20240054413. SYSTEM FOR IMPLEMENTING PARAMETRIC OPTIMIZATION ANALYSIS FOR RESOURCE SELECTION simplified abstract (BANK OF AMERICA CORPORATION)

SYSTEM FOR IMPLEMENTING PARAMETRIC OPTIMIZATION ANALYSIS FOR RESOURCE SELECTION

Organization Name

BANK OF AMERICA CORPORATION

Inventor(s)

Sakshi Bakshi of New Delhi (IN)

Amod Jha of Hyderabad, Telangana (IN)

Siva Kumar Paini of Hyderabad, Telangana (IN)

Ashlesha Mithra of Gurugram, Haryana (IN)

SYSTEM FOR IMPLEMENTING PARAMETRIC OPTIMIZATION ANALYSIS FOR RESOURCE SELECTION - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240054413 titled 'SYSTEM FOR IMPLEMENTING PARAMETRIC OPTIMIZATION ANALYSIS FOR RESOURCE SELECTION

Simplified Explanation

The patent application describes a system for implementing parametric optimization analysis for resource selection, including determining requirements, identifying non-fungible tokens (NFTs) for past resource exchange agreements, extracting resource descriptors, predicting optimal resource valuation using machine learning, and displaying the model on an end-point device.

• The system determines requirements for a resource exchange agreement.
• It identifies NFTs for past resource exchange agreements based on the requirements.
• It extracts resource descriptors from the NFTs.
• It predicts optimal resource valuation using machine learning and the descriptors.
• It displays the optimal resource valuation model on an end-point device.

1. 1. 1. Potential Applications

- Resource allocation in business transactions - Optimization of resource selection in supply chain management

1. 1. 1. Problems Solved

- Efficient resource selection based on past agreements - Improved decision-making in resource allocation

1. 1. 1. Benefits

- Increased accuracy in resource valuation - Enhanced optimization of resource selection - Streamlined decision-making processes

Original Abstract Submitted

systems, computer program products, and methods are described herein for implementing parametric optimization analysis for resource selection. the present invention is configured to determine a first set of requirements associated with a resource exchange agreement; identify one or more non-fungible tokens (nfts) for one or more categories of past resource exchange agreements based on at least the first set of requirements; extract, from the one or more nfts, one or more resource descriptors associated with one or more past resource exchange agreements in the one or more categories; predict, using a machine learning subsystem, an optimal resource valuation model for one or more resources that meet the first set of requirements using the one or more resource descriptors and the first set of requirements; and transmit control signals configured to cause a first end-point device to display the optimal resource valuation model.