IBM Seeks Blockchain Patent for Transaction Compliance

International Business Machines (IBM) has sought a blockchain patent from the United States Patent and Trademarks Office. The tech giant is seeking it for the creation of transaction data identifiers that are based on nodes. The company has described it as “Node Characterization in Blockchain” in its patent application form. The company got a record 9,043 patents last year, and that made it 25th straight year of heading the patent leadership position. That also made to cross the psychological milestone of 100,000.

Data Extraction

IBM’s patent intends to launch a data extraction type from nodes with the help of a blockchain network. This will help the tech firm to identify various transaction types, especially in respect of any operation that might have a node or several nodes carrying useful information on the transactions character. This is one of the few companies that are keen on getting patents with blockchain technology. In 2017, the company was granted with patents in respect of blockchain technology.

The patent application has described specification that would dig out characterization type range. This included ontology-based entity discovery, semantic extraction, compliance, discovery, information analysis, text mining and entity extraction. According to a Cointelegraph report, this type of culling out of data would enable regulatory authorities through double level surveillance of data security on the blockchain technology. The filing of the patent application comes at a time when there are doubts about how many pilot programs are reaching into the logical ends.

Anti-money laundering (AML) is one of the proposed systems for detecting if a node performs any suspicious activity through blockchain technology when processing a crypto transaction. This is termed as a violation of involvement of a tracked entity and daily transfer limits. A few days back too, the tech giant has filed a patent application for some aspects of blockchain technology. This referred to “managing a database management system using a blockchain database.”

In the latest patent application, IBM believes that it could be deployed with modules. That would suggest it can be executed as a programmable hardware device like graphics processing units, or hardware circuits or array logic or gate arrays. While the company is applying for a number of patents, there is not much progress when it comes to blockchain technology though it might have succeeded in selected few projects.

Gets 6 Patents in a Week

Last month, the USPTO, a division of Department of Commerce granted IBM six patents in respect of blockchain-associated projects. One of the patents included computer program product, method, and system for privacy-preserving transaction validation system for smart contracts. The second patent was in respect of private blockchain transaction management and termination while the third relates to restricting blockchain size to the maximum performance level.

The fourth one related to tracking of assets through a blockchain technology and the fifth is a program code credit and programmer contribution. The last and the sixth patent was tracking items that were used for offering medical services. The company applied for these patents at various periods though it was granted only last month.