Northern Trust Wins Patent for Storing Meetings’ Minutes on a Blockchain
Northern Trust, a financial service firm recently won a patent Wednesday for coming up with a technique to back up records of meetings using blockchain tech.
The technique uses a progression of keen contracts to catch information identified with the gathering, including records of who is going to source from gadgets they may convey, when the gathering occurred and where. As previously revealed, Northern Trust has been utilizing a private blockchain it made with IBM to catch key information since 2017.
Northern Trust focuses on an unmistakable utilize case – event data, however, it addresses the firm’s more extensive pattern of get-together operational information through a disseminated framework.
“During the meeting, a first smart contract may authenticate and record attendees in the digital meeting record based on biometric information received from the attendees’ devices… a second smart contract may capture in the digital meeting record, meeting actions of each attendee, including date, time, and location associated with the meeting actions. After the meeting, a third smart contract may auto-populate post meeting documentation,” states the document.
Northern Trust won a moment patent on advanced personality administration on Wednesday, open records additionally appear. This second patent spotlights on producing one-directional cryptographic hashes of reference records and biometric data.
The two licenses work as one, as the advanced gathering records would be fixing to an arrangement of digital identity records. The meeting records would likewise use at least one encryption key, creating an encoded form of the records, that is then added to a blockchain by the system hub.
The capacity means to “integrate interactions between digital identities within the blockchain, authentication and recording processes using biometric information, document storage in a repository, and one or more smart contracts managing meeting activities in real-time.”
“We have developed a number of blockchain innovations that may be applied to multiple business activities and product offerings, with private equity fund administration being only one example of many potential use cases,” Justin Chapman, worldwide head of market backing and advancement examine at Northern Trust, said in an announcement.
