COGNYTE TECHNOLOGIES ISRAEL LTD (20240303656). SYSTEM AND METHOD FOR CRYPTOCURRENCY NETWORKS simplified abstract
SYSTEM AND METHOD FOR CRYPTOCURRENCY NETWORKS
Organization Name
COGNYTE TECHNOLOGIES ISRAEL LTD
Inventor(s)
Yuval Altman of Herzliya Pituach (IL)
Yaron Gvili of Kefar Saba (IL)
Hodaya Shabtay of Bnei Brak (IL)
SYSTEM AND METHOD FOR CRYPTOCURRENCY NETWORKS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240303656 titled 'SYSTEM AND METHOD FOR CRYPTOCURRENCY NETWORKS
The abstract of the patent application describes a system and method for performing probing transactions with a cryptocurrency to monitor communications traffic exchanged with specific IP addresses and establish associations between cryptocurrency addresses and IP addresses.
- Cryptocurrency probing transactions are conducted by transferring cryptocurrency amounts to various cryptocurrency addresses.
- Communications traffic with specific IP addresses is monitored to identify downloaded probing transactions.
- Associations between cryptocurrency addresses and IP addresses are generated based on the monitoring results.
Potential Applications: - Cybersecurity: Identifying potential threats and malicious activities by linking cryptocurrency addresses to specific IP addresses. - Law Enforcement: Tracing illegal activities and transactions by establishing connections between cryptocurrency addresses and IP addresses.
Problems Solved: - Enhances cybersecurity measures by monitoring cryptocurrency transactions and communications traffic. - Improves the ability to track and investigate illicit activities involving cryptocurrencies.
Benefits: - Increased security and transparency in cryptocurrency transactions. - Enhanced ability to identify and prevent fraudulent activities in the digital currency space.
Commercial Applications: Title: Cryptocurrency Monitoring System for Enhanced Security This technology can be utilized by cybersecurity firms, law enforcement agencies, and financial institutions to enhance their monitoring and tracking capabilities in the cryptocurrency space.
Questions about the technology: 1. How does this system improve cybersecurity measures in the context of cryptocurrency transactions? 2. What are the potential implications of establishing associations between cryptocurrency addresses and IP addresses in terms of tracking illicit activities?
Original Abstract Submitted
a system and method in which one or more probing transactions are performed by transferring respective amounts of a cryptocurrency to one or more cryptocurrency addresses. the system then monitors and ascertains communications traffic exchanged with one or more ip addresses and that at least one of the probing transactions was downloaded to a particular ip address. the system then generates an output that can indicate an association between a cryptocurrency address of interest and the particular ip address.
