17643037. BLOCKCHAIN CLOCK FOR STORING EVENT DATA simplified abstract (INTERNATIONAL BUSINESS MACHINES CORPORATION)

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BLOCKCHAIN CLOCK FOR STORING EVENT DATA

Organization Name

INTERNATIONAL BUSINESS MACHINES CORPORATION

Inventor(s)

Mansura Habiba of Jhonstown (IE)

BLOCKCHAIN CLOCK FOR STORING EVENT DATA - A simplified explanation of the abstract

This abstract first appeared for US patent application 17643037 titled 'BLOCKCHAIN CLOCK FOR STORING EVENT DATA

Simplified Explanation

The patent application proposes a method for generating a blockchain clock to store event data and a method for using this clock. The blockchain clock ensures transparency and preserves the relationships between event data. The event data is stored based on a risk value computed from the data, allowing for reference when deciding whether to execute a potential event. This improves system security.

  • The patent application proposes a method for generating a blockchain clock to store event data.
  • The blockchain clock ensures transparency and preserves the relationships between event data.
  • Event data is stored on the blockchain clock based on a risk value computed from the data.
  • Storing event data associated with potentially risky events allows for reference when deciding whether to execute a potential event.
  • This method improves system security.

Potential Applications

  • This technology can be applied in various industries where event data needs to be stored securely and transparently.
  • It can be used in financial systems to store transaction data and assess the risk associated with each transaction.
  • It can be utilized in supply chain management to track and store information about the movement of goods and assess the risk of potential disruptions.
  • This technology can be applied in healthcare to securely store patient data and assess the risk associated with different medical procedures.

Problems Solved

  • The method solves the problem of preserving transparency and relationships between event data when storing it on a blockchain.
  • It addresses the issue of securely storing event data associated with potentially risky events.
  • The method helps improve system security by allowing for reference to stored event data when deciding whether to execute a potential event.

Benefits

  • The use of a blockchain clock ensures transparency and preserves the relationships between event data.
  • Storing event data based on risk value allows for better decision-making when executing potential events.
  • The method improves system security by securely storing event data and assessing the risk associated with it.


Original Abstract Submitted

A method generating a blockchain clock to store event data, as well as a method for using the generated blockchain clock are proposed. In particular, as a blockchain clock is utilized for storing event data, the transparency of the stored event data and relationships between event data may be preserved. Moreover, event data is stored on the blockchain clock based on a risk value computed based on the event data. In this way, event data associated with potentially risky events is stored, and thus may be used for reference when deciding whether to execute a potential event. Accordingly, system security may be improved.

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