Tech giant IBM has been awarded a patent for the development of a "self-aware token" designed to record events of an offline transaction.

A patent document filed with the The states Patent and Trademark Office describes a system, which relates to fiscal information processing in an electronic currency platform, equally well as to processing e-commerce tokens, which have involved offline transactions. To track and record events of offline transactions, the system incorporates a and then-chosen "cocky-aware token."

Tracking and validating offline transactions

The document farther draws a link between the system and a platform for tracking and validating due east-currency tokens IBM described in a patent application back in July 2022. That platform was set to provide a lifetime tracking of a token, real-fourth dimension transaction support, secure authentication and validation services.

Getting back to the "self-aware token," the certificate detailed:

"In the event a user of the platform makes an off-line transaction involving a token from the platform so a organisation is needed to let a token to re-appear on-line at a after time and continue to be authenticated, validated, and rated past the platform. It is believed such a system would constitute a significant improvement to the art of financial data processing."

The impetus behind the invention purportedly lies in the thought that the adoption of new forms of currency will create questions regarding the ability to validate, authenticate and coordinate transactions beyond diverse forms of payment and trade that traditionally had little or no interaction.

New token standards

Concluding November, the Token Taxonomy Initiative (TTI) unveiled a framework to standardize the construction of tokens. The TTI'due south members include major tech, financial, software and blockchain firms like IBM, Microsoft, Intel, ConsenSys, EY, R3 and JPMorgan.

Microsoft'due south blockchain-enabled cloud service Microsoft Azure as well appear new tokenization and blockchain data management services. The service aims to simplify the definition, creation and management of compliant tokens built to industry standards.