20240046251. ELECTRONIC CURRENCY MANAGEMENT SYSTEM simplified abstract (DeCurret DCP Inc.)
Contents
ELECTRONIC CURRENCY MANAGEMENT SYSTEM
Organization Name
Inventor(s)
ELECTRONIC CURRENCY MANAGEMENT SYSTEM - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240046251 titled 'ELECTRONIC CURRENCY MANAGEMENT SYSTEM
Simplified Explanation
The patent application describes an electronic currency management system that includes multiple blockchain networks for managing different types of digital assets.
- The system has a common area blockchain network for managing a coin associated with a cash currency.
- It also has a first additional area blockchain network for managing a first token associated with the coin.
- A first issuing unit is responsible for issuing the coin on the common area blockchain network.
- A providing unit associates the coin issued by the first issuing unit with the first additional area blockchain network.
- A second issuing unit is responsible for issuing the first token on the first additional area blockchain network, based on the amount of the coin associated with the first additional area blockchain network.
Potential applications of this technology:
- Cross-border transactions: The system could facilitate seamless and secure transactions between different currencies, eliminating the need for traditional intermediaries.
- Digital asset management: The system allows for the management of different types of digital assets, providing a unified platform for users to store and transact with their digital currencies and tokens.
Problems solved by this technology:
- Interoperability: The system enables the interoperability between different blockchain networks, allowing for the seamless transfer of assets between them.
- Trust and security: By utilizing blockchain technology, the system ensures the immutability and transparency of transactions, enhancing trust and security in digital asset management.
Benefits of this technology:
- Efficiency: The system streamlines the process of issuing and managing digital currencies and tokens, reducing the need for manual intervention and paperwork.
- Cost savings: By eliminating intermediaries and automating processes, the system can potentially reduce transaction costs associated with traditional currency exchange and asset management.
Original Abstract Submitted
an electronic currency management system comprises: a common area blockchain network for managing a coin associated with a cash currency; a first additional area blockchain network for managing a first token associated with the coin; a first issuing unit configured to issue the coin on the common area blockchain network; a providing unit configured to associate the coin issued by the first issuing unit with the first additional area blockchain network; and a second issuing unit configured to issue the first token on the first additional area blockchain network based on an amount of the coin associated with the first additional area blockchain network by the providing unit.
