Financial Cloud Innovations Inc. (20240311822). DECENTRALIZED FINANCIAL TECHNOLOGY BLOCKCHAIN simplified abstract

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DECENTRALIZED FINANCIAL TECHNOLOGY BLOCKCHAIN

Organization Name

Financial Cloud Innovations Inc.

Inventor(s)

Alfredo Campana of Miami FL (US)

Timothy Griffith of Yorba Linda CA (US)

Jeffrey Griffith of Anaheim Hills CA (US)

Michael Griffith of Anaheim Hills CA (US)

DECENTRALIZED FINANCIAL TECHNOLOGY BLOCKCHAIN - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240311822 titled 'DECENTRALIZED FINANCIAL TECHNOLOGY BLOCKCHAIN

Simplified Explanation: The patent application describes a fintech platform that utilizes integrated blockchain networks and InterPlanetary File System (IPFS) technologies to provide daily servicing and reporting activities to users. Users interact with the platform through private and public networks without a middleman. Physical asset information is uploaded to the platform, recorded on a private blockchain and IPFS, and represented by a Collateralized Non-Fungible Token (CNFT) that can be converted to a public CNFT for ownership transfer.

  • Integrated blockchain networks and IPFS technologies used in a fintech platform
  • Users interact directly without a middleman through private and public networks
  • Physical asset information uploaded and recorded on private blockchain and IPFS
  • CNFT generated to represent physical assets and can be converted to public CNFT for ownership transfer

Potential Applications: 1. Financial institutions can use this technology for secure and transparent asset management. 2. Real estate companies can streamline property transactions and ownership transfers. 3. Supply chain companies can track and verify the authenticity of physical assets.

Problems Solved: 1. Eliminates the need for intermediaries in asset management processes. 2. Enhances security and transparency in asset transactions. 3. Simplifies ownership transfer of physical assets.

Benefits: 1. Increased efficiency in asset management processes. 2. Enhanced security and transparency in transactions. 3. Streamlined ownership transfer procedures.

Commercial Applications: The technology can be applied in the financial services industry for asset management, real estate transactions, supply chain management, and more, offering secure and transparent solutions for various commercial applications.

Questions about Fintech Platform with Integrated Blockchain Networks and IPFS: 1. How does the use of blockchain networks and IPFS technologies benefit users of the fintech platform? 2. What are the potential implications of converting a CNFT to a public CNFT for ownership transfer?


Original Abstract Submitted

on a fintech platform, integrated blockchain networks and interplanetary file system (ipfs) technologies provide daily servicing and reporting activities to users of the platform. users, such as stakeholders, customers and financial institutions, interact with the integrated platform through both private and public networks without a middleman. a platform user uploads information associated with a physical asset, such as a mortgage/deed, loan information, or the like, to the platform. the platform records the uploaded information, simultaneously, to a private blockchain and an ipfs of the platform. a collateralized non-fungible token (cnft) is generated to represent the physical asset and is also recorded to the private blockchain and the ipfs. to transfer ownership external to the platform, the cnft is converted to a public cnft and migrated to a public blockchain.

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