20240020624. NFTS FOR PROOF OF OWNERSHIP/DELIVERY OF SHIPPING CONTAINERS AND CARGO simplified abstract (State Farm Mutual Automobile Insurance Company)

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NFTS FOR PROOF OF OWNERSHIP/DELIVERY OF SHIPPING CONTAINERS AND CARGO

Organization Name

State Farm Mutual Automobile Insurance Company

Inventor(s)

Aaron Williams of Congerville IL (US)

Joseph Robert Brannan of Bloomington IL (US)

John Donovan of Bloomington IL (US)

Brian N. Harvey of Bloomington IL (US)

NFTS FOR PROOF OF OWNERSHIP/DELIVERY OF SHIPPING CONTAINERS AND CARGO - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240020624 titled 'NFTS FOR PROOF OF OWNERSHIP/DELIVERY OF SHIPPING CONTAINERS AND CARGO

Simplified Explanation

The present systems and methods described in the patent application involve the use of non-fungible tokens (NFTs) to track shipping items. Here is a simplified explanation of the abstract:

  • Identification information of a shipping item is obtained.
  • A non-fungible token (NFT) is created to represent ownership of the shipping item.
  • When a receiving party confirms that they have received the shipping item, it triggers the transfer of the NFT to the receiving party.
  • This transfer of the NFT indicates that the receiving party now possesses the shipping item.

Potential Applications:

  • Supply chain management: This technology can be applied to track and verify the ownership and possession of shipping items throughout the supply chain, ensuring transparency and accountability.
  • E-commerce: NFTs can be used to authenticate and track high-value or unique items during the shipping process, providing assurance to both buyers and sellers.
  • Art and collectibles: NFTs have gained popularity in the art world, and this technology can be used to track the shipping and ownership of valuable artworks or collectibles.

Problems Solved:

  • Loss or theft of shipping items: By using NFTs to track ownership and possession, this technology can help prevent or identify instances of lost or stolen shipping items.
  • Verification of delivery: The transfer of the NFT to the receiving party serves as proof that the shipping item has been successfully delivered, eliminating disputes or uncertainties.

Benefits:

  • Enhanced transparency: The use of NFTs provides a transparent and immutable record of ownership and possession of shipping items, reducing the risk of fraud or disputes.
  • Improved accountability: By tracking the transfer of NFTs, all parties involved in the shipping process can be held accountable for the safe and timely delivery of items.
  • Increased trust: The use of this technology instills trust in buyers, sellers, and other stakeholders by providing a secure and verifiable method of tracking shipping items.


Original Abstract Submitted

the present systems and method relate generally to using non-fungible tokens (nfts) to track shipping items. in some embodiments, identification information of a shipping item is obtained. an nft may then be minted representing ownership of the shipping item. an indication that a receiving party has received the shipping item may then trigger transfer of the nft to the receiving party to indicate that the receiving party possesses the shipping item.

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