Along with IBM, now Intel is looking to utilize blockchain technology that inspired Bitcoin in order to develop itsown digital cash and payment system, according to a report from Bitcoin Magazine. In regard with this, the chipmaker recently put up a job post for a new researcher for its special innovation projects group.
Intel intrigued with blockchain potential
According to the job posting, the candidate is required to “investigate hardware and software capabilities that advance the performance, robustness, and scalability of open, decentralized ledgers.”
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In general, blockchain empowers Bitcoin to act as digital wealth, which can be exchanged through a process that bypasses any need for a middlemen like banks and credit card companies. The phrase ‘Block Chain’ refers to a decentralized transaction ledger that enables digital currencies such as Bitcoin to avoid double-spending of money by registering every transaction made in an open ledger, thus eliminating the need of a central authority. Such a dispersed, public, safe, peer-to-peer transaction allows not only the trade of Bitcoins, but can also be used to explore many secondary applications, for instance, digital marketplaces.
Therefore, block-chain technology has many potential uses in a digital world and has intrigued companies like Intel, who is now looking for a researcher in the field.
Will Intel target security-related features?
According to its job posting, the chip giant seeks an applicant skilled in crypto algorithms, access control models and security/privacy protocols, along with the knowledge of developing system and application software and relevant security and cryptographic standards. The researcher’s work will focus on producing high-level cryptographic algorithms that enhance robustness and guarantee transaction verification in a decentralized ledger, according to Intel.
Considering Intel’s job announcement and the company’s prospective involvement in blockchain-based products, it suggests that the chip maker aims to target the security-related features of the block chain algorithms, perhaps for the implementation of proper security frameworks in forthcoming Intel chips, says the report. In addition, the possibility of a safe “Intel Inside” hardware wallet along with non-currency applications such as authentication and voting systems also seem viable.
The research on the block-chain based techniques will be carried out in Hillsboro, Oregon, home to Intel’s Research and Path-finding Laboratory.