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Factom Files Patent for Validating Documents on Blockchain

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Lightning

Factom just just filed another blockchain patent proposal, which makes information sharing on a DLT network easier.

The proposal details a system that enables document validation on the blockchain.

The patent claims the concept:

“Authentication of electronic document is based on multiple digital signatures incorporated into a blockchain. Structured data, metadata, and instructions may be hashed to generate the multiple digital signatures for distribution via the blockchain. Any peer receiving the blockchain may then verify an authenticity of an electronic document based on any one or more of the multiple digital signatures incorporated into the blockchain.”

The firm’s second application, published on Aug. 23, by the USPTO (U.S. Patent & Trademark Office), has an additional secrecy-oriented objective:

“Sharing of confidential, secret data is via one or more blockchains. Mortgage applications, medical records, financial records, and other electronic documents often contain social security numbers, names, addresses, account information, and other personal data. A secret sharing algorithm is applied to any secret data to generate shares. The shares may then be integrated or written to one or more blockchains for distribution.”

The system is intends to protect vulnerable financial plus personal info by means of a hashing algorithm. The algorithmic program will split the sensitive data into different shares and then distribute the shares across different blockchains. As a result, sensitive data gets additional security. The data is in a code form and stored in independent blockchain data vaults. This design could prove to be highly safe if well-enforced.

Difficult to Hack Blockchain

Blockchains are not easy to hack because distributing, updating and verifying of the information are across several computer nodes instead of only one. As a result, hackers have to forcibly control multiple nodes to snatch sensitive data or even try to change it. The new patent is likely to take things further by allocating protected data in cluttered parts across several distributed ledgers.

 

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