Truist Bank (20240265002). ENHANCED BLOCKCHAIN DATA COMPUTING PLATFORM FOR STRATEGIC MASTER DATA MANAGEMENT simplified abstract

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ENHANCED BLOCKCHAIN DATA COMPUTING PLATFORM FOR STRATEGIC MASTER DATA MANAGEMENT

Organization Name

Truist Bank

Inventor(s)

Lekha A. Banerjee of Charlotte NC (US)

Thomas S. Dickson of Overland Park KS (US)

Randhir Bhan of Sharon MA (US)

Srinivasan Ramanujam of Charlotte NC (US)

ENHANCED BLOCKCHAIN DATA COMPUTING PLATFORM FOR STRATEGIC MASTER DATA MANAGEMENT - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240265002 titled 'ENHANCED BLOCKCHAIN DATA COMPUTING PLATFORM FOR STRATEGIC MASTER DATA MANAGEMENT

Simplified Explanation

This patent application describes an enhanced blockchain data computing platform for strategic master data management. It utilizes a blockchain platform to manage master data, identity, and asset management in a coordinated manner. The platform allows for interactive views into data assets and maintains a historical record of data asset transactions in a master ledger.

  • The platform uses blockchain capabilities for identity and asset management.
  • Queries against the master data world state provide interactive views into data assets.
  • The ledger is automatically shared across the blockchain network, improving data quality and master data management results over time.

Key Features and Innovation

  • Utilizes blockchain platform for master data management, identity management, and asset management.
  • Provides interactive views into data assets through queries against the master data world state.
  • Maintains a full-provenance historical view of data asset transactions in a master ledger.
  • Automatically shares the ledger across the blockchain network to improve data quality and master data management results over time.

Potential Applications

This technology can be applied in various industries such as finance, healthcare, supply chain management, and more for efficient master data management and improved data quality.

Problems Solved

This technology addresses the challenges of managing master data, identity, and asset management in a coordinated and secure manner. It also improves data quality and provides a historical view of data asset transactions.

Benefits

  • Enhanced master data management capabilities.
  • Improved data quality over time.
  • Secure and coordinated identity and asset management.
  • Historical view of data asset transactions for audit and compliance purposes.

Commercial Applications

The technology can be used by companies in various industries to streamline master data management processes, improve data quality, and enhance overall data governance practices.

Questions about Blockchain Data Computing Platform

How does the platform ensure the security of data assets?

The platform utilizes blockchain technology to provide secure and immutable records of data asset transactions, ensuring data integrity and security.

What are the potential implications of this technology on data governance practices?

This technology can significantly improve data governance practices by providing a trusted source of record for master data management and ensuring data quality and integrity over time.


Original Abstract Submitted

an enhanced blockchain data computing platform for strategic master data management provides a package-built solution using a blockchain platform for master data management. identity management and asset management are constructed as coordinated extensions of inherent blockchain capabilities. queries against a master data world state provide interactive views into the data assets and a full-provenance historical view of data asset transactions recorded in a master ledger. this ledger is then automatically shared as distributed ledger copies across the blockchain network to other network node applications thereby providing access to the same master data and improving source data quality and mdm results over time as the network nodes synchronize on a single trusted master data management source of record.

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