FORM 2
THE PATENTS ACT, 1970
(39 of 1970)
&
THE PATENT RULES, 2003
COMPLETE SPECIFICATION
(See Section 10 and Rule 13)
Title of invention:
TITLE
METHOD AND SYSTEM FOR EVALUATING REGULATORY COMPLIANCE OF NODES IN A BLOCKCHAIN NETWORK
Applicant
Tata Consultancy Services Limited
A company Incorporated in India under the Companies Act, 1956
Having address:
Nirmal Building, 9th floor,
Nariman point, Mumbai 400021,
Maharashtra, India
Preamble to the description
The following specification particularly describes the invention and the manner in which it is to be performed.

TECHNICAL FIELD [001] The embodiments herein generally relate to the field of blockchain network and, more particularly, to method and system for evaluating regulatory compliance of nodes in a blockchain network.
BACKGROUND [002] In any blockchain network, data that is being stored is shared across participating nodes. It becomes important for enterprise or members of the blockchain network to ensure that the data that is being collected, stored and used in the network as per the regulator norms. In order to be compliant with regulation standards, the network participant should know the check-points and the amount of data that can be disclosed and used without any violation. There is hardly any tool available for different industry verticals to configure, evaluate and provide recommendations in case there is a gap in the blockchain network. Further, existing methods available for blockchain management that support compliance management are platform specific and are not applicable across various block chain platforms. Moreover, compliance management is not a one time job, rather requires regular updating as and when regulations are amended or a new regulation comes in. Desired of any user/ member of the blockchain platform would be that such frequent updates are seamless, easy to implement, without any downtime. In addition, another requirement would be that any transaction, process of the blockchain has check points to let user of a node be aware of any non-compliance that may take place intentionally or non-intentionally. .
SUMMARY [003] Embodiments of the present disclosure present technological improvements as solutions to one or more of the above-mentioned technical problems recognized by the inventors in conventional systems. For example, in one embodiment, a method for evaluating regulatory compliance of nodes in a blockchain network is provided. The method comprising detecting a transaction

request or a self-evaluation request initiated at a node by a user; initiating on detecting one of the transaction request or the self-evaluation request, a compliance evaluation process for evaluating the regulatory compliance of the node, wherein the user is provided an option to select one or more compliance types among a plurality of compliance types for evaluating the regulatory compliance on initiating the self-evaluation request, and wherein the plurality of compliance types comprise a) an industry compliance, b) a cross segment compliance c) a country compliance, d) a continent compliance and e) a global compliance; identifying a) the one or more compliance types, among a plurality of compliance types, associated with the transaction request or b) the one or more compliance types selected by the user during the self-evaluation request, wherein the one or more compliance types for the transaction request are identified in accordance to a rule engine built on a) data corresponding to the block chain network and b) an evaluation industry associated with the transaction request, and wherein the evaluation industry is obtained from the configuration files of blockchain network; determining one or more regulations among a plurality of regulations applicable to the one or more compliance types; identifying and displaying one or more templates among a plurality of templates corresponding to each of the one or more compliance types, wherein the one or more templates comprise an information requirement list for evaluating the regulatory compliance for each of the one or more compliance types, and wherein the user is authorized to a) edit the one or more templates to incorporate policy changes in the one or more regulations and b) add one or more new templates to incorporate one or more new regulations; receiving an input response from the user in accordance with the information requirement list for each of the one or more templates corresponding to each of the one or more compliance types; comparing the received input in each of the one or more templates of each of the one or more compliance types against corresponding checkpoints derived for one or more regulations to identify one or more compliance gaps for each of the one or more compliance types; and providing a set of recommendations and alerts to the node based on the identified gaps.

