20240022415. SYSTEM FOR REAL-TIME ASSESSMENT OF AUTHENTICITY OF A RESOURCE USING NON-FUNGIBLE TOKENS simplified abstract (Bank of America Corporation)

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SYSTEM FOR REAL-TIME ASSESSMENT OF AUTHENTICITY OF A RESOURCE USING NON-FUNGIBLE TOKENS

Organization Name

Bank of America Corporation

Inventor(s)

Michael Robert Young of Davidson NC (US)

Manu Jacob Kurian of Dallas TX (US)

SYSTEM FOR REAL-TIME ASSESSMENT OF AUTHENTICITY OF A RESOURCE USING NON-FUNGIBLE TOKENS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240022415 titled 'SYSTEM FOR REAL-TIME ASSESSMENT OF AUTHENTICITY OF A RESOURCE USING NON-FUNGIBLE TOKENS

Simplified Explanation

The invention described in the patent application is a system that restores a resource using a first resource portion and retrieves information about the resource from a metadata layer of a first non-fungible token (NFT) associated with the resource portion. It then retrieves a second NFT associated with the resource and links the first NFT with the second NFT by recording this link in a metadata layer associated with the second NFT on a distributed ledger. The system also determines a new value for the resource using an NFT valuation engine, which is based on the value of the first resource portion. This new value is recorded in a metadata layer associated with the second NFT.

  • The system restores a resource using a first resource portion and retrieves information about the resource from a metadata layer of a first NFT.
  • It links the first NFT with a second NFT associated with the resource by recording this link in a metadata layer of the second NFT on a distributed ledger.
  • The system determines a new value for the resource using an NFT valuation engine, based on the value of the first resource portion.
  • The new value for the resource is recorded in a metadata layer associated with the second NFT.

Potential Applications:

  • This technology could be used in the restoration and preservation of digital assets, such as artwork or collectibles, by linking different parts of the asset using NFTs and recording their values.
  • It could also be applied in supply chain management to track and verify the authenticity and value of different components or resources used in the production process.

Problems Solved:

  • The system solves the problem of restoring and preserving digital resources by providing a method to link different parts of the resource and record their values.
  • It addresses the challenge of verifying the authenticity and value of resources in supply chains by using NFTs and a distributed ledger to track and record information.

Benefits:

  • The technology enables the restoration and preservation of digital assets, ensuring their integrity and value over time.
  • It provides a transparent and secure method for tracking and verifying the authenticity and value of resources in supply chains.
  • The use of NFTs and a distributed ledger allows for easy access to information and ensures immutability of recorded data.


Original Abstract Submitted

the invention receives an indication that a resource has been restored using a first resource portion and retrieves from a metadata layer of a first nft associated with the resource portion, a value of the first resource portion; retrieves a second nft associated with the resource; and links the first nft associated with the first resource portion with the second nft associated with the resource by recording such link at least in a metadata layer associated with the second nft on a distributed ledger. the system retrieves from a metadata layer of the second nft, a value of the resource and determines, using an nft valuation engine, a new value of the resource, wherein the new value for the resource is based on at least a value of the first resource portion. the system records the new value in a metadata layer associated with the second nft.

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