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IBM Applies for Blockchain Patent to Ensure Transaction Compliance via Nodes Data

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International Business Machines (IBM), the tech giant, has applied for a blockchain patent in order to lead for the development of transaction data identifiers which is based on nodes, according to a patent document which was published recently by the U.S. Patent and Trademarks Office (USPTO).
The system in patent document that has been titled as "Node Characterization in Blockchain", particularly aims to establish a method of extracting data from nodes on a blockchain network for identification of different types of transactions. Usually, blockchain operations always involve one or more nodes which carries useful information about the transactions' character.

According to "Node Characterization in Blockchain" i.e. the patent document, specification will be extracting a wide range of characterization types which will include "entity extraction, text mining, information analysis and discovery, compliance, semantic extraction, and ontology that will be based on entity discovery." Such a manner of data extraction would empower regulatory authorities with a requirement of high level of observation of the security of data on blockchain.

"Node Characterization in Blockchain", particularly aims to establish a method of extracting data from nodes on a blockchain network for identification of different types of transactions.

For the case in point, the system proposes compliance with anti-money laundering (AML) requirements by perceiving whether a node is performing a dubious activity on blockchain while pursuing a crypto transaction such as contravention of daily transfer limits or participation of some tracked entity.

The above reported system is positioned with several modules that can be used for the implementation of various programmable hardware devices like array logic, gate arrays, graphic processing units and hardware circuits, etc.

"entity extraction, text mining, information analysis and discovery, compliance, semantic extraction, and ontology that will be based on entity discovery."

According to recent reports, Capital One has applied for a patent for blockchain - powered user authentication. This will help in improving the security in the regulatory process of major security requirements, such as Know your customer (KYC).

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