[004] In another aspect, a system for evaluating regulatory compliance of nodes in a blockchain network is provided. The system comprises a memory storing instructions; one or more Input/Output (I/O) interfaces; and one or more hardware processors coupled to the memory via the one or more I/O interfaces, wherein the one or more hardware processors are configured by the instructions to detect a transaction request or a self-evaluation request initiated at a node by a user; initiate on detecting one of the transaction request or the self-evaluation request, a compliance evaluation process for evaluating the regulatory compliance of the node, wherein the user is provided an option to select one or more compliance types among a plurality of compliance types for evaluating the regulatory compliance on initiating the self-evaluation request, and wherein the plurality of compliance types comprise a) an industry compliance, b) a cross segment compliance c) a country compliance, d) a continent compliance and e) a global compliance; identify a) the one or more compliance types, among a plurality of compliance types associated with the transaction request or b) the one or more compliance types selected by the user during the self-evaluation request, wherein the one or more compliance types for the transaction request are identified in accordance to a rule engine built on a) data corresponding to the block chain network and b) an evaluation industry associated with the transaction request, and wherein the evaluation industry is obtained from the configuration files of blockchain network; determine one or more regulations among a plurality of regulations applicable to the one or more compliance types; identify and display one or more templates among a plurality of templates corresponding to each of the one or more compliance types, wherein the one or more templates comprise an information requirement list for evaluating the regulatory compliance for each of the one or more compliance types, and wherein the user is authorized to a) edit the one or more templates to incorporate policy changes in the one or more regulations and b) add one or more new templates to incorporate one or more new regulations; receive an input response from the user in accordance with the information requirement list for each of the one or more templates corresponding to each of the one or more compliance types; compare the received

input in each of the one or more templates of each of the one or more compliance types against corresponding checkpoints derived for one or more regulations to identify one or more compliance gaps for each of the one or more compliance types; and provide a set of recommendations and alerts to the node based on the identified gaps.
[005] In yet another aspect, there are provided one or more non-transitory machine readable information storage mediums comprising one or more instructions, which when executed by one or more hardware processors causes a method for evaluating regulatory compliance of nodes in a blockchain network. The method comprising detecting a transaction request or a self-evaluation request initiated at a node by a user; initiating on detecting one of the transaction request or the self-evaluation request, a compliance evaluation process for evaluating the regulatory compliance of the node, wherein the user is provided an option to select one or more compliance types among a plurality of compliance types for evaluating the regulatory compliance on initiating the self-evaluation request, and wherein the plurality of compliance types comprise a) an industry compliance, b) a cross segment compliance c) a country compliance, d) a continent compliance and e) a global compliance; identifying a) the one or more compliance types, among a plurality of compliance types, associated with the transaction request or b) the one or more compliance types selected by the user during the self-evaluation request, wherein the one or more compliance types for the transaction request are identified in accordance to a rule engine built on a) data corresponding to the block chain network and b) an evaluation industry associated with the transaction request, and wherein the evaluation industry is obtained from the configuration files of blockchain network; determining one or more regulations among a plurality of regulations applicable to the one or more compliance types; identifying and displaying one or more templates among a plurality of templates corresponding to each of the one or more compliance types, wherein the one or more templates comprise an information requirement list for evaluating the regulatory compliance for each of the one or more compliance types, and wherein the user is authorized to a) edit the one or more templates to incorporate policy

changes in the one or more regulations and b) add one or more new templates to incorporate one or more new regulations; receiving an input response from the user in accordance with the information requirement list for each of the one or more templates corresponding to each of the one or more compliance types; comparing the received input in each of the one or more templates of each of the one or more compliance types against corresponding checkpoints derived for one or more regulations to identify one or more compliance gaps for each of the one or more compliance types; and providing a set of recommendations and alerts to the node based on the identified gaps.
[006] It is to be understood that both the foregoing general description and the following detailed description are exemplary and explanatory only and are not restrictive of the invention, as claimed.
BRIEF DESCRIPTION OF THE DRAWINGS
[007] The accompanying drawings, which are incorporated in and constitute a part of this disclosure, illustrate exemplary embodiments and, together with the description, serve to explain the disclosed principles:
[008] FIG. 1 is a functional block diagram of a system for evaluating regulatory compliance of nodes in a blockchain network, in accordance with some embodiments of the present disclosure.
[009] FIG. 2 is a flow diagram illustrating a method for evaluating the regulatory compliance of nodes in a blockchain network, using the system of FIG. 1, in accordance with some embodiments of the present disclosure. DETAILED DESCRIPTION OF EMBODIMENTS
[010] Exemplary embodiments are described with reference to the accompanying drawings. In the figures, the left-most digit(s) of a reference number identifies the figure in which the reference number first appears. Wherever convenient, the same reference numbers are used throughout the drawings to refer to the same or like parts. While examples and features of disclosed principles are described herein, modifications, adaptations, and other implementations are possible without departing from the scope of the disclosed embodiments. It is

