LocatorX, Inc. (20240345205). GLOBAL RESOURCE LOCATOR TAG WITH BLOCKCHAIN simplified abstract
Contents
GLOBAL RESOURCE LOCATOR TAG WITH BLOCKCHAIN
Organization Name
Inventor(s)
William D. Meadow of Jacksonville FL (US)
GLOBAL RESOURCE LOCATOR TAG WITH BLOCKCHAIN - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240345205 titled 'GLOBAL RESOURCE LOCATOR TAG WITH BLOCKCHAIN
The present disclosure pertains to a global resource locator tag and methods of utilizing it. A semiconductor chip may contain a processor and a micro-sized timing device, generating a timing signal. The global resource locator tag includes a blockchain and memory in logical communication with the processor. The processor can determine a cryptographic hash of a previous block of events in the blockchain and ascertain the inventory status of nearby labels. A dataset can be compiled with the inventory status of nearby labels and a cryptographic hash of a previous block.
- Semiconductor chip with processor and timing device
- Global resource locator tag with blockchain and memory
- Processor determining cryptographic hash and inventory status
- Compilation of dataset with inventory status and cryptographic hash
- Utilization of blockchain technology for tracking and verification
Potential Applications: - Supply chain management - Asset tracking - Inventory control - Anti-counterfeiting measures
Problems Solved: - Ensuring authenticity of products - Enhancing transparency in supply chains - Improving inventory management efficiency
Benefits: - Increased security and trust in transactions - Real-time tracking of resources - Reduction of counterfeit goods in the market
Commercial Applications: Title: Blockchain-based Resource Tracking for Enhanced Supply Chain Management This technology can be utilized by logistics companies, manufacturers, and retailers to streamline their operations, improve inventory accuracy, and build consumer trust.
Prior Art: Readers can explore prior research on blockchain technology in supply chain management and inventory tracking to understand the evolution of similar innovations.
Frequently Updated Research: Stay updated on the latest advancements in blockchain applications for resource tracking and supply chain optimization to leverage cutting-edge solutions for business operations.
Questions about Blockchain-based Resource Tracking: 1. How does blockchain technology enhance supply chain transparency and traceability? Blockchain technology ensures that every transaction or event is recorded in a secure and immutable manner, allowing for transparent tracking of resources from their origin to the end consumer. 2. What are the potential challenges in implementing blockchain-based resource tracking systems in large-scale supply chains? Implementing blockchain technology in large-scale supply chains may face challenges such as scalability, interoperability with existing systems, and data privacy concerns.
Original Abstract Submitted
the present disclosure relates to a global resource locator tag and methods of using the same. a semiconductor chip can include a processor and a micro sized timing device. the semiconductor chip can generate a timing signal. the global resource locator tag can include a blockchain and a memory in logical communication with the processor. the processor can determine a cryptographic hash of a previous block of events in the blockchain and determine a respective inventory status of nearby labels. a data set may be compiled with the respective inventory status of nearby labels and a cryptographic hash of a previous block.
