Nasdaq, Inc. (20240249278). APPLICATION FRAMEWORK USING BLOCKCHAIN-BASED ASSET OWNERSHIP simplified abstract
Contents
APPLICATION FRAMEWORK USING BLOCKCHAIN-BASED ASSET OWNERSHIP
Organization Name
Inventor(s)
Richard Demarinis of Morris Plains NJ (US)
Thomas Fay of Succasunna NJ (US)
Dominick Paniscotti of Totowa NJ (US)
Rachana Rajkumar of New York NY (US)
Junning Tong of Jersey City NJ (US)
APPLICATION FRAMEWORK USING BLOCKCHAIN-BASED ASSET OWNERSHIP - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240249278 titled 'APPLICATION FRAMEWORK USING BLOCKCHAIN-BASED ASSET OWNERSHIP
The abstract describes a system for recording ownership information in a distributed ledger, such as a blockchain, and utilizing this information for application processing. A server computer system is configured to record ownership information of an asset on the blockchain, create digital wallets for asset owners with cryptographic keys and blockchain addresses, access ownership information using blockchain addresses, perform application processing based on this information, and update ownership information in the blockchain accordingly.
- Record ownership information of an asset on a blockchain
- Create digital wallets with cryptographic keys and blockchain addresses for asset owners
- Access ownership information using blockchain addresses
- Perform application processing based on ownership information
- Update ownership information in the blockchain after application processing
Potential Applications: - Securely recording ownership information for assets - Facilitating application processing based on ownership data - Enhancing transparency and trust in ownership records
Problems Solved: - Ensuring secure and accurate recording of ownership information - Streamlining application processing using blockchain technology - Improving the integrity and reliability of ownership records
Benefits: - Increased security and transparency in ownership tracking - Efficient application processing based on verified ownership data - Enhanced trust and reliability in ownership records
Commercial Applications: Title: Blockchain-based Ownership Information System This technology can be applied in industries such as real estate, finance, and supply chain management to securely record and process ownership information. It can streamline transactions, reduce fraud, and improve overall data integrity in various commercial applications.
Questions about Blockchain-based Ownership Information System: 1. How does this system ensure the security of ownership information on the blockchain? 2. What are the potential challenges in implementing this technology across different industries?
Original Abstract Submitted
systems and methods are provided for recording ownership information in a distributed ledger (such as a blockchain), and for performing application processing utilizing the distributed ledger. an example server computer system is configured to: record on a blockchain ownership information of an asset; to configure, for each owner of the asset, a digital wallet associated with a private cryptographic key and at least one blockchain address; using a blockchain address from a digital wallet to access ownership information in the blockchain; perform application processing using the accessed ownership information; and record in the blockchain, updated ownership information or other information associated with the ownership information in accordance with the performed application processing.
