20240037256. Tokenizing Digital Assets with Restrictions on a Blockchain simplified abstract (Unknown Organization)
Tokenizing Digital Assets with Restrictions on a Blockchain
Organization Name
Inventor(s)
Philip Scott Lyren of Rincon PR (US)
Tokenizing Digital Assets with Restrictions on a Blockchain - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240037256 titled 'Tokenizing Digital Assets with Restrictions on a Blockchain
Simplified Explanation
The patent application describes an electronic device that allows users to restrict the playback of sound from a digital asset, which is tokenized as a non-fungible token (NFT), to non-owners of the asset. The device tokenizes the digital asset on a blockchain and stores the restriction on how the sound of the asset plays for non-owners of the NFT.
- The electronic device receives a restriction from a user that limits the playback of sound from a digital asset to non-owners of the NFT.
- The digital asset is tokenized as a non-fungible token (NFT) on a blockchain.
- The blockchain stores the restriction on how the sound of the digital asset plays for non-owners of the NFT.
Potential Applications:
- Digital rights management: This technology can be used to enforce restrictions on the playback of sound for digital assets, ensuring that only authorized users can access and enjoy the content.
- Music industry: Artists and content creators can use this technology to control the distribution and playback of their music, allowing them to monetize their work and protect their intellectual property rights.
- Gaming industry: Game developers can utilize this technology to restrict the sound playback of in-game assets, providing a unique and controlled gaming experience for players.
Problems Solved:
- Unauthorized distribution: This technology helps prevent unauthorized users from accessing and distributing digital assets, protecting the rights and revenues of content creators.
- Copyright infringement: By restricting the playback of sound to non-owners of the NFT, this technology helps combat copyright infringement and ensures that content creators are properly credited and compensated for their work.
Benefits:
- Enhanced control: Content creators have greater control over the distribution and playback of their digital assets, allowing them to protect their intellectual property and monetize their work effectively.
- Increased security: By tokenizing the digital asset on a blockchain, this technology provides a secure and transparent platform for storing and enforcing restrictions, reducing the risk of unauthorized access and tampering.
- Improved monetization opportunities: With the ability to restrict sound playback to non-owners, content creators can explore new revenue streams, such as selling limited access to exclusive content or offering personalized experiences to users.
Original Abstract Submitted
an electronic device receives, from a user, a restriction that restricts how sound of a digital asset plays to non-owners of the digital asset that is tokenized as a non-fungible token (nft). one or more electronic devices tokenize the digital asset as the nft on a blockchain that stores the restriction how the sound of the digital asset plays to the non-owners of the nft.
