Truist Bank (20240330926). CRYPTO DOCUMENT simplified abstract
Contents
CRYPTO DOCUMENT
Organization Name
Inventor(s)
Barath Jayaraman of Fort Mill SC (US)
CRYPTO DOCUMENT - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240330926 titled 'CRYPTO DOCUMENT
Simplified Explanation:
This patent application describes a system and method for authenticating a check using blockchain technology. The system involves a back-end server with a digital application that assigns a unique token (NFT) to an image of the check on a blockchain platform. This NFT is used to verify the authenticity of the check by the recipient, payee, and bank.
- The system authenticates checks using blockchain technology
- NFTs are assigned to check images on a blockchain platform
- Recipients, payees, and banks can verify the authenticity of the check
Key Features and Innovation:
- Utilizes blockchain technology for check authentication
- Assigns NFTs to check images for verification
- Involves multiple parties in the authentication process
Potential Applications:
- Banking and financial institutions
- Payment processing companies
- Check cashing services
Problems Solved:
- Prevents check fraud
- Ensures the authenticity of checks
- Streamlines the check verification process
Benefits:
- Increased security for check transactions
- Reduced risk of fraudulent activities
- Efficient and reliable check authentication process
Commercial Applications:
The technology can be used by banks, financial institutions, and check cashing services to enhance the security and efficiency of check transactions. It can also be integrated into payment processing systems to prevent fraud and ensure the authenticity of checks.
Questions about check authentication using blockchain technology:
1. How does the system assign NFTs to check images for verification? 2. What are the benefits of using blockchain technology for check authentication?
Original Abstract Submitted
a system and method for authenticating a check. the system includes a back-end server operating a digital application and having a processor for processing data and information, a communications interface communicatively coupled to the processor, and a memory device storing data and executable code. when the code is executed, the processor can assign an nft to an image of the check using a blockchain platform, and verify the authenticity of the check using the nft and the blockchain platform. the nft is assigned to the image of the check by a preparer of the check and the check can be authenticated by a recipient or payee of the check and a bank that receives the check as a deposit or a cashing entity of the check.
