MASTERCARD INTERNATIONAL INCORPORATED (20240330901). METHOD AND SYSTEM FOR MASTERCARD AUTHENTICATING NON-FUNGIBLE TOKENS simplified abstract
Contents
- 1 METHOD AND SYSTEM FOR MASTERCARD AUTHENTICATING NON-FUNGIBLE TOKENS
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 METHOD AND SYSTEM FOR MASTERCARD AUTHENTICATING NON-FUNGIBLE TOKENS - A simplified explanation of the abstract
- 1.4 Potential Applications
- 1.5 Problems Solved
- 1.6 Benefits
- 1.7 Commercial Applications
- 1.8 Questions about Non-Fungible Token Authentication
- 1.9 Original Abstract Submitted
METHOD AND SYSTEM FOR MASTERCARD AUTHENTICATING NON-FUNGIBLE TOKENS
Organization Name
MASTERCARD INTERNATIONAL INCORPORATED
Inventor(s)
Venkata Satya Sivajee Pinnamaneni of Dardenne Prairie CO (US)
Sachin Kumar Singh of Maharashtra (IN)
METHOD AND SYSTEM FOR MASTERCARD AUTHENTICATING NON-FUNGIBLE TOKENS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240330901 titled 'METHOD AND SYSTEM FOR MASTERCARD AUTHENTICATING NON-FUNGIBLE TOKENS
The abstract describes a method for authenticating non-fungible tokens (NFTs) by calculating an authentication score based on wallet activity and fraud scores, then transmitting a response message indicating successful or unsuccessful validation.
- Validation request for an NFT received from an external platform with a smart contract identifier
- Authentication score calculated based on wallet activity and fraud score
- Negative response message sent if authentication score is below threshold, positive response if above threshold
- Instruction given to execute smart contract associated with the smart contract identifier upon successful validation
Potential Applications
The technology could be applied in verifying the authenticity of NFTs in various industries such as art, collectibles, and digital assets trading platforms.
Problems Solved
This technology addresses the issue of verifying the authenticity of NFTs, which is crucial in preventing fraud and ensuring trust in digital transactions.
Benefits
The benefits of this technology include enhanced security, reduced risk of counterfeit NFTs, and increased confidence in the validity of digital assets.
Commercial Applications
Title: Secure Authentication Technology for Non-Fungible Tokens This technology could be commercially used by NFT marketplaces, digital art platforms, and online auction sites to provide a secure and reliable authentication process for NFT transactions.
Questions about Non-Fungible Token Authentication
How does the authentication score for NFTs contribute to preventing fraud in digital transactions?
The authentication score helps in evaluating the legitimacy of NFTs by analyzing wallet activity and external platform fraud scores, thus reducing the risk of fraudulent transactions.
What are the potential implications of this technology on the NFT market?
This technology could revolutionize the NFT market by instilling trust and confidence among buyers and sellers, leading to increased adoption and growth in the digital asset industry.
Original Abstract Submitted
a method for authentication of non-fungible tokens (nfts) includes receiving a validation request for an nft from an external platform including a smart contract identifier; calculating an authentication score for the nft based on at least (i) wallet activity associated with a creator blockchain wallet identified based on the smart contract identifier, and (ii) a fraud score of the external platform; and if the calculated authentication score for the nft is below a predetermined threshold value, transmitting a negative response message to the validation request indicating unsuccessful validation of the nft, or if the calculated authentication score for the nft is above the predetermined threshold value, transmitting a positive response message to the validation request indicating successful validation of the nft and instructing the external platform to execute a smart contract associated with the smart contract identifier.
