20240037681. CRYPTOGRAPHIC ASSET VERIFICATION AND LENDING AND TRANSACTION SYSTEM AND METHOD THEREOF simplified abstract (Celligence International LLC)
CRYPTOGRAPHIC ASSET VERIFICATION AND LENDING AND TRANSACTION SYSTEM AND METHOD THEREOF
Organization Name
Inventor(s)
Gabriel Albors Sanchez of SAN JUAN (PR)
Jonathan Ortiz Rivera of SAN JUAN (PR)
CRYPTOGRAPHIC ASSET VERIFICATION AND LENDING AND TRANSACTION SYSTEM AND METHOD THEREOF - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240037681 titled 'CRYPTOGRAPHIC ASSET VERIFICATION AND LENDING AND TRANSACTION SYSTEM AND METHOD THEREOF
Simplified Explanation
The abstract of this patent application describes a method and process for managing and issuing guaranteed preapprovals in real estate transactions using a distributed digital ledger system. The system allows for the disbursement of guaranteed preapprovals as offers to purchase real estate property, which are sold by sellers who are smart in the digital ledger system. Holders of guaranteed preapproval NFTs (non-fungible tokens) can be linked to offers to purchase real estate and may offer these NFTs to other lenders under more favorable terms.
- The patent application describes a method for managing and issuing guaranteed preapprovals in real estate transactions.
- The method involves using a distributed digital ledger system to disburse and manage these preapprovals.
- Guaranteed preapprovals are transformed into offers to purchase real estate property, which are sold by sellers who are smart in the digital ledger system.
- Holders of guaranteed preapproval NFTs can be linked to offers to purchase real estate and have the ability to offer these NFTs to other lenders under more favorable terms.
Potential applications of this technology:
- Real estate transactions: This technology can be used to streamline and automate the process of managing and issuing preapprovals in real estate transactions, making it more efficient and secure.
- Lending industry: The use of guaranteed preapproval NFTs can provide lenders with a new way to offer and manage preapprovals, potentially attracting more customers and improving the lending process.
Problems solved by this technology:
- Inefficiency: The traditional process of managing and issuing preapprovals in real estate transactions can be time-consuming and prone to errors. This technology aims to solve these inefficiencies by using a distributed digital ledger system.
- Lack of transparency: The use of a digital ledger system provides transparency and traceability in the management and issuance of preapprovals, reducing the risk of fraud and improving trust in the process.
Benefits of this technology:
- Efficiency: By using a distributed digital ledger system, the process of managing and issuing preapprovals can be streamlined, reducing the time and effort required.
- Transparency: The use of a digital ledger system provides transparency and traceability, improving trust and reducing the risk of fraud in real estate transactions.
- Flexibility: The ability to link guaranteed preapproval NFTs to offers and transfer them to other lenders under more favorable terms provides flexibility and potential benefits for both lenders and borrowers.
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-estate may offer these nfts to other lenders under more favorable terms.
