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IBM Reveals Two Further Blockchain Patents for Security And Database Management

Ibm reveals two further blockchain patents for security and database management

IBM Reveals Two Further Blockchain Patents for Security And Database Management

Ibm reveals two further blockchain patents for security and database management

Multinational computing giant IBM is adding to its stack of blockchain patents with two new applications, the United States Patent and Trademark Office confirmed, publishing documents on March 5.

According to one patent document, IBM now seeks to target network security using blockchain technology. A second patent focuses on database management using the tech.

“Securing a data log using monitor security protocols may be accomplished with different levels of security, ranging from low security to high security, and have various combinations of hardware and software configurations,” the description of the first blockchain patent explains:

“Low security may allow open access to the event logs while high security may significantly restrict access to the event logs. Protecting the monitored system from hackers gaining access to alter the event logs may require a new type of security configuration.”

For the second patent, IBM says so-called database management systems (DBMSs) are currently inefficient due to their bulk and could therefore benefit from the streamlining blockchain solutions tend to offer.

“DBMSs are typically configured to separate the process of storing data from accessing, manipulating, or using data stored in a database,” the patent document summarizes, continuing:

“DBMSs often require tremendous resources to handle the heavy workloads placed on such systems. As such, it may be useful to manage a DBMS using a blockchain database.”

As Cointelegraph reported, IBM has rolled out various enterprise blockchain offers over the past several years, principally under its IBM Blockchain project.

The race to secure patents involving the technology sees the company competing for supremacy with the likes of Bank of America in the United States, which had already accrued a mountain of over 50 patents as of October last year.

This week also saw IBM unveil its security testing tool aimed at identifying weak links in enterprise blockchain deployments.

Published at Fri, 08 Mar 2019 10:00:48 +0000

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Nationwide Insurance Rolls Out Proof of Insurance on the RiskBlock Blockchain

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The Institutes has announced a new blockchain framework called RiskBlock to provide more streamlined and secure proof of insurance. Nationwide Insurance is the first company to begin rolling out product on the platform.

RiskBlock is the first blockchain framework delivered from the newly formed RiskBlock Alliance and the first of its kind that is designed specifically for the risk management and insurance industry. The Institutes RiskBlock Alliance is an industry-led, insurance-focused consortium that developed the RiskBlock framework.

RiskBlock will provide insurers with real-time verification of insurance coverage; allow law enforcement to verify proof of insurance efficiently without relying on paper forms; provide insurers with a streamlined and cost-effective way to offer proof of insurance; and, in the near future, will allow insured clients to share trusted, third-party verified proof of insurance with a click on their mobile devices.

“The current way that drivers provide proof of insurance is cumbersome and uncertain,” said Christopher G. McDaniel, executive director of The Institutes RiskBlock Alliance in a statement. “Sharing proof of insurance through blockchain is key to streamlining the process of providing proof and marks the start of our efforts to revolutionize many other aspects of the insurance industry. Our collaboration with Nationwide is the first step toward a better overall system.”

The membership of the Alliance includes over 30 companies as members, ranging from the top 10 carriers to brokers and reinsurers. Nationwide Insurance is the first to use the platform in a pilot program to simplify real-time insurance coverage verification, eliminating paper insurance cards and providing a mobile app for real-time verification. ac

The coverage verification is an initial use case and the Alliance anticipates its members will be able to better serve policyholders and reduce costs by streamlining claim payments and premiums, reducing fraud through centralized recording of claims and improving acquisition of new policyholders by validating accuracy of customer data.

The post Nationwide Insurance Rolls Out Proof of Insurance on the RiskBlock Blockchain appeared first on Bitcoin Magazine.