intended that the following detailed description be considered as exemplary only, with the true scope being indicated by the following claims.
[011] Embodiments herein provide a method and system for evaluating regulatory compliance of nodes in a blockchain network. The method and system disclosed, provides a platform agnostic regulatory compliance management across, which can be implemented for various block chain platforms. For instance, an enterprise may utilize one among the many existing blockchain platform, such as Hyperledger Fabric nodes. R3 Codra has a different architecture of node set up. In R3 Corda Blockchain network, observer node is a requirement, in use cases which are related to the finance domain. The regulators want to get comprehensive reporting on all actions taken. By running their own node, regulators can receive a stream of digitally signed, de-duplicated reports useful for later processing. This node is not used in performing any transaction. In future, if an enterprise chooses to re-platform, say on Corda, then current challenge is that now specific features to perform the regulatory compliance is not present and on top of it, this new change has to be implemented as well. Corda and major changes specific to the new platform may be required to implement any regulatory compliance management on the new platform. To address this concern, the method disclosed herein provides scripts to deploy and add rules in the rules engine so that only the required regulatory compliance checks are performed and not all of them as required for the transaction nodes. This is not a major change that need to be carried out across the nodes. Thus, the system disclosed herein, which is implemented in an older blockchain platform can be used in a new platform without any major impact/changes.
[012] Further, the system disclosed herein triggers compliance evaluation process of a node among the plurality of nodes of the blockchain network at two instances:
a) Self-compliance evaluation request by a user: This option enables user to perform frequent compliance evaluation and also updates existing compliance definitions and add new compliance regulations that may need to be followed.

b) An auto evaluation triggered when any transaction request is received: This option enables user of the node to be aware of any non-compliance that may take place intentionally or non-intentionally during processing a transaction.
[013] Thus, the method provides seamless, easy to implement regulatory compliance evaluation and updating of the blockchain network for being compliant.
[014] Referring now to the drawings, and more particularly to FIG. 1 and FIG. 2, where similar reference characters denote corresponding features consistently throughout the figures, there are shown preferred embodiments and these embodiments are described in the context of the following exemplary system and/or method.
[015] FIG. 1 is a functional block diagram of a system 100 for evaluating regulatory compliance of nodes in a blockchain network, in accordance with some embodiments of the present disclosure. In an embodiment, the system 100 includes a processor (s) 104, communication interface device(s), alternatively referred as input/output (I/O) interface(s) 106, and one or more data storage devices or a memory 102 operatively coupled to the processor (s) 104. In an embodiment, the processor (s) 104, can be one or more hardware processors (104). In an embodiment, the one or more hardware processors (104) can be implemented as one or more microprocessors, microcomputers, microcontrollers, digital signal processors, central processing units, state machines, logic circuitries, and/or any devices that manipulate signals based on operational instructions. Among other capabilities, the processor(s) 104 is configured to fetch and execute computer-readable instructions stored in the memory 102. In an embodiment, the system 100 can be implemented in a variety of computing systems, such as laptop computers, notebooks, hand-held devices, workstations, mainframe computers, servers, a network cloud and the like. In an embodiment, the computing systems, which implements the system 100 disclosed herein, can be a node among the plurality of nodes of the blockchain network.

