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IBM Files Patent for Blockchain Transaction Identifiers

05-07-2019-ibm-1569406684

IBM has applied for a patent on node-based transaction data identifiers. The system, described in a patent filing published by the US Patent and Trademarks Office on August 16, describes a method of data extraction from nodes on a blockchain network in order to identify different types of transactions. Any blockchain operation may posess a node or number of nodes that can carry useful information about the type of transaction being processed. According to the patent filing, the solution, called “Node Charactarization in Blockchain”, would extract a number of characterisation types, including  “entity extraction, text mining, information analysis and discovery, compliance, semantic extraction and ontology-based entity discovery.” IBM claims this method of data extraction would improve the level of monitoring the security of data on blockchain for regulatory authorities. For example, the system proposes an anti-money laundering (AML) method by detecting whether a node performs a suspicious activity on blockchain while proceeding a crypto transaction, such as violation of daily transfer limits or involvement of a tracked entity.