International business machines corporation (20240104653). METHOD FOR DIGITAL ASSET TRANSACTIONS simplified abstract
Contents
- 1 METHOD FOR DIGITAL ASSET TRANSACTIONS
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 METHOD FOR DIGITAL ASSET TRANSACTIONS - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Potential Applications
- 1.6 Problems Solved
- 1.7 Benefits
- 1.8 Potential Commercial Applications
- 1.9 Possible Prior Art
- 1.10 Original Abstract Submitted
METHOD FOR DIGITAL ASSET TRANSACTIONS
Organization Name
international business machines corporation
Inventor(s)
Tiberiu Suto of Franklin NY (US)
Shikhar Kwatra of San Jose CA (US)
Nadiya Kochura of Bolton MA (US)
Ayush Khandelwal of Cambridge MA (US)
Jeremy R. Fox of Georgetown TX (US)
METHOD FOR DIGITAL ASSET TRANSACTIONS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240104653 titled 'METHOD FOR DIGITAL ASSET TRANSACTIONS
Simplified Explanation
The computer-implemented method described in the patent application involves using licensed material to generate a digital asset, creating a smart contract based on license terms associated with the material, identifying a transaction request for the digital asset, authenticating the digital asset, and executing the smart contract upon authentication.
- Determining licensed material used for digital asset generation
- Generating a smart contract based on license terms
- Identifying transaction request for the digital asset
- Authenticating the digital asset
- Executing the smart contract for the digital asset
Potential Applications
The technology described in this patent application could be applied in various industries where digital assets are exchanged, such as digital media, art, and intellectual property.
Problems Solved
This technology helps ensure that digital assets are used in accordance with the terms of their licenses, providing a secure and transparent way to manage transactions involving digital assets.
Benefits
The benefits of this technology include improved compliance with license terms, increased security in digital asset transactions, and automated execution of smart contracts for efficient transactions.
Potential Commercial Applications
One potential commercial application of this technology could be in digital rights management systems for content creators and distributors, ensuring that digital assets are used and exchanged legally and securely.
Possible Prior Art
One possible prior art for this technology could be existing digital asset management systems that incorporate smart contracts for managing transactions involving digital assets.
Unanswered Questions
How does this technology handle disputes arising from digital asset transactions?
The patent application does not specify how disputes related to digital asset transactions are resolved using this technology.
What measures are in place to prevent unauthorized use of licensed material in generating digital assets?
The patent application does not detail the specific security measures implemented to prevent unauthorized use of licensed material in the generation of digital assets.
Original Abstract Submitted
a computer-implemented method for digital asset transaction is disclosed. the computer-implemented method includes determining that a licensed material was used to generate a digital asset. the computer-implemented method further includes generating a smart contract for the digital asset, wherein one or more terms of the smart contract are based, at least in part, on one or more license terms associated with the licensed material. the computer-implemented method further includes identifying a transaction request for the digital asset. the computer-implemented method further includes authenticating the digital asset. the computer-implemented method further includes executing, in response to authenticating the digital asset, the generated smart contract for the digital asset.
