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Cisco eyes to enter the Blockchain revolution with Bitcoin Mining

Cisco Eyes to Enter the Blockchain Revolution with Bitcoin Mining

As per recent reports Cisco is set to apply it new patent in the crypto mining industry.

In December 2015, the networking giant filed an application for receiving the patent of a “Crowd-sourced cloud computing” system with the U.S. Patent and Trademark Office (USPTO). The patent guides computer owners to use the spare processing power for specific tasks like the energy-intensive mining process.

The application described a system that enables smart partition of one’s resources to create dedicated computing power for a cloud application. Cisco explained that cloud application has numerous other uses:

“This model is suitable for, among other things, offering distributed processing and services that can be optimized for speed, volume, scale and resiliency, cost, and regulatory compliance–for example, distributed neighborhood theft protection systems, or cluster, city or municipality county relevant services… One such case involves bitcoin mining, which may be very computationally intensive and is typically more convenient for every participant when done in ‘mining pools.'”

The company claims that its system would become safe against different forms of attack and it could be easily scaled through the distributed processing in the filing.  The company added, “the service provider can use geographic distribution to offload or optimize network loading, as well as to resell large-scale, low-cost computing and storage capacity.”

Cisco is among the group of enterprise technology firms trying to tame the blockchain technology especially in the field of Internet of Things or connected devices. Currently, it is working with Chronicled, BNY Mellon, Filament and few other enterprise firms and start-ups. The group has been able to develop an API that assists technologies provided by ethereum, Linux-led Hyperledger project, and JP Morgan’s Quorum.

The official release reads, “The protocol allows users to register multiple kinds of weaker identities, including serial numbers, QR codes, and UPC code identities and bind them to stronger cryptographic identities, which are immutably linked across both physical and digital worlds using blockchain technology.”

The company is also looking forward to using blockchain technology to secure confidential messaging. Cisco claims that blockchain has the capability to create instant groups for like-minded people and share data and important files while keeping track of membership in real time.

Cisco promoted its patent by saying that it would change, “how group membership is established, communicated, updated, and secured from unauthorized tampering … in the context of dynamic, decentralized, and self-organizing groups.”

It further said, “In summary, presented herein is a method for achieving authorization in confidential group communications in terms of an ordered list of data blocks representing a tamper-resistant chronological account of group membership updates.”

Cisco has been baking blockchain technology since it rose to popularity and wants to become a market leader in all communication platforms. As of now, hackers and cybercriminals have no power over the blockchain technology making it secure than any other application.  Sirin labs are coming up with world’s first blockchain smartphones and have allowed other companies to use their model. In a nutshell, our future will be dominated by blockchain and the companies are trying hard to gain the first mover advantage.

Article written by Prateek Kulhari

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Prateek is a business editor who writes about various topics such as technology, health and finance. At Pressly, he works along with the colourful folks that build a nation through tech startups. He is also a professional football player and video games enthusiast.