18520321. SYSTEM FOR VIRTUALIZATION OF NON-FUNGIBLE TOKENS simplified abstract (Bank of America Corporation)
Contents
- 1 SYSTEM FOR VIRTUALIZATION OF NON-FUNGIBLE TOKENS
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 SYSTEM FOR VIRTUALIZATION OF NON-FUNGIBLE TOKENS - 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 FOR VIRTUALIZATION OF NON-FUNGIBLE TOKENS
Organization Name
Inventor(s)
Manu Jacob Kurian of Dallas TX (US)
David Smiddy of Chadds Ford PA (US)
Harold Joseph Kennedy of Winter Park FL (US)
SYSTEM FOR VIRTUALIZATION OF NON-FUNGIBLE TOKENS - A simplified explanation of the abstract
This abstract first appeared for US patent application 18520321 titled 'SYSTEM FOR VIRTUALIZATION OF NON-FUNGIBLE TOKENS
Simplified Explanation
The present invention relates to the virtualization of non-fungible tokens for resource transfer requests.
- Systems, computer program products, and methods are described for virtualizing non-fungible tokens.
- The invention allows for receiving resource transfer requests using virtual tokens linked to NFTs.
- It retrieves the NFT associated with the resource transfer instrument and its metadata.
- Authentication credentials are received from the user and matched with NFT credential descriptors.
- The resource transfer request is authorized based on the authentication credential matching the NFT descriptor.
Potential Applications
The technology can be applied in various industries such as finance, gaming, art, and real estate for secure and efficient resource transfer using virtual tokens.
Problems Solved
The technology solves the problem of securely transferring resources using NFTs and ensuring authenticity through authentication credentials.
Benefits
The benefits of this technology include increased security, transparency, and efficiency in resource transfer processes using virtual tokens and NFTs.
Potential Commercial Applications
A potential commercial application of this technology could be in the development of secure digital asset marketplaces for trading NFTs and virtual tokens.
Possible Prior Art
One possible prior art in this field is the use of blockchain technology for creating and trading NFTs, but the specific virtualization of NFTs for resource transfer requests as described in this invention may be novel.
What are the potential security implications of virtualizing non-fungible tokens for resource transfer requests?
The potential security implications of virtualizing non-fungible tokens for resource transfer requests include the risk of unauthorized access to valuable assets if authentication credentials are compromised. Implementing robust security measures and encryption protocols is crucial to mitigate these risks.
How can this technology impact the digital asset market landscape?
This technology can revolutionize the digital asset market landscape by providing a secure and efficient way to transfer resources using virtual tokens linked to NFTs. It can streamline transactions, increase trust among users, and open up new possibilities for digital asset trading platforms.
Original Abstract Submitted
Systems, computer program products, and methods are described herein for virtualization of non-fungible tokens. The present invention is configured to receive, via a first user input device, a resource transfer request using a virtual token from a first user, wherein the virtual token is electronically linked to an NFT of a resource transfer instrument; retrieve the NFT associated with the resource transfer instrument in response to receiving the resource transfer request; retrieve an NFT credential descriptor for the resource transfer request from a first metadata layer of the NFT associated with the resource transfer instrument; receive an authentication credential from the first user; determine whether the authentication credential matches an NFT credential descriptor that is electronically linked to the NFT associated with the resource transfer instrument; and authorize the resource transfer request based on at least determining that the authentication credential matches an NFT credential descriptor.
