Unknown Organization (20240289898). BLOCKCHAIN-BASED NON-FUNGIBLE TOKEN SYSTEM AND METHOD FOR AGRICULTURAL INDUSTRY SUPPLY CHAINS simplified abstract
Contents
BLOCKCHAIN-BASED NON-FUNGIBLE TOKEN SYSTEM AND METHOD FOR AGRICULTURAL INDUSTRY SUPPLY CHAINS
Organization Name
Inventor(s)
Preska Thomas of Port Saint Lucie FL (US)
BLOCKCHAIN-BASED NON-FUNGIBLE TOKEN SYSTEM AND METHOD FOR AGRICULTURAL INDUSTRY SUPPLY CHAINS - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240289898 titled 'BLOCKCHAIN-BASED NON-FUNGIBLE TOKEN SYSTEM AND METHOD FOR AGRICULTURAL INDUSTRY SUPPLY CHAINS
The abstract describes a system that utilizes non-fungible tokens to track the movement of goods through supply chains. The system includes a computer and an application that creates a smart contract for deployment on a blockchain. The smart contract defines rules for non-fungible tokens, with each token representing a unique agricultural product. Data about the products is captured and stored in the tokens, and algorithms are included for tracking the movement of the products through their supply chains. The smart contract is deployed on the blockchain, which stores data describing transactions involving the products.
- The system utilizes non-fungible tokens (NFTs) to track the movement of goods through supply chains.
- Each NFT represents a unique agricultural product, with data about the products stored in the tokens.
- Algorithms are included in the NFTs for tracking the movement of the products through their supply chains.
- The smart contract is deployed on a blockchain, which stores data describing transactions involving the products.
- The system aims to provide a transparent and secure way to track the movement of goods through supply chains.
Potential Applications: - Supply chain management - Product authentication and verification - Quality control and assurance
Problems Solved: - Lack of transparency in supply chains - Counterfeiting and fraud in agricultural products - Inefficient tracking of goods through supply chains
Benefits: - Enhanced traceability and transparency - Improved product authenticity and quality control - Increased efficiency in supply chain management
Commercial Applications: Title: "Enhancing Supply Chain Transparency with Non-Fungible Tokens" This technology could be used in industries such as agriculture, pharmaceuticals, and luxury goods to ensure the authenticity and quality of products throughout the supply chain. It could also be valuable for companies looking to improve their supply chain management practices and enhance customer trust.
Questions about the technology: 1. How does the use of non-fungible tokens improve supply chain transparency? 2. What are the potential challenges in implementing this system across different industries?
Original Abstract Submitted
a system for utilizing non-fungible tokens to track movement of goods through supply chains is provided. the system comprises a computer and an application executing thereon that creates a smart contract for deployment on a blockchain, the smart contract directed to defining rules for non-fungible tokens (nft), wherein each nft represents a unique agricultural product. the system also programs the smart contract to capture and store data in the nfts about the products. the system also programs the smart contract to include algorithms in the nfts for tracking movement of the products through their supply chains. the system also deploys the smart contract in the blockchain. the blockchain stores data describing transactions comprising at least one of product identity, quantity of units of product, and points along the supply chain of the product during the transactions.