[016] The I/O interface(s) 106 can include a variety of software and hardware interfaces, for example, a web interface, a Graphical User Interface (GUI), and the like and can facilitate multiple communications within a wide variety of networks N/W and protocol types, including wired networks, for example, LAN, cable, etc., and wireless networks, such as WLAN, cellular, or satellite. In an embodiment, the I/O interface (s) 106 can include one or more ports for connecting a number of devices to one another or to another server. For example, the I/O interface 106 enables the authorized user to access the system disclosed herein through the GUI and communicate with other plurality of nodes of the blockchain network via the one or more ports. This data related to the nodes may be stored in the memory 102 and any other data corresponding to the blockchain network such as the configuration files comprising a plurality of templates, new templates, checkpoints corresponding to a plurality of regulations to which the blockchain network has to be compliant with, data corresponding to the block chain such as type of the blockchain network, members of the blockchain network, geographical location over which the block chain network performs, one or more evaluation industries the blockchain in related to and the like can be stored in a database 108 of the memory 102. The configuration files are common to all nodes and accessible by all the nodes of the blockchain network. Once, data is entered in the system 102, it is stored (say in configuration files) and is readily available in the XML or JSON format to be further exported to the other nodes from a common repository in the blockchain network. The versioning of the metadata information helps owners of the node to know the past and the current values of the metadata that will be used across the nodes.
[017] The memory 102 may include any computer-readable medium known in the art including, for example, volatile memory, such as static random access memory (SRAM) and dynamic random access memory (DRAM), and/or non-volatile memory, such as read only memory (ROM), erasable programmable ROM, flash memories, hard disks, optical disks, and magnetic tapes. Thus, the memory 102 may comprise information pertaining to input(s)/output(s) of each

step performed by the processor(s) 104 of the system 100 and methods of the present disclosure.
[018] Functions of the components of system 100 are explained in conjunction with method steps of flow diagrams depicted in FIG. 2 and use case examples. The system 100 can be implemented in any one node among the plurality of nodes of the blockchain network. In another implementation, the system 100 can be implemented on all the nodes of the blockchain network, thus enabling any authorized user to perform compliance evaluation from any node.
[019] FIG. 2 is a flow diagram illustrating a method 200 for evaluating regulatory compliance of nodes in a blockchain network, using the system of FIG. 1, in accordance with some embodiments of the present disclosure. In an embodiment, the system 100 comprises one or more data storage devices or the memory 102 operatively coupled to the processor(s) 104, and is configured to store instructions for execution of steps of the method 200 by the processor(s) 104. The steps of the method 200 of the present disclosure will now be explained with reference to the components or blocks of the system 100 as depicted in FIG. 1 and the steps of flow diagram as depicted in FIG. 2. Although process steps, method steps, techniques or the like may be described in a sequential order, such processes, methods and techniques may be configured to work in alternate orders. In other words, any sequence or order of steps that may be described does not necessarily indicate a requirement that the steps to be performed in that order. The steps of processes described herein may be performed in any order practical. Further, some steps may be performed simultaneously.
[020] Initially, the method disclosed generates (pre-creates) the plurality of templates in accordance with a plurality of regulations that the block chain network is required to be compliant with. The template is an information requirement list comprising a set of questionnaire predesigned and stored in configuration files to capture information related to checkpoints that need to be evaluated in accordance with corresponding regulation standards to be compliant. The checkpoints are extracted by experts for each of the regulation under consideration and stored in the configuration files. The input response of the user

to the information requirement list is verified against the checkpoints to identify compliance gaps.
[021] Referring now to the steps of the method 200, at step 202, the one or more hardware processors (104) are configured to detect the transaction request or the self-evaluation request initiated at the node by a user (an authorizes user). Thus, the method provides two options for regulatory compliance evaluation:
a) The self-compliance evaluation request by the user: This option enables user to perform frequent compliance evaluation and also updates existing compliance definitions and add new compliance regulations that may need to be followed.
b) The auto evaluation triggered when any transaction request is received: This option enables user of the node to be aware of any non-compliance that may take place intentionally or non-intentionally during processing the transaction.
[022] Upon detecting either the transaction request or the self-evaluation request, at step 204, the one or more hardware processors (104) are configured to initiate a compliance evaluation process for evaluating the regulatory compliance of the node. In case where user has initiated the self-evaluation request, the user is provided an option to select one or more compliance types among a plurality of compliance types for evaluating the regulatory compliance. The plurality of compliance types comprise a) an industry compliance, b) a cross segment compliance c) a country compliance, d) a continent compliance and e) a global compliance. Each of the compliance types is explained later with a use case example.
[023] At step 206, the one or more hardware processors (104) are configured to identify the one or more compliance types, among a plurality of compliance types, associated with the transaction request or selected by the user during the self-evaluation request. The one or more compliance types for the transaction request are identified in accordance to a rule engine built on a) data corresponding to the block chain network and b) an evaluation industry associated with the transaction request. The data corresponding to the block chain network

