DMG Granted Crypto Patent based on Machine Learning for Walletscore AML Technology
DMG Blockchain Solutions Inc., a vertically integrated blockchain and cryptocurrency technology company, announces the issuance of a patent by the US Patent and Trademark Office (USPTO) for U.S Patent No. S2020/0167791A1. This patent is for a novel method for detecting and tracking tainted cryptographic wallets in order to screen out nefarious actors. Generally, this technology can be applied to blockchains to support law enforcement’s efforts to combat money laundering, terrorism and fraud. This patent describes methods for the underlying technology of Blockseer’s Walletscore product, which is the basis for DMG’s clean-block mining and can be used in mining pools.
This technology allows Walletscore to automatically flag financially risky activities, enabling transaction requests to be monitored in real-time for further review – and potentially be removed – before committing them to the Blockchain. Walletscore can be used to screen out transactions originating from high-risk wallets, even if from several hops downstream from a known criminal occurrence. DMG plans to utilize this technology for future versions of its clean block mining offering.
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“DMG’s second granted patent further bolsters our intellectual property portfolio as well as validates the innovation of our technology, which includes machine learning capabilities. This technology is central to Walletscore’s ability to filter out risky transactions and perfectly complements our Petra technology, which filters in known-good transactions (i.e., transactions from trusted sources). In the world of adding transactions to the Bitcoin Blockchain, this combination (currently in development) is unique and should enable DMG to expand revenue from its Core+ software strategy,” said Sheldon Bennett, DMG’s CEO.
“I am personally proud to have worked with the original team that developed this unique technology and now to help direct efforts that will bring enhanced versions of Walletscore to production in the future,” added Steven Eliscu, DMG’s COO.
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