20240037539. METHODS AND A SYSTEM FOR MANAGING AND INTEGRATING NON-FUNGIBLE TOKENS (NFTS) simplified abstract (NCR Corporation)

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METHODS AND A SYSTEM FOR MANAGING AND INTEGRATING NON-FUNGIBLE TOKENS (NFTS)

Organization Name

NCR Corporation

Inventor(s)

Bryan Walser Nonni of Atlanta GA (US)

Alexander Simon Lewin of Atlanta GA (US)

Brent Vance Zucker of Roswell GA (US)

METHODS AND A SYSTEM FOR MANAGING AND INTEGRATING NON-FUNGIBLE TOKENS (NFTS) - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240037539 titled 'METHODS AND A SYSTEM FOR MANAGING AND INTEGRATING NON-FUNGIBLE TOKENS (NFTS)

Simplified Explanation

The abstract describes a cloud-based service that utilizes blockchain technology to create a digital representation of an object of value. A smart contract is generated on the blockchain to enforce the conditions for obtaining the object of value. When a customer satisfies the conditions, the smart contract returns the digital representation to the customer's wallet, allowing them to exchange it for the actual object from the enterprise.

  • A cloud-based service is provided for obtaining an object of value from an enterprise.
  • A blockchain-based media of value is created on a blockchain for the object of value.
  • A smart contract is generated and initiated on the blockchain to enforce the conditions for obtaining the object.
  • The smart contract controls the blockchain-based media of value.
  • When a customer satisfies the conditions, the smart contract returns the blockchain-based media of value to the customer's wallet.
  • The customer can then exchange the blockchain-based media of value for the object of value from the enterprise.
  • In this embodiment, the blockchain-based media of value is a non-fungible token (NFT).

Potential Applications:

  • Digital collectibles: The technology can be used to create and exchange digital collectibles, such as artwork, music, or virtual assets.
  • Supply chain management: The blockchain-based media of value can be used to track and verify the authenticity of products in a supply chain.
  • Loyalty programs: Enterprises can create digital tokens that customers can earn and exchange for rewards or discounts.

Problems Solved:

  • Trust and transparency: The use of blockchain technology ensures that the conditions for obtaining the object of value are enforced in a transparent and tamper-proof manner.
  • Counterfeit prevention: By utilizing blockchain-based media of value, the technology helps prevent counterfeiting of physical objects by providing a secure and verifiable digital representation.

Benefits:

  • Efficiency: The automation provided by smart contracts reduces the need for intermediaries and streamlines the process of obtaining the object of value.
  • Security: The use of blockchain technology ensures the integrity and immutability of the blockchain-based media of value, reducing the risk of fraud or manipulation.
  • Accessibility: The digital representation of the object of value allows for easy transfer and exchange, making it more accessible to a wider range of customers.


Original Abstract Submitted

a cloud-based service is provided that receives conditions for obtaining an object of value from an enterprise. a blockchain-based media of value is created on a blockchain for the object of value. a smart contract is generated an initiated on the blockchain to enforce the conditions with control over the blockchain-based media of value. when a customer provides actions or information that satisfies the conditions to the smart contract the smart contract returns the blockchain-based media of value to a customer wallet. the customer exchanges the blockchain-based media of value for the object of value from the enterprise. in an embodiment, the blockchain-based media of value is a non-fungible token (nft).

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