Cryptocurrency & Blockchain Business

Intel Looking To Eliminate Block Miners All Together With New Patent

A recent filing by the US Patent and Trademark Office reveals that Intel (the giant software company) is searching for a new way to validate transaction on a distributed ledger network. The company plans to be able to automatically update distributed ledgers through a processor that is capable of independently verifying news blocks to the ledger.

Compared to the conventional way of mining blocks on the Blockchain, Intel’s new software intends to create a distinct way of mining that is built on a network of computing nodes that verify transactional records for a reward automatically.

It is not a Blockchain

Through the patent application, Intel made it clear that although some of the distributed ledgers systems set to be created would be Blockchains like Bitcoin, the new technology will be exclusively distinct and different from Blockchain.

In order to validate blocks on the distributed ledger, for instance, the application indicated that physical computers would be required and programmed with certain protocols for that to happen.

In terms of scalability, the application acknowledged the prevalent scalability issued of decentralized ledgers such as Blockchain. Basically, a decentralized network is able to validate transactional records by sending out a ledger of all transactions to all the nodes on the network. The application stated that this was the fundamental issue with scalability.

Distributed ledgers have inherent scalability issues. When all of the validators in a DLS must have a copy of all transactions, all of the transactions must be broadcast to all of the validators. These broadcasted transactions create a very large number of network messages

However, the current automated decentralized ledger block verification protocol that Intel has filed a patent for will enable secure and efficient partitioning of distributed transactional records.

More scalability for Blockchain

Intel has also been on a row with patent applications. In fact, these developments come right after the software giant put out an application about a month ago for another mining innovation for Bitcoin that accelerates mining hardware with an optimized data scheduler.

The patent application (originally submitted in 2016), outlined methods through which Bitcoin mining could be increased. Together with the recent patent, Intel is looking to reduce the cost of power during mining by over 35 percent.

Additionally, Intel mentioned that the technology is not only meant for integration into ASIC mining processors but that any simple accelerator can be used with any mining setup and configuration. Even though Intel has kept a safe distance from anything crypto related, it’s easy to note that the company’s innovations have a significant solution to the overall intense energy consumption issue in the current cryptocurrency mining space.

Do you think it’s a good idea for Intel to work on building better mining software? Share your thoughts and opinions with us in the comments section.

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