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IBM Applies for Blockchain Patent to Guarantee Transaction Compliance Through Nodes Data

Blockchain

International Business Machine (IBM) tech giant has submitted an application for a blockchain patent to be used for the progression of transaction data identifiers via nodes, this is according to a patent deed published by the USPTO (United States Patent and Trademarks Office) on the 16th of Aug.

The system designated in the patent, titled “Node Characterization in Blockchain,” proposes to introduce a technique of data removal from nodes within a blockchain network in order to ascertain different types of business dealings. Precisely, any transaction on blockchain may have a node or a number of nodes which carries useful info about the transactions.

According to the manuscript, the described description would remove a range of characterization variations such as “text mining, entity, extraction, compliance, information analysis and discovery, semantic removal, and ontology-based unit discovery.” Such manner of data extraction is going to allegedly enable supervisory authorities with a due level to monitor the security of information on a blockchain.

For instance, the system recommends an AML (anti-money laundering) technique by detecting if a node carries out a doubtful activity on blockchain while proceeding a cryptocurrency transaction, like violation of daily transfer restrictions or participation of a tracked body.

The described structure is set out with modules that could be executed as programmable hardware devices like array logic, graphics processing units, gate arrays or hardware circuits.

Meanwhile, Capital One, a U.S. bank holding corporation has submitted an application for a patent for blockchain-driven user verification to assist the regulatory practice of major security requirements, like Know Your Client (KYC).

On the 14th of Aug. a patent app by Coinbase, a major U.S. cryptocurrency wallet and trading platform for enhancing the security of BTC (Bitcoin) payments was released, mainly addressing issues related with the stealing of users’ private keys via their wallets.

 

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