20240037530. Dynamic NFT-Based Frictionless Transaction System simplified abstract (Bank of America Corporation)
Contents
Dynamic NFT-Based Frictionless Transaction System
Organization Name
Inventor(s)
Maneesh Sethia of Hyderabad (IN)
Dynamic NFT-Based Frictionless Transaction System - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240037530 titled 'Dynamic NFT-Based Frictionless Transaction System
Simplified Explanation
The abstract describes a wearable computing device, such as smart glasses, that enables touchless and frictionless transactions at nearby computing devices using a dynamic non-fungible token (NFT). The smart glasses capture the user's biometric information, such as an iris image, and generate an NFT based on this information, along with the user's geographic location and time. The NFT is authenticated through a blockchain by an authentication system on a remote network. Once validated, the smart glasses present user interface screens to initiate the transaction, and a computing device receives a request message to complete the transaction based on the NFT.
- The wearable computing device, such as smart glasses, facilitates touchless and frictionless transactions at nearby computing devices.
- Biometric information, such as an iris image, is captured by the smart glasses to generate a dynamic non-fungible token (NFT).
- The NFT is created based on the biometric information, geographic location, and time.
- The NFT is authenticated through a blockchain by an authentication system on a remote network.
- Once authenticated, the smart glasses present user interface screens to initiate the transaction.
- A computing device receives a request message to complete the transaction based on the NFT.
Potential Applications:
- Touchless and frictionless transactions in various industries such as retail, banking, and healthcare.
- Enhanced security and authentication for accessing sensitive information or performing high-value transactions.
- Streamlining and simplifying the transaction process by eliminating the need for physical contact or traditional authentication methods.
Problems Solved:
- Reduces the risk of identity theft and fraud by using biometric information and blockchain authentication.
- Provides a convenient and efficient way to perform transactions without the need for physical contact or traditional authentication methods.
- Enhances security by using dynamic NFTs that are difficult to replicate or forge.
Benefits:
- Improved user experience by enabling touchless and frictionless transactions.
- Enhanced security and protection of sensitive information.
- Streamlined and efficient transaction process.
- Potential for reducing costs associated with physical payment methods or traditional authentication systems.
Original Abstract Submitted
a wearable computing device, such as a smart glass device, may be used to facilitate touchless and/or frictionless transactions at computing devices in the vicinity of the wearable computing device based on a dynamic non-fungible token (nft). the smart glass device captures biometric information of a user, such as an iris image, and generates the nft based on the biometric information, a geographic location and a time. the nft is authenticated via a blockchain by an authentication system at a remote network. upon validation, the smart glass device presents user interface screens to initiate the transaction. a computing device receives a request message to complete the transaction based on the nft.
