20240046253. METHODS AND SYSTEMS FOR DIGITAL REWARD PROCESSING simplified abstract (ROYAL BANK OF CANADA)

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METHODS AND SYSTEMS FOR DIGITAL REWARD PROCESSING

Organization Name

ROYAL BANK OF CANADA

Inventor(s)

Edison U. Ortiz of Orlando FL (US)

Iustina-Miruna Vintila of Bucharest (RO)

METHODS AND SYSTEMS FOR DIGITAL REWARD PROCESSING - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240046253 titled 'METHODS AND SYSTEMS FOR DIGITAL REWARD PROCESSING

Simplified Explanation

The patent application relates to digital reward processing using distributed ledger technology. The technology involves storing distributed ledgers on multiple computing devices, with sequential entries that are cryptographically linked to each other.

  • The patent application focuses on reward processing using distributed ledger technology.
  • Distributed ledgers are stored on multiple computing devices.
  • The distributed ledgers consist of sequential entries that are cryptographically linked.
  • The technology utilizes distributed ledger technology to process digital rewards.

Potential Applications:

  • Loyalty programs: The technology can be used to track and process rewards in loyalty programs, providing a transparent and secure system for customers.
  • Gaming industry: Distributed ledger technology can be utilized to manage in-game rewards and virtual currencies, ensuring fairness and security.
  • Supply chain management: The technology can be applied to track and verify rewards or incentives within supply chains, enhancing transparency and trust.

Problems Solved:

  • Lack of transparency: The technology solves the problem of opacity in reward processing by providing a transparent and immutable ledger system.
  • Security concerns: By utilizing distributed ledger technology, the system addresses security issues related to reward processing, such as fraud or tampering.
  • Centralized control: The technology eliminates the need for a central authority to manage reward processing, promoting decentralization and reducing the risk of manipulation.

Benefits:

  • Transparency: The use of distributed ledger technology ensures transparency in reward processing, allowing participants to verify transactions and track rewards.
  • Security: The cryptographically linked entries in the distributed ledgers enhance the security of reward processing, reducing the risk of fraud or unauthorized access.
  • Efficiency: The technology streamlines reward processing by automating the verification and distribution process, saving time and resources.


Original Abstract Submitted

embodiments generally relate to the field of reward processing, and more particularly, systems, methods, and computer readable media for digital reward processing utilizing distributed ledger technology. distributed ledger technology is utilized wherein distributed ledgers are stored on a plurality of node computing devices, the distributed ledgers including sequential entries that are cryptographically linked to one another.

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