20240037256. Tokenizing Digital Assets with Restrictions on a Blockchain simplified abstract (Unknown Organization)

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Tokenizing Digital Assets with Restrictions on a Blockchain

Organization Name

Unknown Organization

Inventor(s)

Philip Scott Lyren of Rincon PR (US)

Tokenizing Digital Assets with Restrictions on a Blockchain - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240037256 titled 'Tokenizing Digital Assets with Restrictions on a Blockchain

Simplified Explanation

The patent application describes an electronic device that allows users to restrict the playback of sound from a digital asset, which is tokenized as a non-fungible token (NFT), to non-owners of the asset. The device tokenizes the digital asset on a blockchain and stores the restriction on how the sound of the asset plays for non-owners of the NFT.

  • The electronic device receives a restriction from a user that limits the playback of sound from a digital asset to non-owners of the NFT.
  • The digital asset is tokenized as a non-fungible token (NFT) on a blockchain.
  • The blockchain stores the restriction on how the sound of the digital asset plays for non-owners of the NFT.

Potential Applications:

  • Digital rights management: This technology can be used to enforce restrictions on the playback of sound for digital assets, ensuring that only authorized users can access and enjoy the content.
  • Music industry: Artists and content creators can use this technology to control the distribution and playback of their music, allowing them to monetize their work and protect their intellectual property rights.
  • Gaming industry: Game developers can utilize this technology to restrict the sound playback of in-game assets, providing a unique and controlled gaming experience for players.

Problems Solved:

  • Unauthorized distribution: This technology helps prevent unauthorized users from accessing and distributing digital assets, protecting the rights and revenues of content creators.
  • Copyright infringement: By restricting the playback of sound to non-owners of the NFT, this technology helps combat copyright infringement and ensures that content creators are properly credited and compensated for their work.

Benefits:

  • Enhanced control: Content creators have greater control over the distribution and playback of their digital assets, allowing them to protect their intellectual property and monetize their work effectively.
  • Increased security: By tokenizing the digital asset on a blockchain, this technology provides a secure and transparent platform for storing and enforcing restrictions, reducing the risk of unauthorized access and tampering.
  • Improved monetization opportunities: With the ability to restrict sound playback to non-owners, content creators can explore new revenue streams, such as selling limited access to exclusive content or offering personalized experiences to users.


Original Abstract Submitted

an electronic device receives, from a user, a restriction that restricts how sound of a digital asset plays to non-owners of the digital asset that is tokenized as a non-fungible token (nft). one or more electronic devices tokenize the digital asset as the nft on a blockchain that stores the restriction how the sound of the digital asset plays to the non-owners of the nft.

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