comprises type of the blockchain network, members of the blockchain network, geographical location over which the block chain network performs is available in the configuration files. The evaluation industry also obtained from the configuration files of blockchain network. In an example, say if the blockchain transaction is associated with Aadhaar (a UID program of INDIA). This transaction request may falls under country compliance. The country is identified by the system 102 as ‘India’ from the data of the blockchain network stored in the configuration files. Few use case examples for each of the compliance types are explained later.
[024] Once the compliance type is identified, at step 208, the one or more hardware processors (104) are configured to determine one or more regulations among a plurality of regulations applicable to the one or more compliance types. Continuing with the ‘Aadhaar’ example above, corresponding regulation is identified as ‘Aadhaar regulation’ to which any transaction in process has to be compliant.
[025] At step 210, the one or more hardware processors (104) are configured to identify and display one or more templates among a plurality of templates corresponding to each of the one or more compliance types. The templates comprise an information requirement list for evaluating the regulatory compliance for each of the one or more compliance types. The user is authorized to and is provided an option to:
a) Edit the one or more templates to incorporate policy changes in the one
or more regulations, and/or
b) Add one or more new templates to incorporate one or more new
regulations.
[026] In continuation of the ‘Aadhaar’ example in earlier steps of the method 200, during initial phase of the Aadhaar, all third party vendors were allowed to do an online verification using your biometric (using fingers based authentication or iris). But after the amendment, only government organization are allowed. So the template may have queries or information requirement list comprising:

Whether you are 1.a) Government Agency b) 3rd party Agency
2. Do you collect the data a) Online b) Offline
[027] In another scenario, if existing template was an old template corresponding to pre-amendment ‘Aadhaar’ regulation, and may not reflect these critical questions then user who had initiated the self-evaluation request (such as one of the owners/ members of the blockchain network) can add these questions and update the template. Further, say for example, the blockchain network intends to be additionally compliant with a globally accepted regulation such as a General Data Protection Regulation (GDPR), then the owners/members of the blockchain network can add a new template, designed to capture compliance requirements of the GDPR. Thus, during any future compliance evaluation, the system 102 is configured to even utilize the newly added GDPR template while processing any transaction corresponding to Aadhaar. The user then can be provided this additional template and can be mandated to fill information requirement list for the same.
[028] At step 212, the one or more hardware processors (104) are configured to receive an input response from the user in accordance with the information requirement list for each of the one or more templates corresponding to each of the one or more compliance types. At step 212, the one or more hardware processors (104) are configured to compare the received input in each of the one or more templates of each of the one or more compliance types against corresponding checkpoints derived for one or more regulations to identify one or more compliance gaps for each of the one or more compliance types. For the ‘Aadhaar’ example above if the user responds to the query with answer as 1(b) and 2(a) then the transaction is not compliant to ‘Aadhaar’ regulation.
[029] At step 214, the one or more hardware processors (104) are configured to provide a set of recommendations and alerts to the node based on the identified gaps. Thus, continued with the ‘Aadhaar’ example, above if the user responds 1(b) and 2(a) then it is not compliant and an alert can be notified on the display screen of the node indicating transaction cannot be processed and a

