Tech big IBM has been awarded a patent for the event of a “self-aware token” designed to file occasions of an offline transaction.A patent doc fil
Tech big IBM has been awarded a patent for the event of a “self-aware token” designed to file occasions of an offline transaction.
A patent doc filed with america Patent and Trademark Workplace describes a system, which pertains to monetary knowledge processing in an digital forex platform, in addition to to processing e-commerce tokens, which have concerned offline transactions. To trace and file occasions of offline transactions, the system incorporates a so-called “self-aware token.”
Monitoring and validating offline transactions
The doc additional attracts a hyperlink between the system and a platform for monitoring and validating e-currency tokens IBM described in a patent utility again in July 2012. That platform was set to offer a lifetime monitoring of a token, real-time transaction assist, safe authentication and validation companies.
Getting again to the “self-aware token,” the doc detailed:
“Within the occasion a person of the platform makes an off-line transaction involving a token from the platform then a system is required to permit a token to re-appear on-line at a later time and proceed to be authenticated, validated, and rated by the platform. It’s believed such a system would represent a big enchancment to the artwork of monetary knowledge processing.”
The impetus behind the invention purportedly lies in the concept that the adoption of latest types of forex will create questions concerning the power to validate, authenticate and coordinate transactions throughout numerous types of cost and commerce that historically had little or no interplay.
New token requirements
Final November, the Token Taxonomy Initiative (TTI) unveiled a framework to standardize the development of tokens. The TTI’s members embrace main tech, monetary, software program and blockchain companies like IBM, Microsoft, Intel, ConsenSys, EY, R3 and JPMorgan.
Microsoft’s blockchain-enabled cloud service Microsoft Azure additionally announced new tokenization and blockchain knowledge administration companies. The service goals to simplify the definition, creation and administration of compliant tokens constructed to business requirements.