US telecom giant Verizon applies for blockchain cryptographic patent

Rage Review : Verizon Communications, the largest telecommunications company in the United States, submitted a patent application for blockchain technology for managing passwords in May, using blockchain-based applications to manage and track customer passwords. In addition, many American companies have applied for blockchain-related patents, such as PayPal and Bank of America.

Translation: Annie_Xu

Verizon Communications has applied for a patent for blockchain technology for managing passwords.

Verizon, the largest telecommunications company in the United States, filed a patent application in May. After years of development, blockchain technology can be applied to the management of digital rights. According to the patent application, the purpose of this blockchain technology application is to track and manage customer passwords.

"A digital rights management system (DRM) may store various passwords in a password blockchain. The password blockchain may store a sequence of passwords associated with a specific digital content and identify the currently valid passwords. For example, the first password is assigned to the first user and set as valid. If password access rights are transferred to the next user, the blockchain will obtain and add the new password and set it as valid. The first password will then be considered invalid."

Verizon is the latest company to file for a blockchain-related patent

Although blockchain technology is still new, many large companies are still applying for legal rights for related applications. At the end of last year, PayPal applied for a patent related to a digital reputation system, and Bank of America is also busy compiling more than a dozen patent applications related to Internet finance and blockchain technology.

Despite the lack of a legal regulatory framework, cryptocurrencies and blockchain technology have made great progress, but there are still exceptions. Last year, Bitcoin exchange giant Coinbase applied for multiple patents for Bitcoin and blockchain technology.

The bubble of blockchain development may soon burst

Blockchain has become a trend recently, with Bitcoin and blockchain startups raising nearly $300 million in investment in the first half of 2016. As a result, industry experts have begun to speculate that blockchain technology may be like the Internet bubble era in 1990, and that this bubble may soon burst, leading to the collapse of the entire industry.

Maybe so, but blockchain technology itself is here to stay.