corresponding recommendation can be displayed. For example herein, a sample
recommendation can be:
“Please refer to the Aadhaar guidelines, document identifier - NeST-GDL-BIO.01.
Update your process to capture the customer data offline and upload it in the
system”
[030] Further the one or more hardware processors (104) are configured to deploy the changes in accordance with the set of recommendations into the node to be compliant with each of the one or more regulations, if the end user accepts the set of recommendations. The system 102 provides readily available automation scripts to deploy compliance controls on nodes. Manual effort is not required to perform deployment at the participating nodes. This reduces effort and improves the accuracy. This system 102 maintains common checklist, common configuration files and deployable installers, which ensures the deployment is complete and consistent across the blockchain nodes. The set of recommendations and the alerts are stored for future reference.
[031] The various compliance types and reasons for existence of these compliance types are explained below with help of use case examples.
a) The industry compliance such as health industry HIPAA (Health Insurance Portability and Accountability Act) compliance: For example the HIPAA has the security rule. As per that ePHI (electronic protected health information) should be protected. One of the easiest compliance assessment point is to ensure the security of the node or the plurality of nodes security is up-to-date. Thus, the system 102 can scan the security status of the node, assess whether security policies, process and procedures are running and trigger an alert, if required security is not in place.
b) The cross segment compliance: For a use case, in the insurance, where both the insurance company and banks are part of the network then they should be complaint in both HIPAA (regulation 1) and Gramm-Leach-Bliley Act (GLBA) regulation2). In such case the evaluation of regulatory compliance of the node should be in accordance with both the regulations.

c) The country compliance: For example if a blockchain network operates
over a certain country, it is important to ensure all compliance requirement
of that country are followed for a particular evaluation industry the
blockchain belongs to. So for example, for a blockchain having presence in
USA region and is related to food industry, FDA (Food and Drug
Administration) regulations have to be followed along with additional
general trade related regulations specific to USA.
Thus, here rule of the rule engine can be evaluation_country=”USA” and
compliance_evaluation_industry=”Food” then
compliance_evaluation_regulationl=”FDA”
d) The continent compliance: Consider an example of South America countries implementing the food trade consortium. In this region the regulation, suggest one checkpoint related to food contact materials (FCM) and articles (FCA) is to ensure polycarbonate baby bottles is prohibited in this region. How can these participants ensure that this is not transacted in their platform and are complaint using features of the system 102. The system 102 receives the user response to the information requirement list such the composition/ingredients and uploads the product composition/ingredients photo as well. The rules engine based on the different materials calls a specific module to perform comparison with the checkpoints to prohibit any violation. The system 102 may utilize a Machine Learning based module to analyze the image of the composition and validates the user input. In this case the rule in the rule engine comprises compl_evaluation_region=”SouthAmerica” and compliance_evaluation_industry=”Food” and compliance_evauation _regulation=”FCM”. Based on this criteria the status is shown or alert is triggered
e) The global compliance: In this case though General Data Protection Regulation (GDPR) was initiated by the EU but now it is being followed globally. If of a food trade related consortium have a blockchain network and they need to be compliant with GDPR so as to ensure information of

the producers of food (farmers) is not revealed to public, then the system 102 enables and facilitates owners of the block chain network can add a new template corresponding to the GDPR. In this case the rules engine rule can be compl_evaluation_regulation=”Global” and compl_evaluaiton _industry=”Food”
[032] The written description describes the subject matter herein to enable any person skilled in the art to make and use the embodiments. The scope of the subject matter embodiments is defined by the claims and may include other modifications that occur to those skilled in the art. Such other modifications are intended to be within the scope of the claims if they have similar elements that do not differ from the literal language of the claims or if they include equivalent elements with insubstantial differences from the literal language of the claims.
[033] The method and system disclosed herein provide a technical solution to the unresolved problem of providing platform agnostic compliance evaluation and management in a blockchain network. Further, provides technical solutions to update compliance requirements on the fly so as to capture recent updates in one or more regulations or any new regulations the blockchain network intends be compliant with.
[034] It is to be understood that the scope of the protection is extended to such a program and in addition to a computer-readable means having a message therein; such computer-readable storage means contain program-code means for implementation of one or more steps of the method, when the program runs on a server or mobile device or any suitable programmable device. The hardware device can be any kind of device which can be programmed including e.g. any kind of computer like a server or a personal computer, or the like, or any combination thereof. The device may also include means which could be e.g. hardware means like e.g. an application-specific integrated circuit (ASIC), a field-programmable gate array (FPGA), or a combination of hardware and software means, e.g. an ASIC and an FPGA, or at least one microprocessor and at least one memory with software processing components located therein. Thus, the means can include both hardware means and software means. The method embodiments described herein

