UK Grants A Telecom Regulator $915k To Study Blockchain (FILEminimizer)|Masts

A lot of people wonder if blockchain is a powerful technology nowadays. Or, powerful enough to increase the price of Ethereum, Bitcoin and other cryptocurrencies. And while experts in the field can say anything about it, it is the big sharks that say the final vote – the brands and their big-money floating.

SONY, the Japanese technology giant had a big say in this matter last week, when they filed a patent application for a Blockchain-based multi-factor authentication system (MFA). The electronics manufacturer obviously saw the need for two different Blockchain platforms that work in conjunction with each other in the login system.

The Patent Application Was Published By USPTO

In a nutshell, the patent application document that has been published by the US Patent and Trademark Office (USPTO) on October 26th, 2017, clearly says that the ‘authentication codes will be used by a user to gain access to a website or program after they enter their standard username and password’.

The other Blockchain platform, on the other hand, is responsible for receiving the codes and confirming the user’s identity as soon as they try to conduct a transaction through this platform. Therefore, all of the possible transactions that can be conducted include data transfers, contact generation as well as an asset transfer.

Sony’s Focus On Additional Blockchain-Based Projects

It is clear that this is more than the beginning for SONY – and that the MFA is just one of the Blockchain-based projects that are advanced by the technology giant. The company’ plans are also aimed towards an educational platform that will be based on Bitcoin in partnership with another tech giant, IBM. This platform is scheduled to be launched in 2018.

SONY also made some announcements that there may be other possible applications of Blockchain in the fields of data management, supply chain and logistics and other areas where the intellectual property can be applied.