Unknown Organization (20240405990). COMPUTER-IMPLEMENTED METHOD AND SYSTEM FOR VERIFYING TOKENS ON A BLOCKCHAIN

COMPUTER-IMPLEMENTED METHOD AND SYSTEM FOR VERIFYING TOKENS ON A BLOCKCHAIN

Organization Name

Unknown Organization

Inventor(s)

Steven Patrick Coughlan of London (GB)

Owen Vaughan of London (GB)

COMPUTER-IMPLEMENTED METHOD AND SYSTEM FOR VERIFYING TOKENS ON A BLOCKCHAIN

This abstract first appeared for US patent application 20240405990 titled 'COMPUTER-IMPLEMENTED METHOD AND SYSTEM FOR VERIFYING TOKENS ON A BLOCKCHAIN

Original Abstract Submitted

embodiments provide improved solutions for verifying one or more tokens provided via a token transaction on a blockchain. the token transaction is generated by an issuer and forms a link in a chain of token transactions which can be traced back to a minting transaction that was used by the issuer to generate the token(s). at least one certification element is provided in one or more token transactions within the chain, wherein the certification element certifies the authenticity of the token(s) by or on behalf of the issuer. a validating entity need only traverse the token's history chain back to a transaction which comprises a certification element rather than back to the mint transaction. additionally, or alternatively, the disclosure provides improved solutions for melting and reminting the token when a pre-determined threshold, limit or specified value has been reached. melting and reminting may comprise issuance on the blockchain of a new mint transaction subsequent to the original mint transaction in the token's chain of history, or replacement of an issuer-associated component such as an identifier which serves thereafter to identify the token, the issuer and/or the new or original mint transaction.