18514829. DISTRIBUTED LEDGER TECHNOLOGY UTILIZING ASSET TRACKING simplified abstract (Wells Fargo Bank, N.A.)
Contents
- 1 DISTRIBUTED LEDGER TECHNOLOGY UTILIZING ASSET TRACKING
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 DISTRIBUTED LEDGER TECHNOLOGY UTILIZING ASSET TRACKING - 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 Original Abstract Submitted
DISTRIBUTED LEDGER TECHNOLOGY UTILIZING ASSET TRACKING
Organization Name
Inventor(s)
Duc M. Trinh of Golden Valley MN (US)
DISTRIBUTED LEDGER TECHNOLOGY UTILIZING ASSET TRACKING - A simplified explanation of the abstract
This abstract first appeared for US patent application 18514829 titled 'DISTRIBUTED LEDGER TECHNOLOGY UTILIZING ASSET TRACKING
Simplified Explanation
The patent application describes systems, methods, and computer-readable storage media used to track multiple assets on a distributed ledger network.
- The method involves receiving a request to track a specific asset on the network, identifying the reason for the exchange based on predefined actions, determining the asset type, generating a unique identifier for the asset, and creating a unique tracking identifier with various identifiers including the asset issuer, asset type, and unique identifier.
- The method also includes providing a cryptographic code and the reason for the exchange to the distributed ledger network.
Potential Applications
This technology could be applied in various industries such as finance, supply chain management, and healthcare to track assets securely and efficiently on a distributed ledger network.
Problems Solved
This technology solves the problem of securely tracking and managing a large number of assets on a distributed ledger network, ensuring transparency and accuracy in asset transactions.
Benefits
The benefits of this technology include improved asset tracking, enhanced security, increased efficiency in asset management, and reduced risk of fraud or errors in asset transactions.
Potential Commercial Applications
A potential commercial application of this technology could be in the financial sector for tracking financial assets, in the logistics industry for tracking shipments, or in the healthcare sector for tracking medical supplies.
Possible Prior Art
One possible prior art for this technology could be existing asset tracking systems using blockchain technology, but the specific method described in the patent application may offer unique features or improvements.
Unanswered Questions
How does this technology ensure the security and integrity of asset tracking on the distributed ledger network?
The technology utilizes cryptographic codes and unique identifiers to ensure secure tracking of assets on the network, but the specific encryption methods and security measures employed are not detailed in the abstract.
What are the scalability limitations of this technology when tracking a large number of assets on the distributed ledger network?
The abstract mentions tracking a plurality of assets, but it does not specify how the system handles scalability issues or potential bottlenecks when tracking a significant volume of assets simultaneously.
Original Abstract Submitted
Systems, methods and computer-readable storage media utilized to track a plurality of assets on a distributed ledger network. One method includes receiving a request to track a specific asset on the distributed ledger network. The method further includes identifying a reason for the exchange, wherein the reason for exchange is based on a set of predefined actions. The method further includes determining an asset type associated with the specific asset. The method further includes generating a unique identifier identifying the specific asset. The method further includes generating a unique tracking identifier, the unique tracking identifier including a subset of identifiers, the subset of identifiers including an asset issuer identifier, an asset type identifier, and the unique identifier. The method further includes providing, to the distributed ledger network, a cryptographic code and the reason for the exchange.
