20240029037. SYSTEMS AND METHODS FOR MATH-BASED CURRENCY (MBC) EXCHANGES simplified abstract (Wells Fargo Bank, N.A.)

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SYSTEMS AND METHODS FOR MATH-BASED CURRENCY (MBC) EXCHANGES

Organization Name

Wells Fargo Bank, N.A.

Inventor(s)

Ashish B. Kurani of Hillsborough CA (US)

SYSTEMS AND METHODS FOR MATH-BASED CURRENCY (MBC) EXCHANGES - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240029037 titled 'SYSTEMS AND METHODS FOR MATH-BASED CURRENCY (MBC) EXCHANGES

Simplified Explanation

The patent application describes systems and methods for verifying tokens, specifically digital titles for assets. Here is a simplified explanation of the abstract:

  • The method involves creating a token for an asset, which includes proof of ownership and an identifier of the asset.
  • The token is signed with a private key and embedded into a metadata field of a math-based currency (MBC) transaction.
  • An overlay ledger is used to track the amount of MBC associated with each customer in the transaction.
  • The overlay ledger associates individual customers with designated amounts of MBC.
  • The method also involves receiving an asset transfer request related to the token.
  • Upon signing the token with the private key, a title verification is transmitted and the owner of the token for the asset is updated.

Potential applications of this technology:

  • Verification of ownership for digital assets such as cryptocurrencies, digital art, or intellectual property.
  • Secure transfer of assets through the use of tokens and private key verification.
  • Tracking and management of cryptocurrency transactions and ownership.

Problems solved by this technology:

  • Ensuring the authenticity and ownership of digital assets.
  • Providing a secure and efficient method for transferring assets.
  • Preventing fraud and unauthorized transfers of assets.

Benefits of this technology:

  • Increased trust and transparency in digital asset transactions.
  • Simplified and streamlined asset transfer processes.
  • Enhanced security and protection against fraudulent activities.


Original Abstract Submitted

systems and methods for verifying tokens. the method includes creating a token of a digital title for an asset, the token including proof of ownership of the asset, an identifier of the asset, wherein creating the token further includes signing the token with a private key and embedding the token into a metadata field of the math-based currency (mbc) transaction. the method further includes tracking, using an overlay ledger, an amount of mbc associated with each customer in the mbc transaction, wherein the mbc is a cryptocurrency, and wherein the overlay ledger associates an individual customer with a designated amount of mbc and receiving an asset transfer request regarding the token. the method further includes, responsive to the token being signed with the private key, transmitting a title verification and updating an owner of the token for the asset.

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