20240037650. CRYPTOGRAPHIC LENDING INSTRUMENTS AND TRANSACTION SYSTEM AND METHOD THEREOF simplified abstract (Celligence International LLC)

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CRYPTOGRAPHIC LENDING INSTRUMENTS AND TRANSACTION SYSTEM AND METHOD THEREOF

Organization Name

Celligence International LLC

Inventor(s)

Pavan Agarwal of Dorado PR (US)

Gabriel Albors Sanchez of San Juan PR (US)

Jonathan Ortiz Rivera of San Juan PR (US)

Thomas Smith of Guaynabo PR (US)

CRYPTOGRAPHIC LENDING INSTRUMENTS AND TRANSACTION SYSTEM AND METHOD THEREOF - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240037650 titled 'CRYPTOGRAPHIC LENDING INSTRUMENTS AND TRANSACTION SYSTEM AND METHOD THEREOF

Simplified Explanation

Methods and processes are described for managing and issuing guaranteed preapprovals in real estate transactions using a distributed digital ledger system. These preapprovals are recorded as non-fungible tokens (NFTs) and can be linked to offers to purchase real estate properties. Holders of guaranteed preapproval NFTs can make multiple offers to purchase properties using natural language commands within a conversation or chat interface associated with a real estate transaction application.

  • The patent application describes a system for managing and issuing guaranteed preapprovals in real estate transactions.
  • The system utilizes a distributed digital ledger system, such as a blockchain, to record and track the preapprovals.
  • Guaranteed preapprovals are represented as non-fungible tokens (NFTs) in the system.
  • These NFTs can be linked to offers to purchase real estate properties, providing a secure and transparent record of the transaction.
  • Holders of guaranteed preapproval NFTs can make multiple offers to purchase properties using natural language commands within a conversation or chat interface.
  • The system aims to streamline and simplify the real estate transaction process by leveraging blockchain technology and natural language interfaces.

Potential applications of this technology:

  • Real estate transactions: The system can be used to facilitate and streamline the process of buying and selling real estate properties.
  • Mortgage industry: The technology can be applied to improve the efficiency and transparency of mortgage preapproval processes.
  • Financial institutions: Banks and other financial institutions can utilize the system to manage and track preapprovals for real estate loans.

Problems solved by this technology:

  • Lack of transparency: The distributed digital ledger system provides a transparent and immutable record of preapprovals and offers, reducing the potential for fraud or disputes.
  • Inefficiency in real estate transactions: The system simplifies and automates the process of making offers and managing preapprovals, saving time and effort for all parties involved.
  • Complex paperwork: By digitizing preapprovals and offers as NFTs, the system reduces the need for physical paperwork and manual documentation.

Benefits of this technology:

  • Increased efficiency: The use of natural language commands and a chat interface simplifies the process of making offers and managing preapprovals, making real estate transactions faster and more convenient.
  • Enhanced transparency: The distributed digital ledger system ensures a transparent and auditable record of preapprovals and offers, improving trust and reducing the potential for fraud.
  • Streamlined documentation: By digitizing preapprovals and offers as NFTs, the system reduces the need for physical paperwork and manual documentation, making the process more streamlined and environmentally friendly.


Original Abstract Submitted

methods and processes can include disbursement and/or management and issuance of guaranteed preapprovals in real-estate transactions reordered as offers to purchase real estate property sold by sellers smart in a distributed digital ledger system. in some embodiments, holders of guaranteed preapproval nfts may be linked to offers to purchase real also recorded as nfts. holders of guaranteed preapproval nfts may make a plurality of offers to purchase a plurality of real estate properties using natural language commands within a conversation or chat interface associated with a real-estate transaction application.

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