The Toronto-Dominion Bank (20240232858). AUTHENTICATION USING NON-FUNGIBLE TOKEN AS PROOF OF ACCOUNT OWNERSHIP simplified abstract
Contents
AUTHENTICATION USING NON-FUNGIBLE TOKEN AS PROOF OF ACCOUNT OWNERSHIP
Organization Name
Inventor(s)
David Samuel Tax of Toronto (CA)
Anthony Haituyen Nguyen of Toronto (CA)
Dean Constantin Nicholas Tseretopoulos of Toronto (CA)
Edwin Van Damme of Etobicoke (CA)
AUTHENTICATION USING NON-FUNGIBLE TOKEN AS PROOF OF ACCOUNT OWNERSHIP - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240232858 titled 'AUTHENTICATION USING NON-FUNGIBLE TOKEN AS PROOF OF ACCOUNT OWNERSHIP
The abstract of the patent application describes a processor-implemented method for authenticating a device using non-fungible tokens (NFTs) and blockchain technology.
- Simplified Explanation:
The method involves verifying the identity of a device by associating it with a unique identifier, NFT identifier, public key, and blockchain address.
- Key Features and Innovation:
- Authentication process using NFTs and blockchain technology - Secure verification of device identity through public and private key association - Enables new operations after successful authentication
- Potential Applications:
- Secure access control systems - Digital asset management platforms - Identity verification services
- Problems Solved:
- Ensures secure authentication of devices - Prevents unauthorized access to sensitive information - Enhances trust and security in digital transactions
- Benefits:
- Improved security and privacy protection - Streamlined authentication process - Enhanced trust in digital interactions
- Commercial Applications:
"Blockchain-Based Device Authentication System for Secure Access Control in IoT Networks"
- Questions about the Technology:
1. How does the use of NFTs enhance the security of device authentication? 2. What are the potential implications of this technology for digital asset management systems?
- Frequently Updated Research:
Stay updated on advancements in blockchain technology and device authentication protocols for potential improvements in security and efficiency.
Original Abstract Submitted
in an aspect, a processor-implemented method is disclosed. the method may be performed by a server. a method may include: receiving an authentication request from a device, the authentication request including a unique identifier; authenticating the authentication request by: retrieving a non-fungible token (nft) identifier and public key associated with the unique identifier; identifying, from a blockchain, a blockchain address that is an owner of an nft represented by the nft identifier; verifying that the blockchain address that is the owner of the nft is associated with the public key that is associated with the unique identifier; and verifying that a private key stored in a secure area of the device is associated with the public key that is associated with the unique identifier; and after authenticating the authentication request, enabling an operation not available prior to authenticating the authentication request.
