US Patent Application 18305426. SECURE SYSTEM simplified abstract
Contents
SECURE SYSTEM
Organization Name
Inventor(s)
Jeremy Phillips of Brooklyn NY (US)
Kurry Tran of Brooklyn NY (US)
SECURE SYSTEM - A simplified explanation of the abstract
This abstract first appeared for US patent application 18305426 titled 'SECURE SYSTEM
Simplified Explanation
- The patent application describes a device that receives application questions for someone applying for credit. - The device broadcasts these questions to other devices that have access to a distributed ledger for sharing credit worthiness information. - The purpose is to generate an application response and process it using a smart contract. - The device receives encrypted application responses containing credit worthiness information about the individual. - The device decrypts these responses and determines a credit worthiness score for the individual. - The device then takes actions that allow it or another device associated with the organization to use the credit worthiness score to decide whether to approve the individual for credit.
Original Abstract Submitted
A device may receive application questions for an individual applying for credit with an organization. The device may broadcast the application questions to additional devices that have access to a distributed ledger for sharing credit worthiness information to cause at least one of the additional devices to generate an application response to the application questions and to process the application response using a smart contract. The device may receive one or more application responses that have been encrypted. Each of the application responses may include particular credit worthiness information relating to the individual. The device may decrypt the application responses. The device may determine a credit worthiness score for the individual using the application responses. The device may perform one or more actions that allow the device or another device associated with the organization to use the credit worthiness score to determine whether to approve the individual for credit.
