Frontage Road Holdings, LLC (20240249289). System and Method for Securing a Non-Fungible Digital Asset simplified abstract
Contents
System and Method for Securing a Non-Fungible Digital Asset
Organization Name
Inventor(s)
Raymond A. Chiapuzio of Eugene OR (US)
System and Method for Securing a Non-Fungible Digital Asset - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240249289 titled 'System and Method for Securing a Non-Fungible Digital Asset
The abstract describes a computer-based system, method, and program for securing a non-fungible digital asset using multiparty computation (MPC) security system on blockchain networks. The system binds a cryptographic key to the digital asset by processing key shards across multiple nodes and verifying possession before approving transactions.
- Utilizes multiparty computation (MPC) security system on blockchain networks
- Binds cryptographic key to non-fungible digital asset securely
- Processes key shards across multiple nodes for computational security
- Verifies possession of key shards by corresponding nodes before approving transactions
- Secures digital assets through a decentralized and secure process
Potential Applications: - Securing non-fungible digital assets such as digital art, collectibles, or intellectual property - Enhancing security and trust in blockchain transactions involving valuable assets
Problems Solved: - Ensures secure binding between cryptographic keys and digital assets - Prevents unauthorized access or tampering with digital assets on blockchain networks
Benefits: - Increased security and trust in transactions involving non-fungible digital assets - Decentralized and transparent process for securing valuable digital assets
Commercial Applications: Title: Secure Non-Fungible Digital Asset Management System This technology can be used in industries such as art, gaming, and intellectual property to securely manage and transact non-fungible digital assets, enhancing trust and security in the process.
Questions about Secure Non-Fungible Digital Asset Management System: 1. How does the multiparty computation (MPC) security system enhance the security of digital assets on blockchain networks? The MPC security system processes key shards across multiple nodes, ensuring secure possession before approving transactions, enhancing security and trust in digital asset management.
2. What are the potential implications of this technology on industries like art and gaming? This technology can revolutionize the way digital assets are managed and transacted in industries like art and gaming, providing a secure and transparent process for handling valuable assets.
Original Abstract Submitted
a computer-based system, computer-implemented method, and computer program product for securing a non-fungible digital asset leverage a multiparty computation (mpc) security system implemented upon one or more blockchain computer networks. the mpc security system is configured to implement a secure binding between a cryptographic key and a non-fungible digital asset. the mpc security system is further configured to computationally process shard(s) of the cryptographic key by assigning the shard(s) to respective node(s) of the multiple nodes. the mpc security system is further configured to computationally pair the respective node(s) with the mpc security system. the mpc security system is further configured to verify secure possession of each of the shard(s) by each corresponding node of the node(s). the mpc security system is further configured to, responsive to the verifying, approve a transaction for the asset, the transaction occurring among at least two of the multiple nodes, thereby securing the asset.
