Bank of America Corporation (20240242204). Blockchain-Based System for Management of Digital Tokens simplified abstract
Contents
- 1 Blockchain-Based System for Management of Digital Tokens
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 Blockchain-Based System for Management of Digital Tokens - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Key Features and Innovation
- 1.6 Potential Applications
- 1.7 Problems Solved
- 1.8 Benefits
- 1.9 Commercial Applications
- 1.10 Questions about Blockchain Token Management
- 1.11 Original Abstract Submitted
Blockchain-Based System for Management of Digital Tokens
Organization Name
Inventor(s)
Siten Sanghvi of Westfield NJ (US)
Blockchain-Based System for Management of Digital Tokens - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240242204 titled 'Blockchain-Based System for Management of Digital Tokens
Simplified Explanation
This patent application describes a blockchain system for managing, splitting, and transferring tokens. Tokens can be split by adding new blocks to the blockchain, while old tokens can be burned by associating them with a specific wallet identifier.
- The system involves managing, splitting, and transferring tokens on a blockchain.
- Splitting tokens involves adding new blocks to the blockchain to create new tokens.
- Burning old tokens is done by associating them with a predetermined wallet identifier.
Key Features and Innovation
- Blockchain system for token management, splitting, and transfer.
- Splitting tokens by adding new blocks to the blockchain.
- Burning old tokens by associating them with a specific wallet identifier.
Potential Applications
This technology could be used in various industries such as finance, supply chain management, and digital asset management.
Problems Solved
This technology addresses the need for efficient token management and transfer on a blockchain system.
Benefits
- Improved token management and transfer.
- Enhanced security through burning old tokens.
- Increased efficiency in blockchain operations.
Commercial Applications
Potential commercial applications include tokenized asset management, decentralized finance platforms, and secure digital transactions.
Questions about Blockchain Token Management
How does this technology improve token management on a blockchain system?
This technology improves token management by allowing for efficient splitting and burning of tokens, enhancing security and efficiency in blockchain operations.
What are the potential applications of this blockchain token management system?
The potential applications of this system include finance, supply chain management, and digital asset management, among others.
Original Abstract Submitted
aspects of this disclosure relate to a blockchain system for management, splitting, and transfer of tokens. in an arrangement, splitting of a token may comprise splitting the blockchain by adding blocks, comprising the new tokens, to reference a same block of the blockchain. in an arrangement, an old token may be burned by associating the token to a predetermined wallet identifier.
