20240020681. DIGITAL TOKENS USING BLOCKCHAIN simplified abstract (Unknown Organization)
Contents
DIGITAL TOKENS USING BLOCKCHAIN
Organization Name
Inventor(s)
Eric Finnerud of Lawrenceville GA (US)
DIGITAL TOKENS USING BLOCKCHAIN - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240020681 titled 'DIGITAL TOKENS USING BLOCKCHAIN
Simplified Explanation
The patent application describes a computer-implemented method for issuing tokens using a blockchain. The method involves obtaining a digital content item from an authorized user and arranging for its storage by a storage provider. One or more digital tokens are generated, each representing and/or associated with the digital content item. Transactions associated with the digital tokens are submitted to a blockchain. An online platform is provided for users to view, purchase, trade, and/or sell the digital tokens.
- The method involves obtaining digital content items from users and storing them with a storage provider.
- Digital tokens are generated to represent and/or be associated with the digital content items.
- Transactions associated with the digital tokens are submitted to a blockchain.
- An online platform is provided for users to interact with the digital tokens.
Potential applications of this technology:
- Digital rights management: The method can be used to issue tokens representing ownership or access rights to digital content, allowing for secure and traceable transactions.
- Tokenized assets: The method can be used to tokenize physical or digital assets, enabling fractional ownership and easier transferability.
- Digital collectibles: The method can be used to create and trade unique digital collectibles, such as digital art or virtual items in games.
Problems solved by this technology:
- Trust and security: The use of a blockchain ensures the integrity and immutability of the transactions, reducing the risk of fraud or unauthorized access.
- Intermediary elimination: By using a decentralized platform and blockchain, the need for intermediaries such as traditional marketplaces or copyright organizations can be reduced or eliminated.
- Transparency and provenance: The blockchain provides a transparent and auditable record of ownership and transactions, allowing for increased trust and verification.
Benefits of this technology:
- Increased efficiency: The use of a blockchain and digital tokens streamlines the process of issuing, trading, and transferring ownership of digital content or assets.
- Global accessibility: The online platform allows users from anywhere in the world to participate in the token economy, expanding market reach and potential.
- Monetization opportunities: The method enables content creators to monetize their digital assets directly, without relying on traditional distribution channels.
Original Abstract Submitted
a computer-implemented method of issuing tokens using a blockchain, wherein the method is performed by a platform provider and comprises: obtaining, from an authorised user, a digital content item; arranging for the storage the digital content item and/or sending the digital content item to a storage provider for storage by the storage provider; generating one or more digital tokens, each digital token comprising data representing and/or associated with the digital content item; arranging for the submission of one or more transactions to a blockchain, each transaction comprising data associated with a respective one of said one or more digital tokens; providing an online platform to users to view, purchase, trade and/or sell the one or more digital tokens.
