, the node sends an auditing alert. The blockchain's distributed consensus and proof-of-work protocol make it extremely resistant to changes of any kind.
Applications Beyond Electronic Commerce
While Bitcoin's blockchain is designed for securing digital transactions, Xerox's patent aims to adapt the technology for auditing non-commercial records. Xerox is believed to see potential uses for the system in areas like crime investigations, where any alteration to vital evidence records can carry major consequences.
By extending blockchain technology beyond electronic commerce, Xerox's patent demonstrates an effort of broadening the blockchain applications across various sectors.
Previous Patent and Market Reaction
This is not Xerox's first foray into blockchain technology.
EST on Wednesday. On TipRanks, the company has a "Moderate Buy" ranking derived from one analyst rating, alongside a price target of US$34.
