20240037539. METHODS AND A SYSTEM FOR MANAGING AND INTEGRATING NON-FUNGIBLE TOKENS (NFTS) simplified abstract (NCR Corporation)
Contents
METHODS AND A SYSTEM FOR MANAGING AND INTEGRATING NON-FUNGIBLE TOKENS (NFTS)
Organization Name
Inventor(s)
Bryan Walser Nonni of Atlanta GA (US)
Alexander Simon Lewin of Atlanta GA (US)
Brent Vance Zucker of Roswell GA (US)
METHODS AND A SYSTEM FOR MANAGING AND INTEGRATING NON-FUNGIBLE TOKENS (NFTS) - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240037539 titled 'METHODS AND A SYSTEM FOR MANAGING AND INTEGRATING NON-FUNGIBLE TOKENS (NFTS)
Simplified Explanation
The abstract describes a cloud-based service that utilizes blockchain technology to create a digital representation of an object of value. A smart contract is generated on the blockchain to enforce the conditions for obtaining the object of value. When a customer satisfies the conditions, the smart contract returns the digital representation to the customer's wallet, allowing them to exchange it for the actual object from the enterprise.
- A cloud-based service is provided for obtaining an object of value from an enterprise.
- A blockchain-based media of value is created on a blockchain for the object of value.
- A smart contract is generated and initiated on the blockchain to enforce the conditions for obtaining the object.
- The smart contract controls the blockchain-based media of value.
- When a customer satisfies the conditions, the smart contract returns the blockchain-based media of value to the customer's wallet.
- The customer can then exchange the blockchain-based media of value for the object of value from the enterprise.
- In this embodiment, the blockchain-based media of value is a non-fungible token (NFT).
Potential Applications:
- Digital collectibles: The technology can be used to create and exchange digital collectibles, such as artwork, music, or virtual assets.
- Supply chain management: The blockchain-based media of value can be used to track and verify the authenticity of products in a supply chain.
- Loyalty programs: Enterprises can create digital tokens that customers can earn and exchange for rewards or discounts.
Problems Solved:
- Trust and transparency: The use of blockchain technology ensures that the conditions for obtaining the object of value are enforced in a transparent and tamper-proof manner.
- Counterfeit prevention: By utilizing blockchain-based media of value, the technology helps prevent counterfeiting of physical objects by providing a secure and verifiable digital representation.
Benefits:
- Efficiency: The automation provided by smart contracts reduces the need for intermediaries and streamlines the process of obtaining the object of value.
- Security: The use of blockchain technology ensures the integrity and immutability of the blockchain-based media of value, reducing the risk of fraud or manipulation.
- Accessibility: The digital representation of the object of value allows for easy transfer and exchange, making it more accessible to a wider range of customers.
Original Abstract Submitted
a cloud-based service is provided that receives conditions for obtaining an object of value from an enterprise. a blockchain-based media of value is created on a blockchain for the object of value. a smart contract is generated an initiated on the blockchain to enforce the conditions with control over the blockchain-based media of value. when a customer provides actions or information that satisfies the conditions to the smart contract the smart contract returns the blockchain-based media of value to a customer wallet. the customer exchanges the blockchain-based media of value for the object of value from the enterprise. in an embodiment, the blockchain-based media of value is a non-fungible token (nft).