IMAGENPAY UK LIMITED (20240232860). Method and System for Transferring a Digital Asset and for Managing a Digital Wallet Application simplified abstract

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Method and System for Transferring a Digital Asset and for Managing a Digital Wallet Application

Organization Name

IMAGENPAY UK LIMITED

Inventor(s)

Michael Donald of Cheshire (GB)

Alexander Donald of Cheshire (GB)

Method and System for Transferring a Digital Asset and for Managing a Digital Wallet Application - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240232860 titled 'Method and System for Transferring a Digital Asset and for Managing a Digital Wallet Application

Simplified Explanation: The method described in the abstract involves transferring a digital asset from one user to another by authenticating the ownership of the asset and updating a transaction database to reflect the new owner. The transfer includes providing a graphic asset associated with the digital asset to the new owner's electronic device.

  • **Key Features and Innovation:**
   - Transfer of digital assets between users.
   - Authentication of ownership through a transaction database.
   - Updating the database to reflect the new owner.
   - Providing a graphic asset to the new owner's electronic device.
   - Validation using a distributed ledger like a blockchain.
  • **Potential Applications:**

The technology could be used in various industries such as finance, digital art, gaming, and more where digital assets need to be securely transferred between users.

  • **Problems Solved:**

The technology addresses the need for secure and authenticated transfer of digital assets between users, ensuring that ownership is properly verified and updated.

  • **Benefits:**
   - Secure transfer of digital assets.
   - Efficient authentication of ownership.
   - Easy access to associated graphic assets.
   - Utilization of distributed ledger technology for validation.
  • **Commercial Applications:**

The technology could have commercial applications in industries such as digital asset trading platforms, online marketplaces for digital goods, and secure data transfer services.

  • **Prior Art:**

Readers interested in prior art related to this technology could explore existing patents or research on digital asset transfer, blockchain technology, and authentication methods for digital ownership.

  • **Frequently Updated Research:**

Stay updated on the latest advancements in blockchain technology, digital asset management, and secure data transfer protocols to enhance the understanding and implementation of this technology.

Questions about Digital Asset Transfer: 1. How does the technology ensure the secure transfer of digital assets between users? 2. What are the potential implications of utilizing a distributed ledger like a blockchain for validating digital asset transfers?


Original Abstract Submitted

the method comprises transferring a digital asset from a first user to a second user. the method comprises authenticating the first user as the owner of the digital asset by inspecting a transaction database. the method comprises transferring the digital asset from the first user to the second user by updating the transaction database so as to identify the second user as the owner of the digital asset; and by providing a graphic asset associated with the digital asset to a user electronic device of the second user. the transfer of the digital asset may be validated using a distributed ledger such as a blockchain. the method may be performed by a system comprising user electronic devices a, b, c, and a transaction database . the system comprises a user electronic device comprising a communicator , and a processor communicatively coupled to the communicator

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