IBM has made yet another blockchain patent filing, namely for the advancement of node-based transaction data identifiers. It has been filed with the US Patent and Trademarks Office on Thursday, August 16.
The system in question has been dubbed “Node Characterization in Blockchain” and focuses on introduction of a data extraction method that uses blockchain nodes and serves for identification of various kinds of transactions. Precisely, every blockchain operation has one or multiple nodes, which can contain useful data regarding the transactions specifics.
The application describes the process of extraction of an array of characterization types, including text mining, data analysis and recovery, entity extraction, compliance, ontology-based entity discovery, and semantic extraction. Introducing the process of data extraction in such a way might potentially put the power in the hands of the policymaking bodies, providing them with proper chances of supervising the blockchain data security.
The system includes both KYC and AML methods, which allow analyzing blockchain nodes in terms of any suspicious or potentially illegal activities, providing improved security to the digital currency transaction process.