US Patent Application 18231293. Distributed Ledger Platform for Improved Return Logistics simplified abstract

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Distributed Ledger Platform for Improved Return Logistics

Organization Name

BANK OF AMERICA CORPORATION

Inventor(s)

Maharaj Mukherjee of Poughkeepsie NY (US)

Prashant Thakur of Hyderabad (IN)

Distributed Ledger Platform for Improved Return Logistics - A simplified explanation of the abstract

This abstract first appeared for US patent application 18231293 titled 'Distributed Ledger Platform for Improved Return Logistics

Simplified Explanation

The patent application is about return logistics and how a computing platform can facilitate the process. Here is a simplified explanation of the abstract:

  • The computing platform processes a request for transferring resources (e.g., money) from a buyer to a seller for the purchase of an item.
  • The platform records this information in a distributed ledger, which is a decentralized database.
  • Another request is received for the sale of the same item to a different buyer, and the platform processes this request as well.
  • The platform records the second transfer of resources in the distributed ledger and arranges for the item to be sent from the first buyer to the second buyer.
  • Using the distributed ledger, the platform confirms that the item has been received by the second buyer.
  • The platform then facilitates a third transfer of resources from the seller to the second buyer.

Bullet points to explain the patent/innovation:

  • The patent application introduces a computing platform that uses a distributed ledger to track and record transactions related to return logistics.
  • This platform enables the seamless transfer of resources (e.g., money) between buyers and sellers during the return process.
  • By recording all relevant information in a distributed ledger, the platform ensures transparency and accountability in the return logistics.
  • The platform also facilitates the physical movement of the item from the original buyer to the new buyer, ensuring a smooth return process.
  • The use of a distributed ledger allows for easy verification of item receipt by the new buyer, reducing the potential for disputes or fraud.
  • Overall, this innovation streamlines return logistics and enhances the efficiency and reliability of the process.


Original Abstract Submitted

Aspects of the disclosure relate to return logistics. A computing platform may process a first request, resulting in first information indicating a first transfer of resources from a buyer of an item to a seller. The computing platform may record, in a distributed ledger, the first information. The computing platform may receive a second request corresponding to another sale of the item, and may process the second request, which may result in second information indicating a second transfer of resources from another buyer to the seller. The computing platform may record, in the distributed ledger, the second information, and may cause the item to be sent from the buyer to the other buyer. The computing platform may identify, using the distributed ledger, that the item has been received by the other buyer, and may cause a third transfer of resources from the seller to the buyer.

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