B-SQUARE LAB CO., LTD. (20240214206). METHOD FOR ISSUING NON-FUNGIBLE TOKEN simplified abstract
METHOD FOR ISSUING NON-FUNGIBLE TOKEN
Organization Name
Inventor(s)
Kyehyuk Ahn of Bucheon-si, Gyeonggi-do (KR)
METHOD FOR ISSUING NON-FUNGIBLE TOKEN - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240214206 titled 'METHOD FOR ISSUING NON-FUNGIBLE TOKEN
The present disclosure describes a method for minting a non-fungible token (NFT) that includes multimedia or document data along with associated circumstantial information.
- Establish a connection to at least one terminal and receive data from the terminal.
- Verify the received data and the associated circumstantial information.
- Issue an NFT linked to the data and circumstantial information.
Potential Applications: - Art and collectibles authentication - Digital rights management - Proof of ownership for digital assets
Problems Solved: - Ensures authenticity and provenance of digital content - Provides a secure way to store and transfer multimedia data
Benefits: - Enhances trust and transparency in digital transactions - Enables creators to monetize their digital creations effectively
Commercial Applications: Title: Enhanced Digital Asset Authentication and Management This technology can be utilized in art marketplaces, digital content platforms, and online auctions to verify the authenticity and ownership of digital assets.
Questions about NFT Minting: 1. How does this method ensure the security of the data and circumstantial information associated with the NFT? - The method includes verification steps to ensure the integrity and authenticity of the data and information.
2. What are the potential challenges in implementing this method on a large scale? - Scalability and data management could be key challenges in implementing this method across a wide range of digital assets.
Original Abstract Submitted
the present disclosure discloses a method of minting a non-fungible token (nft) that contains multimedia or document data as well as circumstantial information associated with the multimedia or document data. more specifically, the method includes steps of establishing a connection to at least one terminal and receiving data from the terminal, verifying the data received from the terminal and circumstantial information that is associated with the data, and issuing an nft associated with the data and the circumstantial information.
