18061607. Customized Token Rules Generation System simplified abstract (Bank of America Corporation)
Contents
Customized Token Rules Generation System
Organization Name
Inventor(s)
Prabhat Ranjan of Plano TX (US)
Monika Kapur of Jacksonville FL (US)
Siten Sanghvi of Westfield NJ (US)
Steven Green of New York NY (US)
Naga Vamsi Krishna Akkapeddi of Charlotte NC (US)
Customized Token Rules Generation System - A simplified explanation of the abstract
This abstract first appeared for US patent application 18061607 titled 'Customized Token Rules Generation System
The patent application discusses the customization of tokens in distributed ledger computing systems to enhance security and facilitate transactions. A token customization module is used to personalize rules based on user requirements for the distributed ledger system. These customized rules can trigger alerts, automate transactions, and enforce regional restrictions.
- Token customization module used to build customized controls into tokens for blockchain systems
- Personalized rules based on user requirements for the distributed ledger system
- Customized rules can trigger alerts, automate transactions, and enforce regional restrictions
- Rules incorporated into tokens and recorded immutably in the distributed ledger
- Customized tokens may include smart contracts for additional functionality
Potential Applications: - Enhancing security in blockchain transactions - Facilitating automated transactions based on customized rules - Enforcing regional restrictions for specific types of transactions
Problems Solved: - Lack of personalized controls in distributed ledger systems - Inefficient transaction monitoring and enforcement - Limited flexibility in token functionality
Benefits: - Improved security and customization in blockchain transactions - Enhanced automation and efficiency in transaction processing - Greater control over regional restrictions and compliance measures
Commercial Applications: Customized tokens can be used in various industries such as finance, supply chain management, and healthcare to streamline transactions and enhance security measures.
Prior Art: There may be existing patents or technologies related to token customization in blockchain systems, but further research is needed to determine specific prior art in this area.
Frequently Updated Research: Stay updated on the latest developments in token customization and distributed ledger systems to ensure optimal security and efficiency in transactions.
Questions about Token Customization in Distributed Ledger Systems:
Question 1: How does token customization improve security in blockchain transactions? Answer: Token customization allows for personalized controls and rules, enhancing security measures and enabling more efficient transaction monitoring.
Question 2: What are the potential drawbacks of token customization in distributed ledger systems? Answer: Some potential drawbacks of token customization may include increased complexity in system implementation and potential compatibility issues with existing blockchain technologies.
Original Abstract Submitted
Various aspects of the disclosure relate to distributed ledger computing systems and customizing tokens for securing and facilitating transactions recorded in the distributed ledger. A token customization module may be used to build customized controls into a token for use in a blockchain system. The token customization module may personalize or otherwise customize rules based on requirements of a user's particular use of the distributed ledger system. The customized rules may be used to trigger alerting behavior, prevent and/or automate particular transactions, provide geofencing and/or regional restrictions for transactions of a specified type, among others. Once built, the rules may be incorporated into the tokens and immutably memorialized in the distributed ledger. The customized tokens may be associated with or incorporate a smart contract to layer additional functionality.
