Numéraire Financial, Inc. (20240257159). ASSET TRANSFER USING DECENTRALIZED LEDGER TECHNOLOGY BASED ON BIOLOGICAL RELATIONSHIP simplified abstract
Contents
- 1 ASSET TRANSFER USING DECENTRALIZED LEDGER TECHNOLOGY BASED ON BIOLOGICAL RELATIONSHIP
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 ASSET TRANSFER USING DECENTRALIZED LEDGER TECHNOLOGY BASED ON BIOLOGICAL RELATIONSHIP - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Key Features and Innovation
- 1.6 Potential Applications
- 1.7 Problems Solved
- 1.8 Benefits
- 1.9 Commercial Applications
- 1.10 Prior Art
- 1.11 Frequently Updated Research
- 1.12 Questions about Asset Transfer Using Decentralized Ledger Technology
- 1.13 Original Abstract Submitted
ASSET TRANSFER USING DECENTRALIZED LEDGER TECHNOLOGY BASED ON BIOLOGICAL RELATIONSHIP
Organization Name
Inventor(s)
Alexander Lipton of Abu Dhabi (AE)
Thomas P. Hardjono of Winchester MA (US)
ASSET TRANSFER USING DECENTRALIZED LEDGER TECHNOLOGY BASED ON BIOLOGICAL RELATIONSHIP - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240257159 titled 'ASSET TRANSFER USING DECENTRALIZED LEDGER TECHNOLOGY BASED ON BIOLOGICAL RELATIONSHIP
Simplified Explanation
This patent application proposes a method for transferring assets using decentralized ledger technology based on a biological relationship between a claimant and a person associated with a physical product instance. The provenance of the physical product instance is traced using cryptography and decentralized ledger technology.
Key Features and Innovation
- Asset transfer based on biological relationship between claimant and person associated with physical product instance
- Tracing provenance of physical product instance using cryptography and decentralized ledger technology
- Mechanisms to restrict ownership of physical product instance based on DNA biological fingerprint and smart contract technology
- Representation of physical product instance as digital tokens on a blockchain
- Claimant must prove biological relationship to original owner to acquire physical product instance
Potential Applications
This technology could be applied in industries where tracking ownership and provenance of physical products is crucial, such as luxury goods, art, and collectibles.
Problems Solved
- Ensures secure and transparent asset transfer
- Prevents unauthorized ownership of physical product instances
- Provides a reliable method for proving ownership and authenticity
Benefits
- Enhanced security and transparency in asset transfer
- Protection against counterfeit products
- Streamlined verification process for ownership claims
Commercial Applications
Potential commercial applications include luxury goods authentication services, art market platforms, and collectibles trading platforms.
Prior Art
Readers can explore prior art related to asset transfer, blockchain technology, and smart contracts to understand the evolution of similar concepts.
Frequently Updated Research
Stay updated on research related to decentralized ledger technology, cryptography, and biometric authentication for asset transfer.
Questions about Asset Transfer Using Decentralized Ledger Technology
How does this technology ensure the authenticity of physical product instances?
This technology uses a combination of DNA biological fingerprints and smart contracts to restrict ownership and verify the authenticity of physical product instances.
What industries could benefit the most from this asset transfer method?
Industries such as luxury goods, art, and collectibles could benefit greatly from the secure and transparent asset transfer provided by this technology.
Original Abstract Submitted
asset transfer using decentralized ledger technology based on a biological relationship between a claimant and a person associated with a physical product instance. the provenance of the physical product instance is traced using cryptography and decentralized ledger technology. for example, mechanisms to restrict ownership of the physical product instance are based on a combination of a dna biological fingerprint of the person who originated the physical product instance and smart contract technology. the physical product instance can be represented as digital tokens on a blockchain. due to restricted ownership rules associated with the physical product instance, a claimant seeking to acquire the physical product instance via the digital token and smart contract is required to prove that they satisfy the restricted ownership rules based on a biological relationship to the person who originated the physical product instance.
