Unknown Organization (20240220969). SYSTEM AND METHOD FOR RECORDING OWNERSHIP IN DIGITAL REAL ESTATE IN A BLOCKCHAIN-BASED DIGITAL PLATFORM simplified abstract

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SYSTEM AND METHOD FOR RECORDING OWNERSHIP IN DIGITAL REAL ESTATE IN A BLOCKCHAIN-BASED DIGITAL PLATFORM

Organization Name

Unknown Organization

Inventor(s)

Randall William Marusyk of Ottawa (CA)

SYSTEM AND METHOD FOR RECORDING OWNERSHIP IN DIGITAL REAL ESTATE IN A BLOCKCHAIN-BASED DIGITAL PLATFORM - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240220969 titled 'SYSTEM AND METHOD FOR RECORDING OWNERSHIP IN DIGITAL REAL ESTATE IN A BLOCKCHAIN-BASED DIGITAL PLATFORM

Simplified Explanation: The patent application describes a method and system for recording ownership and transfer of digital real estate using blockchain technology.

  • The method automates the generation of digital assets associated with digital real estate on a blockchain-based platform.
  • It involves assigning a unique owner identification code to parties involved in the transfer of digital assets.
  • The method includes generating a digital asset linked to the digital real estate and recording the transfer to a new party on the blockchain ledger.
  • It also assigns a new unique owner identification code to the new party and updates the ownership information on the blockchain ledger.

Key Features and Innovation:

  • Automation of digital asset generation for digital real estate.
  • Unique owner identification codes for parties involved in ownership transfer.
  • Recording ownership and transfer information on a blockchain ledger.

Potential Applications: The technology can be applied in real estate transactions, digital asset management, and ownership verification.

Problems Solved: The technology addresses the need for secure and transparent recording of ownership and transfer of digital real estate assets.

Benefits:

  • Increased efficiency in managing digital real estate transactions.
  • Enhanced security and transparency in ownership records.
  • Simplified process for verifying ownership of digital assets.

Commercial Applications: The technology can be utilized by real estate companies, digital asset platforms, and financial institutions for secure and efficient management of digital real estate transactions.

Questions about Digital Real Estate Ownership and Transfer: 1. How does the method automate the generation of digital assets associated with digital real estate? 2. What are the benefits of using unique owner identification codes in recording ownership and transfer information?


Original Abstract Submitted

the invention relates to a method and system for recording ownership and transfer of digital real estate. a method automates digital assets generation associated with digital real estate located within a blockchain-based digital platform. the method also includes determining a unique owner identification code associated with the second party, generating a digital asset associated with the digital real estate. the method transmits the unique digital real estate id code and the unique owner id code to record a transfer of the digital asset to the second party. it also determines a new unique owner id code of the third party, links the digital asset with the new unique owner id code and transmits the unique digital real estate id code and the new unique owner id code to the distributed blockchain-based ledger for recordation on a new transaction block.

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