Intel Blockchain Experiments Could Make Bitcoin Technology Mainstream
Source: International Business Times
Intel is best known as the world’s biggest chip maker, but with falling PC sales forcing the company to lay off 11 percent of its global workforce, the company needs to find new revenue streams, and one of the areas it is putting a lot of resources into is blockchain, the distributed ledger technology which underpins bitcoin.
The company is already experimenting with how the technology could work and has said that unlike other implementations of blockchain, its version could allow for millions of computers to join a single network. Kelly Olson, director of the distributed ledger technology group at Intel revealed details of Intel’s plans at the Tomorrow’s Transactions conference in London earlier this week, according to CoinDesk.
Blockchain is a distributed, decentralized ledger, a permanent and trusted record of transactions which are verified across a network of users almost instantaneously and without the need for a central clearing house, features which have led to almost all major financial institutions investing resources into seeing how the blockchain could be used in banking and finance to cut costs and save time.
In order for the blockchain to work, each node (or computer) on the network verifies each transaction using a specific consensus mechanism. However, Olson says traditional distributed consensus mechanisms don’t scale well beyond 100 nodes.
Read more: http://www.ibtimes.com/intel-blockchain-experiments-could-make-bitcoin-technology-mainstream-2357910
Intel Develops ‘Sawtooth Lake’ Distributed Ledger Technology for the Hyperledger Project
= new reply since forum marked as read
