Posts Tagged: "Raina Haque"

The invention improves authentication of devices operating on the Internet of Things, while also detecting anomalies in device sensors. This IoT blockchain innovation merely scratches the surface of distributed ledger technologies… However, cryptocurrencies are but one application for blockchain as is highlighted by the recent Cisco activities in IoT blockchain development. Although the distributed nature of blockchain makes it a great fit with IoT platforms, where many devices have to interact with each other in secure ways, it’s just one of many sectors which could be greatly impacted by further blockchain development according to Raina Haque, founder of Erdos Intellectual Property Law + Startup Legal.

The concept of the central clearing house in financial systems could be completely obviated with the use of blockchain. Blockchain is a distributed database system that decentralizes the financial ledger; instead of the ledger being held and checked by the clearing house, each member of the blockchain network receives an updated ledger every time a transaction is made on the system. It’s a peer-to-peer system which reduces financial transaction risk through massive redundancy. With every member of the blockchain system holding a copy of the ledger for every transaction that has been completed, going back to the beginning of the blockchain, it becomes easier to identify malicious activity on the financial network or prevent transactions if users don’t have enough cryptocurrency. New transactions are recorded on blocks, which are added to the blockchain. Blockchain systems like bitcoin often reward those in the blockchain system who offer their computing resources to record new blocks; this incentivized process is known as mining.