Diamond Standard Inc. (20240311812). DEPLOYING PHYSICAL DIAMOND TOKENS ON A BLOCKCHAIN simplified abstract
DEPLOYING PHYSICAL DIAMOND TOKENS ON A BLOCKCHAIN
Organization Name
Inventor(s)
Cormac L. Kinney of New York NY (US)
DEPLOYING PHYSICAL DIAMOND TOKENS ON A BLOCKCHAIN - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240311812 titled 'DEPLOYING PHYSICAL DIAMOND TOKENS ON A BLOCKCHAIN
The abstract describes a patent application for a diamond asset that includes one or more diamonds and an encryption chip. This asset is used to back a cryptographic token for conducting transactions, with the token being written to a blockchain using a smart contract. The smart contract is designed to enable transactions associated with the token based on signatures from the encryption chip, the owner of the diamond asset, and validation of the visual layout of the asset.
- Simplified Explanation:
- A diamond asset with diamonds and an encryption chip is used to back a cryptographic token for transactions. - The token is written to a blockchain using a smart contract that allows transactions based on signatures and visual validation.
- Key Features and Innovation:
- Diamond asset with encryption chip for asset-backing. - Use of smart contract for writing token to blockchain. - Transaction authorization based on signatures and visual validation.
- Potential Applications:
- Secure transactions in the diamond industry. - Asset-backed tokens for financial transactions. - Enhanced security and authenticity verification.
- Problems Solved:
- Ensures authenticity and security of diamond assets. - Facilitates secure and efficient transactions. - Provides a transparent and tamper-proof record on the blockchain.
- Benefits:
- Increased trust and security in diamond transactions. - Streamlined and efficient asset-backed token transactions. - Enhanced verification and validation processes.
- Commercial Applications:
- Title: "Secure Diamond Asset-Backed Token Technology for Financial Transactions" - Potential commercial uses in diamond trading platforms, financial institutions, and luxury goods markets. - Market implications include improved security, transparency, and efficiency in transactions.
- Questions about Diamond Asset-Backed Token Technology:
1. How does the encryption chip enhance the security of the diamond asset-backed token? 2. What are the potential implications of using blockchain technology for verifying diamond assets?
- Frequently Updated Research:
- Stay updated on advancements in blockchain technology for secure transactions. - Monitor developments in encryption technology for enhancing asset-backed tokens.
Original Abstract Submitted
a diamond asset comprising one or more diamonds and an encryption chip is used to asset-back a cryptographic token that can be used to conduct transactions. the cryptographic token is written to a blockchain using a smart contract that is configured to enable a transaction associated with the token in response to two or more of: a signature by the encryption chip, a signature by the owner of the diamond asset, and a validation of a visual layout of the diamond asset.
