Data Vault Holdings, Inc. (20240265134). PLATFORM FOR MONETIZING USER DATA BASED ON SMART CONTRACT simplified abstract

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PLATFORM FOR MONETIZING USER DATA BASED ON SMART CONTRACT

Organization Name

Data Vault Holdings, Inc.

Inventor(s)

Alfred Blair Blaikie, Iii of Tinton Falls NJ (US)

Nathaniel T. Bradley of Tucson AZ (US)

Joshua S. Paugh of Tucson AZ (US)

PLATFORM FOR MONETIZING USER DATA BASED ON SMART CONTRACT - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240265134 titled 'PLATFORM FOR MONETIZING USER DATA BASED ON SMART CONTRACT

Simplified Explanation:

This patent application describes a system for monetizing data through the use of smart contracts and blockchain tokens. Users' data is automatically retrieved from various sources, added to a data set, and used to create blockchain tokens, for which users are compensated.

  • Smart contracts are used to establish how user data is retrieved and utilized by a data platform.
  • Data from users is automatically collected from different sources based on the smart contract.
  • The collected data is added to a data set associated with the user.
  • Blockchain tokens are generated based on the user's data set.
  • Users are compensated for monetizing the blockchain tokens associated with their data set.

Potential Applications:

This technology could be applied in various industries such as marketing, research, and finance to efficiently monetize user data.

Problems Solved:

This technology addresses the need for a transparent and automated system for compensating users for their data.

Benefits:

The system provides users with a fair compensation for their data while ensuring data privacy and security.

Commercial Applications:

Potential commercial applications include data monetization platforms, market research companies, and financial institutions looking to leverage user data for various purposes.

Prior Art:

Prior art related to this technology may include research on data monetization, blockchain technology, and smart contracts.

Frequently Updated Research:

Stay updated on the latest developments in blockchain technology, data monetization, and smart contracts to enhance the effectiveness of this system.

Questions about Data Monetization:

1. How does this system ensure data privacy and security for users? 2. What are the potential risks associated with monetizing user data through blockchain tokens?


Original Abstract Submitted

a system, method, device, and platform for monetizing data. a smart contract is established indicating how data from a user is retrieved and utilized by a data platform. data associated with a user is automatically retrieved from one of a number of sources based on the smart contract. the data is added to a data set associated with the user. one or more blockchain tokens are created based on the data set of the user. the user is compensated for monetizing the one or more blockchain tokens associated with the data set of the user.

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