No Miners? Intel Seeks to Automate DLT Block Verification
Intel, an American multinational company which is also considered as the pioneer of semiconductors and a huge software giant, has reportedly been looking for protection of a new way for the verification of the transactions on a distributed ledger.
What is a distributed ledger and what is a DLT?
Ledgers are basically a foundation for accounting. As Wikipedia defines, “A ledger is the principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type, with debits and credits in separate columns and a beginning monetary balance and ending monetary balance for each account.” A digital ledger is nothing but the accounting done digitally or it can be known as a digitized ledger. It has been applied more to the logistics of the paper documents than to their creation.
Basically, it can be defined as “a database held and updated independently by each participant (or node) in a large network.”
Now a DLT (Distributed Ledger Technology) is nothing but a digital system which is used for recording all the various transactions with respect to the assets. These records are stored in multiple places simultaneously.
What did the report say?
A few weeks back, the United States Patent and Trademark Office, had released a report. (To have a look at the report, you could click here).
Intel outlined in the report about a new method by which the company would be able to partition as well as update the distributed ledgers.
Also, it was mentioned that this entire process would be automatic. There would a processor which not only be able to verify independently, whether or not the new blocks are valid, but it would also be responsible to verify if they are attached to the ledger or not.
The file also explained that few of the DLS (Distributed Ledger System) could turn out to be blockchains as well. But it made a distinction between both the technologies, and also gave a distinction between the conventional mining methods done using Bitcoins, which in fact relied on a network of nodes for the process of verification.
However, there are few disadvantages as well –
- The computers would have to be pre-programmed with the necessary parameters in order to define the validation process of a particular block.
- There could be few concerns related to the stability as compared to the blockchains.
- The data storage is also questionable since it may not be among the most efficient forms for the storage of data.
The filing stated the above by saying, “Distributed ledgers have inherent scalability issues. When all of the validators in a DLS must have a copy of all transactions, all of the transactions must be broadcast to all of the validators. These broadcasted transactions create a very large number of network messages. A DLS could impose significant storage requirements and may not scale well. “