Unknown Organization (20240346482). SYSTEM AND METHOD FOR MANAGING PAIRED A PHYSICAL TAG AND A NON-FUNGIBLE TOKEN. simplified abstract
Contents
SYSTEM AND METHOD FOR MANAGING PAIRED A PHYSICAL TAG AND A NON-FUNGIBLE TOKEN.
Organization Name
Inventor(s)
Timothy Christopher Bodenmiller of Sanford CA (US)
SYSTEM AND METHOD FOR MANAGING PAIRED A PHYSICAL TAG AND A NON-FUNGIBLE TOKEN. - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240346482 titled 'SYSTEM AND METHOD FOR MANAGING PAIRED A PHYSICAL TAG AND A NON-FUNGIBLE TOKEN.
The abstract describes a system and method for managing a combination of a physical tag and a non-fungible token (NFC) applied to an article. The system can verify the authenticity of the physical tag and the current ownership of the article by checking the contract and/or wallet address and the token ID incorporated into the physical tag in the form of a URI. The verification process involves reading the URI with a user device and checking the validity and association of the contract and/or wallet address and the token ID in published NFT transactions.
- Physical tag and non-fungible token (NFC) management system
- Verification of physical tag authenticity and article ownership
- Incorporation of contract and/or wallet address and token ID into physical tag as a URI
- Verification process involving reading URI with user device
- Checking validity and association of contract and/or wallet address and token ID in published NFT transactions
Potential Applications: - Authenticity verification for physical items - Ownership tracking for valuable assets - Anti-counterfeiting measures for luxury goods
Problems Solved: - Ensuring authenticity of physical items - Preventing unauthorized ownership claims - Enhancing trust in transactions involving valuable assets
Benefits: - Improved security for physical items - Enhanced transparency in ownership transfers - Reduced risk of fraud in asset transactions
Commercial Applications: Title: Secure Asset Management System This technology can be used in industries such as luxury goods, art, collectibles, and high-value asset management. It can provide a secure and transparent way to verify authenticity and ownership of physical items, enhancing trust and reducing the risk of fraud in transactions.
Questions about the Secure Asset Management System: 1. How does the system ensure the authenticity of the physical tag? The system verifies the authenticity of the physical tag by checking the contract and/or wallet address and the token ID incorporated into the tag.
2. What are the potential applications of this technology beyond asset management? This technology can also be applied in supply chain management, ticketing systems, and digital collectibles to verify authenticity and ownership.
Original Abstract Submitted
a system and method for managing a combination of a physical tag and a non-fungible token (nfc), the physical tag can be applied to an article for which the nft is generated. the system can verify the authenticity of the physical tag and current ownership of the article. the contract and/or wallet address and the token id can be incorporated into the physical tag applied to the article in the form of a uri. for the verification, the uri can be read by a used device, and the validity and association of the contract and/or wallet address and the token id can be checked by the system in published nft transactions.
