20240022426. ELECTRONIC SYSTEM FOR RESOURCE ORIGINATION TRACKING simplified abstract (Bank of America Corporation)

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ELECTRONIC SYSTEM FOR RESOURCE ORIGINATION TRACKING

Organization Name

Bank of America Corporation

Inventor(s)

Shilpoo Agrawal of Charlotte NC (US)

ELECTRONIC SYSTEM FOR RESOURCE ORIGINATION TRACKING - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240022426 titled 'ELECTRONIC SYSTEM FOR RESOURCE ORIGINATION TRACKING

Simplified Explanation

The invention described in the patent application is related to systems, methods, and computer program products for tracking the origination and transfer of digital resources. Here is a simplified explanation of the abstract:

  • The invention involves receiving a digital resource and a set of distribution rules from a first user device.
  • An NFT (Non-Fungible Token) is created and associated with the digital resource.
  • The value of the NFT is predicted using a machine learning engine.
  • A second user device sends a request to complete a resource transfer.
  • Ownership of the NFT is transferred from the current owner to the second user.
  • Instructions are transmitted to a managing entity system to transfer financial resources from the second user's account to the current owner's account and the first user's account.

Potential Applications of this Technology:

  • Digital asset tracking: The invention can be used to track the origination and transfer of various digital resources, such as artwork, music, or collectibles, using NFTs.
  • Digital rights management: The distribution rules associated with the digital resource can ensure that the proper rights and permissions are maintained throughout the transfer process.
  • Financial transactions: The technology enables the transfer of financial resources between different accounts associated with the users involved in the resource transfer.

Problems Solved by this Technology:

  • Lack of transparency: The invention provides a transparent and traceable system for tracking the origination and transfer of digital resources, reducing the risk of fraud or unauthorized use.
  • Ownership disputes: By transferring ownership of the NFT, the invention helps resolve ownership disputes by providing a clear record of ownership transfers.
  • Secure financial transactions: The technology ensures secure and efficient transfer of financial resources between accounts associated with the users involved in the resource transfer.

Benefits of this Technology:

  • Improved accountability: The use of NFTs and distribution rules ensures that the ownership and transfer of digital resources can be accurately tracked and verified.
  • Increased market value: The prediction of NFT value using machine learning can help users make informed decisions about the transfer of digital resources, potentially increasing their market value.
  • Streamlined transactions: The technology simplifies the process of transferring ownership and financial resources, making it more efficient and convenient for users.


Original Abstract Submitted

embodiments of the invention relate to systems, methods, and computer program products for resource origination tracking, the invention including: electronically receiving, from a first user device associated with a first user, a digital resource and a set of distribution rules associated with the digital resource; creating an nft associated with the digital resource; predicting, via a machine learning engine, a value of the nft; electronically receiving, from a second user device associated with a second user, a request to complete a resource transfer; transferring ownership of the nft associated with the digital resource from the current owner to the second user; and transmitting, to a managing entity system, instructions to transfer, from an account associated with the second user, a first amount of financial resources to an account associated with the current owner and a second amount of financial resources to an account associated with the first user.

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