IBM is Ready to Create a Platform for Tracking of Virtual Currencies

This week the company with the household name in IT and computing gave present to the community its initiative to receive a patent for a very creative and innovative idea, called “E-Currency Validation and Authorization Services Platform”.

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IBM is Ready to Create a Platform for Tracking of Virtual Currencies

This week the company with the household name in IT and computing gave present to the community its initiative to receive a patent for a very creative and innovative idea, called “E-Currency Validation and Authorization Services Platform”. The basic principle is to research the path gone by a particular cryptocurrency unit during its previous lifespan. This process will enable the users or purchasers of a money unit determine what kind of transaction it was involved in – both allowed and criminal.

Actually, the application was given in the year 2012, in June. The company believes that it will give more trust to a particular virtual currency, stabilize the market and the price, link different types of online moneys together and with the fiat prototypes. A similar idea was proposed by Matt Mellon, who named it Coin Validation, but this action received very negative responses on the whole network. The service had to present to financial institutions and authorities the coins that were never engaged in criminal deeds. The opposing view considered the problem that the coins are not at fault what are they used for, the main reason of crimes are the people involved. Such diversification would remove coins from active turnover even if they are at hand of law-abiding user.

This idea is not build upon the same principle, it mostly determines the existence of a unit, validates it, evaluates its properties. And of course it shows all illegal activities “performed” by a coin or token.

It is important to note that the idea was developed more than a year ago. A bitcoin boom could not be forecasted by any expert and the offered service is considering all types of virtual money, among them social network coins and currencies from games. Many of them have no analogue to the Block Chain that at least allows determining such travelling parameters as time and wallet number. It also will help on the correction of the market values and land a hand in the taxation process.

The platform might become a motivator for people to use different currencies. The page will calculated average prices and exchange ratios between them. A user will be able to observe the whole current situation in the online finance without additional browsing and losses of time.

Let’s Talk Bitcoin columnist Brian Cohen sees and interest of IBM on the finance market. But Richard Brown from IBM UK says that “I believe cryptocurrencies — and bitcoin is the first example — are going to change the world. But probably not in the way we expect.” He also states that the coin might receive a new role both in the economy and the online world. It is not mature enough for a random use in everyday life, but it has many other attractive options that might be used by companies as IBM in the development of and IT and computer-based future.

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