No offense, but it is a good place to talk here. So what is Bitcoin all about? What was the problem that Satoshi Nakamoto, the inventor, wanted to solve in 2008? I have no idea.
So, he felt that we always have a middleman in the banking system. The bank, the financial institutions that guarantee that you are good for the money and that you can pay for it. So he was looking for a solution to this problem: how to get rid of the middleman.
So do you get rid of the middleman? What do you think, Darmas? Give the power to the people.
Yeah, just get rid of the middleman. Do a transaction between you and me. I give you the bitcoin. You get it.
Problem solved. So, it sounds perfect. Yeah, but how you do know that I havent already spent the bitcoin that I give to you? I think the crowd have to check!
And thats basically the solution that he found. Lets store all the information about every transaction all over the internet. Take a time stamp of the transaction, put it in a hash and then just store it in the blockchain.
And he said because it is computationally impractical to reverse what you have done, if it is really stored all over the internet, then you have the trust. The trust that at the moment comes from the banks. But then it would come from storing it all over the internet.
Interestingly, Satoshi did not put it in a patent. He put it in white paper, for everyone to use and without protection. But there are also patents on blockchain.
And today, we want to speak about the three patents that we think are very interesting. The first one is a patent application now owned by the company Lantiq. And that one is interesting because it is a bit earlier than Nakamotos white paper. And it uses the same words that Nakamoto used: this computationally impractical to reverse.
It was also filed just three days before the domain bitcoin.org was filed. So one reporter out there has argued that the three inventors could be Satoshi Nakamoto.
All three have denied that they are the Bitcoin inventors. They have even said that there patent has nothing or just little to do with Blockchain and Bitcoin. But still it is in our Top Three. The second one in our list of interesting patents is a patent application now owned by Sony.
Interesting! And that one, in my mind, is very interesting because it tries to protect very simple forms of blockchains without many rules and regulations. But for different embodiments. What do you mean?
For example, they think about using the blockchain in, what they call, the internet of vehicles. Maybe autonomous driving: storing transactions about cars where the car drove in the blockchain. They are also thinking about using the Blockchain for educational purposes.
You would take a test in university and it would be stored in your blockchain. Later on when you apply for a job, everybody could see which test you took, what certificates you got, in which companies you worked, for which institutions you did an internship. It would be foolproof. Nobody knows if you need something like that. But it is up there on the horizon.
The third one in our list is a patent now owned by the company Blockchain Technologies in New York City. They are thinking that it is very difficult to change a Blockchain. Think about Bitcoin. It has all those rules. You know how difficult it is to create another Bitcoin.
You need a lot of energy. The inventors at Blockchain Technologies thought: what if we still want to use this Blockchain but want to introduce new rules for a certain part of the Blockchain? They were thinking about: The Lightning System!
Yeah, maybe it is the Lightning System. It is just really a fork in the Blockchain. You have the main part, then you fork off something with less or more restrictive rules. Those are our Top 3. Write in the comment field what you think.
Write if you know better patents. Thanks so much!p