20240037662. TOKENIZATION OF SOCIAL IMPACT ON THE BLOCKCHAIN AND RELATED METHODS simplified abstract (The Joan and Irwin Jacobs Technion-Cornell Institute)

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TOKENIZATION OF SOCIAL IMPACT ON THE BLOCKCHAIN AND RELATED METHODS

Organization Name

The Joan and Irwin Jacobs Technion-Cornell Institute

Inventor(s)

Rebecca Brachman of New York NY (US)

TOKENIZATION OF SOCIAL IMPACT ON THE BLOCKCHAIN AND RELATED METHODS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240037662 titled 'TOKENIZATION OF SOCIAL IMPACT ON THE BLOCKCHAIN AND RELATED METHODS

Simplified Explanation

The patent application describes systems and methods for digital tokenization. It involves issuing a token to a user based on their investment, recorded on a decentralized ledger. The ledger is distributed across nodes in a decentralized network, with portions of code encoded based on project parameters. Transactions are recorded on the ledger to indicate progress on the impact project and transfer ownership of the token.

  • The patent application is about digital tokenization using a decentralized ledger.
  • Tokens are issued to users based on their investments, recorded on the ledger.
  • The decentralized ledger is distributed across nodes in a decentralized network.
  • Portions of code are encoded based on project parameters of an impact project.
  • Transactions are recorded on the ledger to indicate progress on the project.
  • The transactions are broadcasted to the decentralized network.
  • The second transaction includes a transfer of ownership via the issued token.

Potential Applications:

  • Tokenization of assets such as real estate, art, or intellectual property.
  • Crowdfunding platforms for impact projects.
  • Creation of decentralized financial systems.

Problems Solved:

  • Lack of transparency and trust in traditional centralized systems.
  • Limited access to investment opportunities.
  • Difficulty in tracking and verifying ownership of assets.

Benefits:

  • Increased transparency and trust through the use of a decentralized ledger.
  • Access to a wider range of investment opportunities.
  • Improved tracking and verification of ownership.


Original Abstract Submitted

systems and methods for digital tokenization. a method includes issuing a token to a user based on an investment made by the user by recording a first transaction on a decentralized ledger indicating ownership of the token. the decentralized ledger is distributed across nodes among a decentralized network such that at least one portion of code is stored across the nodes, where the portions of code are encoded based on project parameters of an impact project. a third transaction is recorded on the decentralized ledger by generating a transaction specifying progress on the impact project and broadcasting the generated transaction to the decentralized network. a second transaction is recorded on the decentralized ledger via the portions of code based on the project parameters and the third transaction recorded on the decentralized ledger, where the second transaction includes a respective transfer via the token issued to the user.

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