IBM has applied for a patent for a method that ensures that a network of connected devices can securely execute blockchain-based “smart” contracts.
According to a report in Coindesk, the tech giant has said in its patent documents filed that “one example method of operation may include determining a proof-of-work via a device and using a predefined set of nonce values when determining the proof-of-work, storing the proof-of-work on a blockchain, and broadcasting the proof-of-work as a broadcast message.”
The solution proposed by IBM will not ditch bitcoin’s proof-of-work system. Proof-of-work adds a block of data – transaction data, in bitcoin’s case – to the blockchain by running it through a hash function. This is a simple process; the “work” comes from the requirement to obtain a hash that meets certain parameters, which calls for running the hash function again and again.
Essentially, IBM explains that it would limit the number of nonces, or one-time-use numbers, within a defined range that the IoT-connected devices can employ when updating the conceptual blockchain.