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

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Tech giant IBM has applied for a blockchain patent for the development of transaction data identifiers based on nodes, according to a patent document published by the U.S. Patent and Trademarks Office (USPTO) Aug. 16.

The system described in the patent, entitled “Node Characterization in Blockchain,” intends to introduce a method of data extraction from nodes on a blockchain network in order to identify different types of transactions. Specifically, any operation on blockchain may possess a node or a number of nodes that can carry useful information about the character of transactions. According to the document, the described specification would extract a range of characterization types such as “entity extraction, text mining, information analysis and discovery, compliance, semantic extraction, and ontology based entity discovery.” Such a manner of data extraction would allegedly empower regulatory authorities with a due level of monitoring the security of data on blockchain. For example, the system proposes an anti-money laundering (AML)