#/usr/bin/env python3

data = [{
          'key1': 'value1',
          'key2': 'value2',
          'key3': 'value3',
          'key4': 'value4',
          'ip': 'ip1'
        },
        {
          'key1': 'myvalue1',
          'key2': 'myvalue2',
          'key3': 'myvalue3',
          'key4': 'myvalue4',
          'ip': 'myip1'
        }]

new_data = {}
for blob in data:
    new_key = "{}_{}_{}_{}".format(blob['key1'], blob['key2'], blob['key3'], blob['key4'])
    new_data[new_key] = blob['ip']

from pprint import pprint
pprint(new_data)