Here’s a look at another innovative use of the blockchain. In How Bitcoin’s Technology Could Revolutionize Intellectual Property Rights, CoinDesk looks at a service called Proof of Existence, which uses the blockchain to establish document ownership and provide proof that a document was authored at a particular time.
While the prospect of the block chain providing key evidence in legal disputes may seem far-fetched today, such a leap in thinking is akin to the work being done by developers of digital currency projects around the globe. As projects like OneName and BitIDare proving, decentralized, digital verification is a concept that many proponents of distributed systems see as a natural, if as-yet-untapped, application of the technology.
This could allow the Bitcoin blockchain to assume the role of a “notary public for the Internet” that can verify both the ownership and date of a document. For more technical details, see the Proof of Existence web site.