Touch Point Worldwide, Inc. (20240232865). SYSTEMS AND METHODS FOR EXCHANGING ELECTRONIC TOKENS simplified abstract
Contents
SYSTEMS AND METHODS FOR EXCHANGING ELECTRONIC TOKENS
Organization Name
Inventor(s)
Daniel Kang of Costa Mesa CA (US)
Thomas Chen of Costa Mesa CA (US)
Jonathan Ko of Costa Mesa CA (US)
SYSTEMS AND METHODS FOR EXCHANGING ELECTRONIC TOKENS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240232865 titled 'SYSTEMS AND METHODS FOR EXCHANGING ELECTRONIC TOKENS
Simplified Explanation: The patent application describes a token exchange framework that allows for the exchange of reward tokens between different reward systems and merchants using a blockchain.
- Reward tokens from various reward systems can be stored and exchanged within the framework.
- Different merchants can connect their reward systems to the framework through bridges during the onboarding process.
- Reward tokens representing reward data can be freely exchanged within the framework via the blockchain.
- When a reward redemption transaction is initiated, reward tokens can be converted into merchant-specific reward data for processing the transaction.
Key Features and Innovation:
- Token exchange framework for exchanging reward tokens between different reward systems and merchants.
- Utilization of blockchain for storing transaction data associated with reward tokens.
- Onboarding process for connecting reward systems of different merchants to the framework.
- Issuance of reward tokens to represent reward data for different reward systems.
- Conversion of reward tokens into merchant-specific reward data for transaction processing.
Potential Applications: The technology can be applied in loyalty programs, e-commerce platforms, and retail settings to facilitate the exchange of reward tokens between different systems and merchants.
Problems Solved: The technology addresses the challenge of interoperability between various reward systems and merchants, allowing for seamless exchange and redemption of reward tokens.
Benefits:
- Increased flexibility and convenience in managing and redeeming rewards.
- Enhanced customer engagement and loyalty across different reward systems.
- Streamlined transaction processing and data management for merchants.
Commercial Applications: The technology can be utilized in the retail industry, hospitality sector, and online marketplaces to improve customer retention, drive sales, and enhance overall user experience.
Questions about Token Exchange Framework: 1. How does the token exchange framework ensure the security and integrity of reward token transactions? 2. What are the potential scalability challenges that may arise when connecting multiple reward systems to the framework?
Frequently Updated Research: Stay updated on the latest advancements in blockchain technology and loyalty program management to enhance the efficiency and effectiveness of the token exchange framework.
Original Abstract Submitted
methods and systems are presented for providing a token exchange framework that enables exchanges of reward tokens corresponding to different reward systems and/or different merchants. the token exchange framework includes a blockchain for storing transaction data associated with transactions of reward tokens. during the onboarding process, reward systems associated with different merchants may be connected to the blockchain of the token exchange framework via one or more bridges. reward tokens may be issued to represent reward data corresponding to the different reward systems, and can be freely exchanged within the token exchange framework via the blockchain. when a transaction for redeeming a reward is received, reward tokens in the blockchain can be converted into reward data corresponding to the merchant's reward system and process the transaction with the merchant using the converted reward data.
