Bitcoin

IBM invents a new type of token supporting off-line transactions

January 30, 2020 by Antoine

Given the difficulties of procedure which are involved in the adoption of crypto-currencies, since signing up to the payment itself, the technology giant IBM is providing an innovation that will astonish more than one. It is a “token self-conscious” or “self-aware token” that can run without using the internet.

A pending patent application

The company has just recently filed a document with the us patent and trademark request for permission to fully exploit this new invention.
The object of the request is to establish a platform that addresses both financial and crypto-payments in online commerce, and this, using a token that can perform off-line transactions.
According to the application document :

“In the case where a user of the platform performs an off line transaction involving a token of the platform, a system is needed to allow a token to reappear at a later date and continue to be authenticated, validated, and evaluated by the platform. We think such a system would be a significant improvement in the art of the processing of financial data “.

What’s more, the document will be implicitly linked to the content of a previous patent application, dating back to July 2012, for the purpose of creating a platform for follow-up and validation of the tokens of electronic money IBM.

With a normalization in the issuance of tokens

Recall that in the month of November last year, the Token Taxonomy Initiative (TTI), a consortium of major technology companies, financial, software and Blockchain such as IBM, Microsoft, Intel, ConsenSys, EY, R3, and JPMorgan, had reformed the current standard for the creation of digital tokens.
The cloud service of Microsoft has even launched new services, tokenization, and data management of the Blockchain in order to simplify the definition, creation and management of tokens issued according to the standards of the industry.
What do you think of this project of IBM ? Share your thoughts in the comment section below.
(Be the FIRST to vote)

The latest articles by Antoine (see all)

About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.