Love The Block, Inc. (20240320671). SYSTEM ARCHITECTURE FOR ENABLING DISTRIBUTED TEMPORARY CONTROL OF DISCRETE UNITS OF AN ASSET simplified abstract
Contents
SYSTEM ARCHITECTURE FOR ENABLING DISTRIBUTED TEMPORARY CONTROL OF DISCRETE UNITS OF AN ASSET
Organization Name
Inventor(s)
Glenn R. Hanson of Alton Bay NH (US)
David Kaufman of Northampton MA (US)
John Falcone of Longmeadow MA (US)
SYSTEM ARCHITECTURE FOR ENABLING DISTRIBUTED TEMPORARY CONTROL OF DISCRETE UNITS OF AN ASSET - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240320671 titled 'SYSTEM ARCHITECTURE FOR ENABLING DISTRIBUTED TEMPORARY CONTROL OF DISCRETE UNITS OF AN ASSET
Simplified Explanation: The patent application describes methods and systems for distributing temporary control of an asset using blockchain technology.
- Receiving indication of transfer of temporary control between entities
- Recording transaction data in a distributed ledger
- Identifying logic and rules for transfer conditions
- Authenticating granting entity key
- Determining compliance with transfer conditions
Key Features and Innovation: - Utilizes blockchain technology for asset control distribution - Secure authentication process for granting entity - Automated verification of transfer conditions - Efficient recording and tracking of transaction data - Enhances transparency and security in asset control transfers
Potential Applications: - Financial transactions - Supply chain management - Real estate transactions - Intellectual property rights management - Digital asset management
Problems Solved: - Lack of transparency in asset control transfers - Security risks in traditional transfer processes - Inefficient tracking of transaction data - Complex authentication procedures - Difficulty in enforcing transfer conditions
Benefits: - Enhanced security and transparency - Streamlined transfer processes - Improved tracking and recording of transaction data - Automated verification of transfer conditions - Efficient authentication procedures
Commercial Applications: Title: Blockchain-based Asset Control Distribution System This technology can be applied in financial institutions, supply chain companies, real estate agencies, and intellectual property firms to streamline asset control transfers, enhance security, and improve transparency in transactions. The market implications include increased efficiency, reduced risks, and improved trust among stakeholders.
Prior Art: Research existing blockchain-based asset control distribution systems and related patents to understand the current state of the technology and identify any potential areas for improvement or innovation.
Frequently Updated Research: Stay informed about the latest developments in blockchain technology, smart contracts, and distributed ledger systems to enhance the efficiency and security of asset control distribution processes.
Questions about Asset Control Distribution: 1. How does blockchain technology improve the security of asset control transfers? 2. What are the potential challenges in implementing a blockchain-based asset control distribution system?
Original Abstract Submitted
described herein are various embodiments of methods and systems for distributing temporary control of an asset. for example, a method can include receiving an indication of an execution of a transfer of temporary control between a granting entity and a receiving entity of a unit of an asset comprising a plurality of units. transaction data comprising a duration of the temporary control of the unit can be received and recorded in a distributed ledger of a blockchain network. logic and rules corresponding to conditions of transfer of the temporary control of the unit of the asset can be identified. the method can include receiving a granting entity authentication key and determining whether the transaction data meet the logic and the rules of the conditions of transfer.