could be implemented in hardware and software. The device may also include software means. Alternatively, the embodiments may be implemented on different hardware devices, e.g. using a plurality of CPUs.
[035] The embodiments herein can comprise hardware and software elements. The embodiments that are implemented in software include but are not limited to, firmware, resident software, microcode, etc. The functions performed by various components described herein may be implemented in other components or combinations of other components. For the purposes of this description, a computer-usable or computer readable medium can be any apparatus that can comprise, store, communicate, propagate, or transport the program for use by or in connection with the instruction execution system, apparatus, or device.
[036] The illustrated steps are set out to explain the exemplary embodiments shown, and it should be anticipated that ongoing technological development will change the manner in which particular functions are performed. These examples are presented herein for purposes of illustration, and not limitation. Further, the boundaries of the functional building blocks have been arbitrarily defined herein for the convenience of the description. Alternative boundaries can be defined so long as the specified functions and relationships thereof are appropriately performed. Alternatives (including equivalents, extensions, variations, deviations, etc., of those described herein) will be apparent to persons skilled in the relevant art(s) based on the teachings contained herein. Such alternatives fall within the scope of the disclosed embodiments. Also, the words “comprising,” “having,” “containing,” and “including,” and other similar forms are intended to be equivalent in meaning and be open ended in that an item or items following any one of these words is not meant to be an exhaustive listing of such item or items, or meant to be limited to only the listed item or items. It must also be noted that as used herein and in the appended claims, the singular forms “a,” “an,” and “the” include plural references unless the context clearly dictates otherwise.
[037] Furthermore, one or more computer-readable storage media may be utilized in implementing embodiments consistent with the present disclosure. A

computer-readable storage medium refers to any type of physical memory on which information or data readable by a processor may be stored. Thus, a computer-readable storage medium may store instructions for execution by one or more processors, including instructions for causing the processor(s) to perform steps or stages consistent with the embodiments described herein. The term “computer-readable medium” should be understood to include tangible items and exclude carrier waves and transient signals, i.e., be non-transitory. Examples include random access memory (RAM), read-only memory (ROM), volatile memory, nonvolatile memory, hard drives, CD ROMs, DVDs, flash drives, disks, and any other known physical storage media.
[038] It is intended that the disclosure and examples be considered as exemplary only, with a true scope of disclosed embodiments being indicated by the following claims.

We Claim:
1. A processor implemented method (200) for evaluating regulatory compliance of nodes in a blockchain network, the method comprising:
detecting (202), via one or more hardware processors of a node among a plurality of nodes of the blockchain network, a transaction request or a self-evaluation request initiated at the node by a user;
initiating (204), via the one or more hardware processors, on detecting one of the transaction request or the self-evaluation request, a compliance evaluation process for evaluating the regulatory compliance of the node, wherein the user is provided an option to select one or more compliance types among a plurality of compliance types for evaluating the regulatory compliance on initiating the self-evaluation request, and wherein the plurality of compliance types comprise a) an industry compliance, b) a cross segment compliance c) a country compliance, d) a continent compliance and e) a global compliance;
identifying (206), via the one or more hardware processors, a) the one or more compliance types among a plurality of compliance types associated with the transaction request or b) the one or more compliance types selected by the user during the self-evaluation request, wherein the one or more compliance types for the transaction request are identified in accordance to a rule engine built on a) data corresponding to the block chain network and b) an evaluation industry associated with the transaction request, and wherein the evaluation industry is obtained from the configuration files of blockchain network;
determining (208), via the one or more hardware processors, one or more regulations among a plurality of regulations applicable to the one or more compliance types;
identifying and displaying (210), via the one or more hardware processors, one or more templates among a plurality of templates corresponding to each of the one or more compliance types, wherein the one or more templates comprise an information requirement list for

