Capital One Services, LLC (20240291649). NON-FUNGIBLE TOKEN (NFT) VEHICLE INFORMATION simplified abstract
Contents
NON-FUNGIBLE TOKEN (NFT) VEHICLE INFORMATION
Organization Name
Inventor(s)
Russell Danna of Rockwall TX (US)
Landon M. Nehmer of McKinney TX (US)
Michael Garner of Carrollton TX (US)
NON-FUNGIBLE TOKEN (NFT) VEHICLE INFORMATION - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240291649 titled 'NON-FUNGIBLE TOKEN (NFT) VEHICLE INFORMATION
Simplified Explanation: This patent application describes methods and systems for transferring control of vehicle information using a blockchain-based transfer system.
- The system facilitates the transfer of vehicle ownership from one user to another.
- It generates blockchain operations to transfer control of cryptographic tokens between users.
- The system updates user identification data after successful blockchain operations.
Key Features and Innovation:
- Use of blockchain technology for transferring vehicle ownership.
- Secure transfer of cryptographic tokens between users.
- Automated updating of user identification data.
Potential Applications:
- Vehicle registration and ownership transfer systems.
- Secure digital asset transfer systems.
- Cryptocurrency exchange platforms.
Problems Solved:
- Ensures secure and transparent transfer of vehicle ownership.
- Streamlines the process of updating user identification data.
- Reduces the risk of fraudulent ownership transfers.
Benefits:
- Increased security in vehicle ownership transfers.
- Improved efficiency in updating user data.
- Enhanced transparency in asset transfers.
Commercial Applications: Title: Blockchain-Based Vehicle Ownership Transfer System This technology can be used in:
- Vehicle registration and title transfer services.
- Cryptocurrency exchange platforms.
- Digital asset management systems.
Prior Art: Readers can explore prior art related to blockchain-based asset transfer systems and vehicle ownership transfer methods.
Frequently Updated Research: Stay updated on the latest advancements in blockchain technology and vehicle ownership transfer systems for potential improvements and innovations.
Questions about Blockchain-Based Vehicle Ownership Transfer System: 1. How does blockchain technology ensure secure transfer of vehicle ownership? 2. What are the potential commercial applications of this technology?
Original Abstract Submitted
methods and systems are described herein for transferring control of vehicle information. a transfer system may be used to facilitate the transfer. the system may receive a first request for transferring an association of a vehicle from a first user to a second user. the transfer system may generate a first blockchain operation for transferring control of the cryptographic token from a first to second cryptography-based storage application associated with the first user and second user, respectively, wherein the first blockchain operation comprises the second address associated with the second cryptography-based storage application. the system may transmit the first blockchain operation for transferring control of the cryptographic token to the second cryptography-based storage application. in response to receiving an indication of successful blockchain operation from a blockchain node, the system may transmit a command to update first user identification data stored at a link.
