Unknown Organization (20240265327). RISK ASSESSMENT SYSTEM AND METHOD FOR EVALUATING AND SCORING SMALL BUSINESSES ENGAGED IN CROSSBORDER TRADE simplified abstract
RISK ASSESSMENT SYSTEM AND METHOD FOR EVALUATING AND SCORING SMALL BUSINESSES ENGAGED IN CROSSBORDER TRADE
Organization Name
Inventor(s)
RISK ASSESSMENT SYSTEM AND METHOD FOR EVALUATING AND SCORING SMALL BUSINESSES ENGAGED IN CROSSBORDER TRADE - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240265327 titled 'RISK ASSESSMENT SYSTEM AND METHOD FOR EVALUATING AND SCORING SMALL BUSINESSES ENGAGED IN CROSSBORDER TRADE
The risk assessment system described in the patent application is a computer system that evaluates and scores small businesses engaged in cross-border trade. It includes various components such as buyer devices, seller devices, an Internet of Things (IoT) module, and a blockchain framework.
- The computer system receives data inputs from different sources, processes them using an optical character recognition (OCR) data extractor, and employs artificial intelligence (AI) models to generate processed data.
- It calculates a transaction history score by analyzing payment discrepancies and integrates IoT data for comprehensive risk assessment.
- Using a proprietary risk scoring model, the computer system generates buyer risk scores or seller performance scores ranging from 1 to 1000, providing a data-driven solution for risk evaluation in international trade.
- The scores can be displayed on the buyer and seller devices for easy access and reference.
Potential Applications: - Enhancing risk assessment in international trade - Improving decision-making processes for small businesses engaged in cross-border trade
Problems Solved: - Lack of comprehensive risk assessment tools for small businesses in cross-border trade - Difficulty in evaluating the performance and reliability of buyers and sellers in international transactions
Benefits: - Increased transparency and trust in cross-border trade transactions - Enhanced decision-making capabilities for small businesses - Improved risk management strategies for international trade operations
Commercial Applications: Title: "Enhancing Risk Assessment in Cross-Border Trade with AI and IoT Technology" This technology can be utilized by financial institutions, trade organizations, and small businesses involved in international trade to streamline risk assessment processes and improve overall decision-making.
Questions about the technology: 1. How does the integration of IoT data enhance the risk assessment process in cross-border trade? 2. What are the key advantages of using AI models for generating risk scores in international transactions?
Original Abstract Submitted
the risk assessment system for evaluating and scoring small businesses engaged in cross-border trade, includes a computer system connected to one or more buyer devices, one or more seller devices, an internet of things (iot) module and a blockchain framework. the computer system functions to receive various data inputs, including user-uploaded, third-party, and platform data and employs an optical character recognition (ocr) data extractor to process these inputs and utilizes artificial intelligence (ai) models to generate processed data. the computer system further calculates a transaction history score by analyzing payment discrepancies and integrates iot data for comprehensive risk assessment. utilizing a proprietary risk scoring model, the computer system generates a buyer risk score or a seller performance score, ranging from 1 to 1000, providing a dynamic and data-driven solution for risk evaluation in international trade. the respective scores may then be displayed on the buyer and seller devices.
