Bank of America Corporation (20240273482). SATELLITE DATA NFT TRANSFER LEVERAGING BLOCKCHAIN AND SMART CONTRACT CAPABILITIES simplified abstract
Contents
SATELLITE DATA NFT TRANSFER LEVERAGING BLOCKCHAIN AND SMART CONTRACT CAPABILITIES
Organization Name
Inventor(s)
Shailendra Singh of Maharashtra (IN)
SATELLITE DATA NFT TRANSFER LEVERAGING BLOCKCHAIN AND SMART CONTRACT CAPABILITIES - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240273482 titled 'SATELLITE DATA NFT TRANSFER LEVERAGING BLOCKCHAIN AND SMART CONTRACT CAPABILITIES
The abstract describes a method for establishing an alternative transaction gateway using a network of low-orbit satellites when a default transaction network is down. This involves creating and using an Internet of Things (IoT) device to generate a non-fungible token (NFT) associated with a transaction, storing the NFT at the IoT device until it is in proximity to a low-orbit satellite, and transmitting the NFT to a satellite for further processing.
- Creating and using an IoT device to generate a non-fungible token (NFT) for a transaction
- Storing the NFT at the IoT device until it is near a low-orbit satellite
- Transmitting the NFT to a low-orbit satellite for processing
- Running a smart contract on the satellite to determine the optimal pathway for transporting the NFT
- Utilizing a network of low-orbit satellites to transport the NFT to a centralized server
Potential Applications: - Emergency transaction processing during network outages - Secure and reliable alternative transaction gateway - IoT devices with satellite communication capabilities
Problems Solved: - Dependency on a single transaction network - Ensuring transaction completion during network disruptions - Secure transmission of transaction data
Benefits: - Resilient transaction processing - Enhanced security through NFT technology - Global coverage with low-orbit satellite network
Commercial Applications: Title: "Satellite-Based Alternative Transaction Gateway for Resilient Transactions" This technology could be used in industries such as finance, telecommunications, and emergency services to ensure uninterrupted transaction processing even during network failures. It could also be valuable for remote locations where traditional communication networks are unreliable.
Prior Art: Researchers can explore existing patents related to satellite communication, IoT devices, and blockchain technology to understand the background of this innovation.
Frequently Updated Research: Researchers may want to stay informed about advancements in satellite technology, IoT security, and blockchain applications to enhance this method further.
Questions about the Technology: 1. How does the use of low-orbit satellites improve transaction processing reliability? 2. What are the potential security risks associated with transmitting NFTs via satellite networks?
Original Abstract Submitted
a method for establishing an alternative transaction gateway when a default transaction network is down leveraging a network of low-orbit satellites is provided. the method may include creating, using an internet of things (“iot”) device, a non-fungible token (“nft”) associated with a transaction executed at the iot device. the method may include storing the nft at the iot device pending proximity to a low-orbit satellite. the method may further include transmitting the nft to a first low-orbit satellite when the first low-orbit satellite is within a first pre-determined proximity to the iot device. the method may include, in response to receiving the nft at the first low-orbit satellite, running a smart contract to identify an optimal pathway for transporting the nft. the pathway may include the first low-orbit satellite and one or more additional low-orbit satellites from the network operating as carriers for the nft to a centralized server.
