On 16th April the United States Patent and trademark Office (USPTO) published documents indicating that Forcepoint cybersecurity company had received a blockchain related patent.
The Texas-based company is owned by private equity firm Vista Equity Partners and Raytheon Company (NYSE:RTN) a US defense contractor. According to CrunchBase, the company’s estimated annual revenue stands at around $600 million.
Patented system to allow electronic-observable user interaction
It seems like the system described in the patent awarded to Forcepoint is a complex user behaviour monitoring and management blockchain system. The system is expected to be able to store format that can enhance electronic user interaction as well as use the data in identifying known good as well as malevolent and anomalous user actions thus enhancing the system’s cybersecurity capabilities.
According to the patent, there are various versions of the system use blockchain technology. A statement read that in specific embodiments the association of an extra context can be achieved through a blockchain block in user behaviour profiles that is if there is an appropriate implementation with time stamping to provide the ability of versioning time.
The patent further provides the potential to directly store user behavior data on the blockchain system with advantages of the solution said to be immutable and tamper evident.
PayPal and Accenture following suit in patenting of blockchain solutions
The patent received by Forcepoint is synonymous to a similar patent awarded to PayPal Holdings Inc. (NASDAQ:PYPL) which is a cybersecurity patent that protecting users from crypto ransomware. The patent was also awarded on April 16th and the system described was titled “Techniques for ransomware detection and Mitigation.” The patent will improve the recognition of ransomware and thus preventing it from lock out users from accessing their files.
Beside Forcepoint and Paypal, Accenture (NYSE: ACN) has also patented two solutions on April 2nd focused on interoperability of blockchain
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of journaltranscript.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: https://www.journaltranscript.com/disclaimer