20240029183. Automatic Tagging of Smart Contracts for Electronic Notarization in a Decentralized Finance System simplified abstract (BANK OF AMERICA CORPORATION)

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Automatic Tagging of Smart Contracts for Electronic Notarization in a Decentralized Finance System

Organization Name

BANK OF AMERICA CORPORATION

Inventor(s)

Sakshi Bakshi of New Delhi (IN)

Durga Prasad Kutthumolu of Hyderabad (IN)

Automatic Tagging of Smart Contracts for Electronic Notarization in a Decentralized Finance System - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240029183 titled 'Automatic Tagging of Smart Contracts for Electronic Notarization in a Decentralized Finance System

Simplified Explanation

The abstract of the patent application describes a system for automatically tagging smart contracts in a decentralized finance system for electronic notarization. The system retrieves a smart contract associated with a document from a decentralized distributed ledger system. It extracts metadata attributes from the document and tags the smart contract based on these attributes. The system then seeks approval from individuals associated with the document, digitally notarizes the document, and saves the tagged smart contract in the decentralized ledger system.

  • The system retrieves a smart contract from a decentralized distributed ledger system.
  • Metadata attributes are extracted from the document associated with the smart contract.
  • The smart contract is tagged based on the extracted metadata attributes.
  • Approval for the tagging is requested and received from individuals associated with the document.
  • The document is digitally notarized.
  • The tagged smart contract is transmitted to the decentralized ledger system and saved in a node.

Potential applications of this technology:

  • Electronic notarization of documents in a decentralized finance system.
  • Automation of the tagging process for smart contracts.
  • Improved efficiency and accuracy in document notarization.

Problems solved by this technology:

  • Streamlining the process of notarizing documents in a decentralized finance system.
  • Ensuring the accuracy of metadata attributes associated with smart contracts.
  • Facilitating remote online notarization.

Benefits of this technology:

  • Increased efficiency in the notarization process.
  • Enhanced security and trust in the decentralized finance system.
  • Simplified document management and retrieval in the decentralized ledger system.


Original Abstract Submitted

aspects of the disclosure relate to automatic tagging of smart contracts for electronic notarization in a decentralized finance system. a computing platform may retrieve, from a node in a decentralized distributed ledger system, a smart contract associated with a document for remote online notarization. the computing platform may extract one or more metadata attributes from the document. the computing platform may tag the smart contract based on the extracted one or more metadata attributes. the computing platform may request and receive approval of the tagging from one or more individuals associated with the document for remote online notarization. the computing platform may digitally notarize the document. the computing platform may transmit the tagged smart contract to the node in the decentralized distributed ledger system and cause the tagged smart contract to be saved in the node.

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