20240020693. METHOD AND SYSTEM FOR IDENTIFYING, VALIDATING AND TRANSFERING SOFT OR HARD PHYSICAL ASSET USING DIGITAL SURROGATE simplified abstract (Unknown Organization)

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METHOD AND SYSTEM FOR IDENTIFYING, VALIDATING AND TRANSFERING SOFT OR HARD PHYSICAL ASSET USING DIGITAL SURROGATE

Organization Name

Unknown Organization

Inventor(s)

SHILPA Akunuri of FREMONT CA (US)

HANI Elmalky of SARATOGA CA (US)

DIPANKAR Roy of CUPERTINO CA (US)

METHOD AND SYSTEM FOR IDENTIFYING, VALIDATING AND TRANSFERING SOFT OR HARD PHYSICAL ASSET USING DIGITAL SURROGATE - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240020693 titled 'METHOD AND SYSTEM FOR IDENTIFYING, VALIDATING AND TRANSFERING SOFT OR HARD PHYSICAL ASSET USING DIGITAL SURROGATE

Simplified Explanation

The embodiments described in this patent application provide a method and system for identifying, validating, and transferring physical assets using a digital surrogate. The process involves creating a digital surrogate in a secure distributed ledger using NFT-based hard identifiers embedded in physical goods and serial number-based soft identifiers. This allows for the differentiation between original goods and counterfeit assets. The ownership of the digital surrogate is associated with an owner and can be transferred to track changes in ownership of the real-world asset. The identity of all assets with a digital surrogate is stored, and the ability to validate the identity of a real-world asset by comparing it with its digital surrogate smart contract is provided. First-time owners can also associate specific immutable records to the digital surrogate.

  • Method and system for identifying, validating, and transferring physical assets using a digital surrogate
  • Creation of a digital surrogate in a secure distributed ledger using NFT-based hard identifiers and serial number-based soft identifiers
  • Differentiation between original goods and counterfeit assets
  • Ownership of the digital surrogate associated with an owner and transferable to track changes in ownership of the real-world asset
  • Storage of the identity of all assets with a digital surrogate
  • Ability to validate the identity of a real-world asset by comparing it with its digital surrogate smart contract
  • Ability for first-time owners to associate specific immutable records to the digital surrogate

Potential Applications

  • Supply chain management: Ensuring the authenticity and traceability of physical assets throughout the supply chain.
  • Anti-counterfeiting: Preventing the circulation of counterfeit goods by verifying the identity of real-world assets.
  • Asset tracking: Tracking the ownership and location of physical assets using the digital surrogate.
  • Ownership transfer: Facilitating secure and transparent transfer of ownership for various assets, such as artwork or collectibles.

Problems Solved

  • Counterfeit detection: Provides a reliable method to differentiate between genuine and counterfeit assets.
  • Ownership tracking: Enables accurate tracking of ownership changes for physical assets.
  • Trust and transparency: Establishes a secure and transparent system for verifying the identity and ownership of assets.

Benefits

  • Enhanced security: The use of digital surrogates and secure distributed ledgers ensures the integrity and authenticity of asset identification.
  • Improved traceability: Enables the tracking of assets throughout their lifecycle, enhancing supply chain transparency.
  • Efficient ownership transfer: Simplifies and streamlines the process of transferring ownership for various assets.
  • Counterfeit prevention: Helps in combating the circulation of counterfeit goods by providing a reliable verification system.


Original Abstract Submitted

the embodiments herein provide a method and system for identifying, validating, and transferring soft or hard physical asset using digital surrogate. any real-world asset is identified and traced. a digital surrogate is created in the secure distributed ledger by using nft-based hard identifiers embedded in physical goods and by using serial number-based soft identifiers and manufacturer's identity. an original good is differentiated from a counterfeit real-world asset. the ownership of the digital surrogate is associated to an owner. the ownership of the digital surrogate is transferred to map/track the changes in ownership of the real-world asset. the identity of all assets that have a digital surrogate are stored. the ability to validate the identity of a real-world asset by comparing it with its digital surrogate smart contract in the secure distributed ledger is provided. the ability to first-time owners to associate specific immutable records to the digital surrogate is provided.

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