18419655. INTELLIGENT REAL TIME DYNAMIC SMART CONTRACT GENERATION FOR SECURE PROCESSING OF INTERNET OF THINGS (IOT) DEVICE BASED EVENTS simplified abstract (Bank of America Corporation)
Contents
- 1 INTELLIGENT REAL TIME DYNAMIC SMART CONTRACT GENERATION FOR SECURE PROCESSING OF INTERNET OF THINGS (IOT) DEVICE BASED EVENTS
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 INTELLIGENT REAL TIME DYNAMIC SMART CONTRACT GENERATION FOR SECURE PROCESSING OF INTERNET OF THINGS (IOT) DEVICE BASED EVENTS - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Potential Applications
- 1.6 Problems Solved
- 1.7 Benefits
- 1.8 Potential Commercial Applications
- 1.9 Possible Prior Art
- 1.10 Unanswered Questions
- 1.11 Original Abstract Submitted
INTELLIGENT REAL TIME DYNAMIC SMART CONTRACT GENERATION FOR SECURE PROCESSING OF INTERNET OF THINGS (IOT) DEVICE BASED EVENTS
Organization Name
Inventor(s)
Shailendra Singh of Maharashtra (IN)
INTELLIGENT REAL TIME DYNAMIC SMART CONTRACT GENERATION FOR SECURE PROCESSING OF INTERNET OF THINGS (IOT) DEVICE BASED EVENTS - A simplified explanation of the abstract
This abstract first appeared for US patent application 18419655 titled 'INTELLIGENT REAL TIME DYNAMIC SMART CONTRACT GENERATION FOR SECURE PROCESSING OF INTERNET OF THINGS (IOT) DEVICE BASED EVENTS
Simplified Explanation
The abstract of the patent application describes a computing platform that monitors communication between IoT devices to detect event processing requests, extract event features, use a deep learning engine to create a smart contract, verify compliance with the smart contract using a distributed ledger, and authorize the processing of the event request.
- The computing platform monitors communication between IoT devices to detect event processing requests.
- Event features are extracted from the event processing request.
- A deep learning engine is used to generate a smart contract based on the event features.
- Compliance with the smart contract is verified using a distributed ledger.
- Authorization is sent to an event processing system to process the event request, transferring funds from an initiating user to a service provider.
Potential Applications
The technology described in the patent application could be applied in various industries such as finance, healthcare, supply chain management, and smart home automation.
Problems Solved
This technology streamlines the process of event processing requests between IoT devices, ensuring compliance with predetermined smart contracts and facilitating secure transactions.
Benefits
The benefits of this technology include increased efficiency in event processing, enhanced security through smart contract verification, and seamless fund transfers between users and service providers.
Potential Commercial Applications
One potential commercial application of this technology could be in the development of secure payment systems for IoT devices, enabling automated transactions based on predefined conditions.
Possible Prior Art
One possible prior art for this technology could be existing systems that use deep learning algorithms for smart contract generation and verification in blockchain networks.
Unanswered Questions
How does the computing platform handle conflicting event features in the event processing request?
The abstract does not mention how the computing platform resolves conflicts between event features extracted from the event processing request.
What measures are in place to prevent unauthorized access to the event processing system during fund transfers?
The abstract does not provide details on the security measures implemented to prevent unauthorized access to the event processing system during fund transfers.
Original Abstract Submitted
Aspects of the disclosure relate to computing hardware and software for IoT event processing. A computing platform may monitor communication between an initiating IoT device and a service provider IoT device to detect an event processing request. The computing platform may extract, from the event processing request, event features. The computing platform may feed the event features into a deep learning engine, which may produce a smart contract corresponding to the event processing request. The computing platform may identify, using a distributed ledger, whether the event features comply with the smart contract. Based on identifying that the event features do comply with the smart contract, the computing platform may send, to an event processing system, authorization to process the event processing request, which may cause the event processing system to transfer funds from an initiating user to the service provider.
