IBM applies for node characterization Blockchain patent, which aims to introduce a way of data extraction from nodes on a Blockchain network in order to identify different types of transactions.
20 August, AtoZ Markets – One of the tech giants, IBM, has reportedly applied for a Blockchain patent. The patent is aiming to protect the method of the development of transaction data identifiers that are based on nodes.
IBM Applies for Node Characterization Blockchain Patent
The document published by the US Patent and Trademarks Office (USPTO) has described the system as “Node Characterization in Blockchain.” The system intends to introduce a way of data extraction from nodes on a Blockchain network in order to identify different types of transactions. To be more specific, any operation on Blockchain might possess a node or nodes that can carry useful data about the character of transactions.
As per the document, the described specification would extract a number of characterization types. These include “entity extraction, text mining, information analysis and discovery, compliance, semantic extraction, and ontology-based entity discovery.” Just like that, the data extraction would reportedly enable regulators to monitor the security of the data on Blockchain.
For instance, the system by IBM suggests an anti-money laundering (AML) method. The method involves detecting whether a node performs any suspicious activity on Blockchain during a crypto transaction. This could be, for example, a violation of daily transfer limits.
IBM Blockchain Platform
The proposed system is brought to life with modules that can be implemented as programmable hardware devices. These can be the gate arrays, array logic, or graphic processing units, or some hardware circuits.
In July, AtoZ Markets reported that a number of European banks have informed the public that they have completed a series of cross-border financial trades via a jointly developed Blockchain platform. As per the official announcement, the live transactions on We.Trade were carried out during the past five days among 10 companies. The transactions were facilitated by four banks.
We.Trade is built on IBM’s Blockchain Platform. The platform was developed by Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit. The banks strived to increase the effectiveness of cross-border financial transactions.
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