The U.S. Patent and Trademarks Office (USPTO) published on Aug 16 a patent application by technology giant IBM to develop data identifiers using nodes.
In the patent “Node Characterization in Blockchain”, the system was described as a method of extracting data from nodes in a blockchain network to identify various types of transactions. In its details, any blockchain operation would have a node or nodes that carries valuable information on the character of each transactions.
As described on the document, its specification would be extracting identifying characteristic types like “text mining, information analysis and discovery, semantic extraction” etc. This manner of extracting data would empower regulations authorities with the ability to monitor data security on blockchain, as the patent claims.
One example would be an anti-money laundering system through a method in which it detects a suspicious activity in a node on blockchain while processing a crypto transaction.
The proposed system will be deployed with modules that can be developed as a programmable hardware equipment like graphic processing units, gate arrays as well as hardware circuits.
Recently, Capital One which is one of the largest bank holding company, has also applied for a blockchain related patent for user authentication. The system could help assist in major security requirements for security processes.
Coinbase, which is one of the biggest crypto trading platform applied for a patent to boost the security of Bitcoin Payments.
