IBM Awarded Patent for “Self-Aware” Token to Document Activities Related to Offline Trades
Software behemoth IBM has received a patent for the creation of a “self-aware token” structured to document events associated with an offline trade.
A patent document submitted with the US Patent and Trademark Office explains a system, which is linked to financial information processing in a digital currency platform, in addition to handing e-commerce tokens, which includes offline trades.
To monitor and record occurrences of offline trades, the system embodies what is termed as “self-aware token.”
The patent document additionally draws a connection between the system and platform for monitoring and substantiating e-currency tokens IBM explained in a patent application submitted in July 2012.
The platform was designed to track a token throughout its lifetime, while providing transaction support, safe authentication and verification services.
Getting back to the “self-aware token,” the document detailed:
“In the event a user of the platform makes an off-line transaction involving a token from the platform then a system is needed to allow a token to re-appear on-line at a later time and continue to be authenticated, validated, and rated by the platform. It is believed such a system would constitute a significant improvement to the art of financial data processing.”
The development of such a system was driven by the idea that the use of various forms of money will give rise to doubts regarding the capability to evaluate, endorse and work side by side in transactions involving various kinds of payments and trades that conventionally had meager or no interrelatedness.
In November 2019, the Token Taxonomy Initiative (TTI) rolled out a frame of reference to regularize the creation of tokens. The TTI is made up of financial, technology, software and blockchain companys such as IBM, Intel, Microsoft, EY, ConsenSys, R3 and JPMorgan.
Microsoft Azure, which is blockchain enabled cloud service of Microsoft, recently revealed new tokenization and blockchain data handling services.
The latest facility intends to ease the definition, development and administration of compliant tokens created as per industry norms.