20240020682. OPERATIONAL LIFECYCLE MANAGEMENT USING A DYNAMIC NON-FUNGIBLE TOKEN simplified abstract (Bank of America Corporation)

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OPERATIONAL LIFECYCLE MANAGEMENT USING A DYNAMIC NON-FUNGIBLE TOKEN

Organization Name

Bank of America Corporation

Inventor(s)

Brandon Castagna of Charlotte NC (US)

Lisa Pugh of Charlotte NC (US)

Mei Lin of Addison TX (US)

Alfred Reed of Charlotte NC (US)

OPERATIONAL LIFECYCLE MANAGEMENT USING A DYNAMIC NON-FUNGIBLE TOKEN - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240020682 titled 'OPERATIONAL LIFECYCLE MANAGEMENT USING A DYNAMIC NON-FUNGIBLE TOKEN

Simplified Explanation

The patent application describes an autonomous system that uses a non-fungible token (NFT) to manage dynamic operational conditions applied to a bank account. The system includes a dynamic NFT stored on a distributed ledger, which has non-editable and editable fields. There is also a static NFT stored on the distributed ledger, which is linked to the account and defines operating conditions for the non-editable account number. The system includes a smart contract that executes on the distributed ledger and detects changes in the editable field of the dynamic NFT. Based on the operating conditions and the value, the smart contract takes action to manage the corresponding account.

  • The system utilizes a non-fungible token (NFT) to manage dynamic operational conditions applied to a bank account.
  • The dynamic NFT has non-editable and editable fields, allowing for flexibility in managing the account.
  • A static NFT is linked to the account and defines operating conditions for the non-editable account number.
  • A smart contract executes on the distributed ledger and detects changes in the editable field of the dynamic NFT.
  • Based on the operating conditions and the value, the smart contract takes action to manage the corresponding account.

Potential applications of this technology:

  • Enhanced account management in banking systems.
  • Improved automation and efficiency in managing dynamic operational conditions for accounts.
  • Increased security and transparency in managing account changes.

Problems solved by this technology:

  • Difficulty in managing and updating operational conditions for bank accounts.
  • Lack of automation and efficiency in account management processes.
  • Potential for errors and inconsistencies in managing account changes.

Benefits of this technology:

  • Streamlined and automated account management processes.
  • Improved accuracy and consistency in managing account changes.
  • Enhanced security and transparency in tracking and updating operational conditions.


Original Abstract Submitted

this application describes an autonomous system for utilizing a non-fungible token (“nft”) to manage dynamic operational conditions applied to bank account. the autonomous system may include a dynamic nft stored on a distributed ledger. the dynamic nft may include non-editable fields and editable fields. the autonomous system may include a static nft stored on the distributed ledger. the dynamic and static nfts may be linked to an account. the static nft may define operating conditions for the non-editable account number. the autonomous system may include a smart contract that executes on the distributed ledger. the smart contract may detect a change in a value stored in the editable field of the dynamic nft. the smart contract may locate operating conditions stored in the static nft. based on the operating conditions and the value, the smart contract may take action to manage the corresponding account.

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