Blockchain Weekly Recap 10-8-2016
Nasdaq Tries to Patent Record Backup Method for Exchanges
The US Patent and Trademark Office this week published a Nasdaq application for a patent involving a record backup method that could be used for exchange transactions. The application, which was filed by Nasdaq on March 31,2016, outlines a system that combines digital wallets, a matching engine, order book, and closed blockchain to create backup records of exchange transactions that would be continually updated as they occur. The application indicates that Nasdaq’s attempt to obtain the patent is focused only on the method and its use in the exchange environment, and is not an attempt to patent the actual system or technology.
Attack on Ethereum Continues, No End in Sight
While this is not end-of-the-world type news, it is certainly deserving of at least a brief mention: Ethereum’s blockchain is still seeing ongoing attacks from unknown hackers. These attacks are part of a pattern of hacking assaults that have been occurring for the last couple of weeks, and have now escalated to the point where the Ethereum developers are in a seemingly continuous battle against the people behind the hacks.
At present, the attacks have resulted in the network being deluged with denial-of-service attacks that are slowing down node connectivity and transaction speeds. To complicate matters, the attackers are reportedly using a variety of different tactics in an attempt to frustrate the developers’ efforts to defend the network. The hackers are apparently committed to their nuisance activity too; by one estimate, they’ve spent more than $3,000 in Ether to maintain the assault.
Cook County, IL to Use Blockchain to Prevent Property Conveyance Fraud
A new pilot program in Cook County, Illinois will see vacant buildings in the Chicago area listed on a blockchain-based public record as part of an effort to limit the potential for fraudulent conveyance. The County’s Recorder of Deeds will be partnering with blockchain company Velox to incorporate a new land records system that will bring together distributed ledger technology and a client-server database to resolve a real-world problem. The Recorder of Deeds office will be testing the new system to determine whether it can offer simplified records maintenance while also reducing fraud and the costs borne by county residents. The ultimate goal is to achieve a permanent, secure record of all properties and facilitate movement toward paperless land transactions and greater reliance on electronic documents.
Dubai Sets 2020 Goal for Blockchain Document Storage
As ambitious as the Cook County land records plan might be, it pales in comparison to the goals currently being set by the government of Dubai. That nation’s crown prince has just revealed that Dubai plans to have all of its official government documents stored on a secure blockchain by 2020. The emirate’s broader goal is to create the standard for smart document maintenance that can then be utilized by smart cities around the world. The effort is reportedly part of the emirate’s three pillar strategy for blockchain adoption, which includes increasing government efficiency, creating new industries, and achieving global leadership in blockchain technology.