IBM Grants Patent for System for Recording Offline Transaction Data

IBM has received a patent for the development of a system based on"Self-Controlled" Tokens forrecords of information on independent transactions made outside the network.

U.S. Patent Application(USPTO), describes a system associated with the processing of financial data on e-commerce platforms, as well as data from independent transactions that occur in ordinary stores. To record and track transactions, “self-controlled” tokens will be developed.

According to the application, tokens will work as followsway: if a platform user makes a purchase using a “platform” token outside the network in ordinary stores or via the Internet, then later this token appears again on the platform, with the possibility of further verification and authentication.

The system allows you to create a detailed history.token, including the place and amount of payment, as well as information about its previous holders. Moreover, the token does not store transaction data on its own, but stores this information in a special database.

Thanks to the new system, companies will be able toto confirm that they did not use tokens for criminal purposes, users will be able to verify honest service, and regulators will be able to draw up “portraits of the parties” and verify that they comply with the relevant laws.

The system is based on the idea that a new lookTokens will allow you to coordinate transactions with different payment methods, which was previously almost impossible. The developers believe that the system will significantly improve the processing of financial data.

In September 2018, IBM filed a patent application.to a system that uses blockchain to solve privacy problems due to increased use of drones. In October of that year, IBM patented a blockchain-based computer network monitoring system.

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