20240037620. Systems and Methods for Verifying Transaction Authenticity Using Securitized Token-Based System simplified abstract (Yoorang LLC)

From WikiPatents
Jump to navigation Jump to search

Systems and Methods for Verifying Transaction Authenticity Using Securitized Token-Based System

Organization Name

Yoorang LLC

Inventor(s)

Doron J. Fetman of New York NY (US)

Toby Hassan Fishman of New York NY (US)

Jonathan Kopnick of Long Island City NY (US)

Systems and Methods for Verifying Transaction Authenticity Using Securitized Token-Based System - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240037620 titled 'Systems and Methods for Verifying Transaction Authenticity Using Securitized Token-Based System

Simplified Explanation

The patent application describes systems and methods for an online exchange system that allows the exchange of collectibles for electronic financial instruments backed by tangible assets. The innovation involves performing a transaction where a collectible is exchanged for an electronic financial instrument, generating a non-fungible token on a digital ledger to verify ownership of the collectible, and communicating information to update a second digital ledger indicating the change of ownership of the electronic financial instrument.

  • The system allows for the exchange of collectibles for electronic financial instruments backed by tangible assets.
  • A non-fungible token is generated on a digital ledger to verify ownership of the collectible.
  • Information is communicated to update a second digital ledger indicating the change of ownership of the electronic financial instrument.

Potential applications of this technology:

  • Online marketplaces for collectibles and digital assets.
  • Investment platforms where collectibles can be exchanged for electronic financial instruments.
  • Digital asset management systems for tracking ownership and transactions.

Problems solved by this technology:

  • Lack of liquidity for collectibles and digital assets.
  • Difficulty in verifying ownership and authenticity of collectibles.
  • Limited options for exchanging collectibles for financial value.

Benefits of this technology:

  • Increased liquidity for collectibles and digital assets.
  • Improved transparency and security in ownership verification.
  • Expanded opportunities for monetizing collectibles.


Original Abstract Submitted

systems and methods for providing an online exchange system. the methods comprise: performing, by a computing device of the online exchange system, a first transaction in which an ownership of a collectible is exchanged for an electronic financial instrument backed by at least one asset having a tangible value; generating, by the computing device, a non-fungible token on a first digital ledger for verifying ownership of the collectible; and communicating information from the computing device to a system which generated the electronic financial instrument such that a block is added to a second digital ledger that indicates a change of ownership of the electronic financial instrument occurred during the first transaction.

Retrieved from "http://wikipatents.org/index.php?title=20240037620._Systems_and_Methods_for_Verifying_Transaction_Authenticity_Using_Securitized_Token-Based_System_simplified_abstract_(Yoorang_LLC)&oldid=30816"