20240046267. Virtual Blockchain Applications for Stored Value Tokens simplified abstract (Bluestack Systems, Inc.)
Contents
Virtual Blockchain Applications for Stored Value Tokens
Organization Name
Inventor(s)
Virtual Blockchain Applications for Stored Value Tokens - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240046267 titled 'Virtual Blockchain Applications for Stored Value Tokens
Simplified Explanation
The invention described in the patent application provides solutions for generating, provisioning, or transferring non-fungible tokens through a stored value token. The stored value token has an associated stored value and an entitlement to a non-fungible token that is unrelated to the stored value. The invention also includes mechanisms for claiming the entitlement to a non-fungible token associated with a stored value token, resulting in the generation, provisioning, or transfer of the non-fungible token to a beneficiary of the stored value token.
- The invention enables the generation, provisioning, or transfer of non-fungible tokens through a stored value token.
- The stored value token has an associated stored value and an entitlement to a non-fungible token.
- The non-fungible token is unrelated to the stored value.
- Mechanisms are provided to claim the entitlement to a non-fungible token associated with a stored value token.
- The claiming process results in the generation, provisioning, or transfer of the non-fungible token to the beneficiary of the stored value token.
Potential Applications:
- Digital asset management platforms
- Loyalty reward programs
- Gaming and virtual reality platforms
- Intellectual property rights management
Problems Solved:
- Simplifies the process of generating, provisioning, or transferring non-fungible tokens
- Enables the association of non-fungible tokens with stored value tokens
- Provides mechanisms for claiming entitlement to non-fungible tokens
Benefits:
- Increased efficiency in managing and transferring non-fungible tokens
- Enhanced security and transparency in the ownership and transfer of non-fungible tokens
- Expanded use cases for stored value tokens in various industries and applications
Original Abstract Submitted
the invention provides solutions for generating, provisioning or transferring non-fungible tokens through a stored value token that has an associated stored value, and that additionally has an associated entitlement to a non-fungible token (which non-fungible token is unrelated to or distinct from the stored value). the invention additionally provides mechanisms wherein the entitlement to a non-fungible token that is associated with a stored value token can be claimed, resulting in a non-fungible token being generated, provisioned or transferred to a beneficiary of the stored value token.
