Lenovo Plans to Launch a Blockchain Based Product

A new Lenovo patent filing suggests that it will work in accordance with the blockchain technology
19 February 2018   616

Lenovo is supposed to launch a new advanced product on the market. The company will use blockchain as part of a system for verifying the validity of physical documents.

According to the application released by the U.S. Patent and Trademark Office (USPTO), the company describes a set-up that utilizes digital signatures encoded in physical documents, which can be processed by computers to verify the legitimacy of a document. It is indicated a new product that operates with digital signatures codes and security blockchain. It will allow connecting the device to any computer or machine.

Using the security blockchain, anyone can validate that they have the current authentic physical document even if multiple paper copies exist and multiple people have made entries in the chain of modification. If any forgeries exist, they will show up as orphaned blocks in the chain. To validate a paper copy, a user of the electronic device takes a picture of the printed code on the physical document.

Lenovo team

The company claims that all persons involved in having copies of a document have no negative consequences in terms of the information alteration.

However, this is not a first company’s experiment with blockchain technology. Last year, IBM had started working with the company on a blockchain-based invoicing system. They have worked on a project related to billing and transparent processing operations.

US Congressman to Call for Crypto Ban

As reported, Brad Sherman has called for a blanket ban on cryptocurrency buying
19 July 2018   77

American authorities should ban cryptocurrencies and mining. Such a statement on was made by Congressman Brad Sherman during the hearings of the Committee on Financial Services at the US House of Representatives, CoinDesk reports.

According to Sherman, in the future, cryptocurrencies may become a form of money, but at the moment they are used either by rogue states to bypass American sanctions or by individuals to evade taxes.

We should prohibit U.S. persons from buying or mining cryptocurrencies.

Brad Sherman

Congressman, US

At the same time, Norbert Mitchel, director of the Data Analysis Center of the Heritage Foundation, noted that the possible use of crypto-currency for criminal purposes should not stain other possibilities of digital currencies.

Yes it is true that criminals have used bitcoin, but it's also true that criminals have used airplanes, computers and automobiles. We shouldn't criminalize any of those instruments simply because criminals used them. Those components I believe are the main barriers to widespread adoption in the U.S.

Norbert Mitchel

Director of the Data Analysis Center, Heritage Foundation

As Eswar Prasad, senior professor at Cornell University, said, the existence of cryptocurrencies had the potential to impact the financial services system, particularly the payments system, in positive ways.