Patent attributes
Presented here is a system to reduce the computational cost of validating transactions recorded in a block chain by at least 500 million. In one embodiment, no proof of work is required, and the validity of the data stored in the block chain is guaranteed using a combination of private identification associated with one or more authorized users and a hash value propagated from each block to the subsequent blocks in the block chain. In another embodiment, the proof of work required is designed to be mildly computationally expensive, for example, at least 500 million times cheaper than the proof of work required to perform a bitcoin verification. The proof of work required can be increased or decreased based on various factors such as an expected time to add a new block to the block chain and/or current processor performance.