evaluating the regulatory compliance for each of the one or more compliance types, and wherein the user is authorized to a) edit the one or more templates to incorporate policy changes in the one or more regulations and b) add one or more new templates to incorporate one or more new regulations;
receiving (212), via the one or more hardware processors, an input response from the user in accordance with the information requirement list for each of the one or more templates corresponding to each of the one or more compliance types;
comparing (214), via the one or more hardware processors, the received input in each of the one or more templates of each of the one or more compliance types against corresponding checkpoints derived for one or more regulations to identify one or more compliance gaps for each of the one or more compliance types; and
providing (216), via the one or more hardware processors, a set of recommendations and alerts to the node based on the identified gaps.
2. The method as claimed in claim 1, further comprising deploying the changes in accordance with the set of recommendations into the node to be compliant with each of the one or more regulations, if the user accepts the set of recommendations, wherein the set of recommendations and the alerts are stored for future reference.
3. The method as claimed in claim 1, wherein the plurality of templates are pre-created in accordance with the information requirement list for compliance evaluation of corresponding plurality of regulations and stored in the configuration files.
4. The method as claimed in claim 1, wherein the edited templates and the added one or more new templates are stored in the configuration files and

are applied during successive evaluation request for regulatory compliance of any node among the plurality of nodes.
5. The method as claimed in claim 1, wherein the data corresponding to the block chain network comprises type of the blockchain network, members of the blockchain network, geographical location over which the block chain network performs, and one or more evaluation industries the blockchain in related to.
6. A system (100) for evaluating regulatory compliance of nodes in a blockchain network, the system (100) comprising:
a memory (102) storing instructions;
one or more Input/Output (I/O) interfaces (106); and
one or more hardware processors (104) coupled to the memory (102) via
the one or more I/O interfaces (106), wherein the one or more hardware
processors (104) are configured by the instructions to:
detect a transaction request or a self-evaluation request initiated at a node by a user;
initiate, on detecting one of the transaction request or the self-evaluation request, a compliance evaluation process for evaluating the regulatory compliance of the node, wherein the user is provided an option to select one or more compliance types among a plurality of compliance types for evaluating the regulatory compliance on initiating the self-evaluation request, and wherein the plurality of compliance types comprise a) an industry compliance, b) a cross segment compliance c) a country compliance, d) a continent compliance and e) a global compliance;
identify a) one or more compliance types, among the plurality of compliance types, associated with the transaction request or b) the one or more compliance types selected by the user during the self-evaluation

request, wherein the one or more compliance types for the transaction request are identified in accordance to a rule engine built on a) data corresponding to the block chain network and b) an evaluation industry associated with the transaction request, and wherein the evaluation industry is obtained from the configuration files of blockchain network;
determine one or more regulations among a plurality of regulations applicable to the one or more compliance types;
identify and display one or more templates among a plurality of templates corresponding to each of the one or more compliance types, wherein the one or more templates comprise an information requirement list for evaluating the regulatory compliance for each of the one or more compliance types, and wherein the user is authorized to a) edit the one or more templates to incorporate policy changes in the one or more regulations and b) add one or more new templates to incorporate one or more new regulations;
receive an input response from the user in accordance with the information requirement list for each of the one or more templates corresponding to each of the one or more compliance types;
compare the received input in each of the one or more templates of each of the one or more compliance types against corresponding checkpoints derived for one or more regulations to identify one or more compliance gaps for each of the one or more compliance types; and
provide a set of recommendations and alerts to the node based on the identified gaps.
7. The system as claimed in claim 5, wherein the one or more hardware processors (104) are configured to deploy the changes in accordance with the set of recommendations into the node to be compliant with each of the one or more regulations, if the end user accepts the set of recommendations, wherein the set of recommendations and the alerts are stored for future reference.

8. The system as claimed in claim 5, wherein the one or more hardware processors (104) are configured to pre-create the plurality of templates in accordance with the information requirement list for compliance evaluation of corresponding plurality of regulations and stored in the configuration files.
9. The system as claimed in claim 5, wherein the one or more hardware processors (104) are configured to store the edited templates and the added one or more in the configuration files and apply during successive evaluation request for regulatory compliance of any node among the plurality of nodes.
10. The system as claimed in claim 5, wherein the data corresponding to the block chain network comprises type of the blockchain network, members of the blockchain network, geographical location over which the block chain network performs, and one or more evaluation industries the blockchain in related to.