17962807. SYSTEM AND METHOD FOR SECURE VALIDATION, REGISTRATION, AND DISTRIBUTION OF RESOURCES IN A DISTRIBUTED ELECTRONIC NETWORK simplified abstract (Bank of America Corporation)
Contents
- 1 SYSTEM AND METHOD FOR SECURE VALIDATION, REGISTRATION, AND DISTRIBUTION OF RESOURCES IN A DISTRIBUTED ELECTRONIC NETWORK
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 SYSTEM AND METHOD FOR SECURE VALIDATION, REGISTRATION, AND DISTRIBUTION OF RESOURCES IN A DISTRIBUTED ELECTRONIC NETWORK - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Potential Applications
- 1.6 Problems Solved
- 1.7 Benefits
- 1.8 Potential Commercial Applications
- 1.9 Possible Prior Art
- 1.10 Original Abstract Submitted
SYSTEM AND METHOD FOR SECURE VALIDATION, REGISTRATION, AND DISTRIBUTION OF RESOURCES IN A DISTRIBUTED ELECTRONIC NETWORK
Organization Name
Inventor(s)
Shailendra Singh of Thane West (IN)
SYSTEM AND METHOD FOR SECURE VALIDATION, REGISTRATION, AND DISTRIBUTION OF RESOURCES IN A DISTRIBUTED ELECTRONIC NETWORK - A simplified explanation of the abstract
This abstract first appeared for US patent application 17962807 titled 'SYSTEM AND METHOD FOR SECURE VALIDATION, REGISTRATION, AND DISTRIBUTION OF RESOURCES IN A DISTRIBUTED ELECTRONIC NETWORK
Simplified Explanation
The present invention provides a system for secure validation, registration, and distribution of resources in a distributed electronic network. The system is configured to facilitate the acquisition of computing devices from third party entities, transfer funds, and establish smart contracts between users and third party entities.
- System for secure validation, registration, and distribution of resources in a distributed electronic network
- Determine user location at a third party entity for acquiring computing devices
- Establish connection between user device and computing device
- Extract computing device information via the connection
- Receive input associated with acquiring the computing device
- Transfer funds from user resource pool to third party entity resource pool
- Establish smart contract between user and third party entity
Potential Applications
The technology can be applied in e-commerce platforms, digital asset management systems, and secure transaction processing systems.
Problems Solved
The system addresses the challenges of secure resource acquisition, fund transfer, and contract establishment in a distributed electronic network.
Benefits
The system provides a secure and efficient way for users to acquire computing devices from third party entities, transfer funds, and establish smart contracts.
Potential Commercial Applications
The technology can be utilized in online marketplaces, financial institutions, and blockchain-based platforms for secure transactions.
Possible Prior Art
One possible prior art could be systems for secure online transactions and digital asset management.
Unanswered Questions
How does the system ensure the security of fund transfers between user and third party entity resource pools?
The system utilizes encryption protocols and secure authentication mechanisms to ensure the confidentiality and integrity of fund transfers.
What measures are in place to prevent unauthorized access to computing device information during the acquisition process?
The system implements access control mechanisms and data encryption techniques to safeguard computing device information from unauthorized access.
Original Abstract Submitted
Embodiments of the present invention provide a system for secure validation, registration, and distribution of resources in a distributed electronic network. In particular, the system may be configured to determine that a user is at a third party entity location for acquiring computing device provided by a third party entity associated with the third party entity location, establish a connection between a user device of the user and the computing device, cause the user device to extract computing device information associated with the computing device, via the connection, receive an input associated with acquiring the computing device, transfer funds associated with acquiring the computing device from a resource pool of the user to an entity resource pool associated with the third party entity, via the user device, and establish a smart contract between the user and the third party entity associated with the computing device.
