Unknown Organization (20240291657). SYSTEMS AND METHODS FOR ANTI-FRAUD AND REDUNDANT TOKEN DISTRIBUTION AND MANAGEMENT simplified abstract

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SYSTEMS AND METHODS FOR ANTI-FRAUD AND REDUNDANT TOKEN DISTRIBUTION AND MANAGEMENT

Organization Name

Unknown Organization

Inventor(s)

Maxwell P. O'brien of Miami Beach FL (US)

SYSTEMS AND METHODS FOR ANTI-FRAUD AND REDUNDANT TOKEN DISTRIBUTION AND MANAGEMENT - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240291657 titled 'SYSTEMS AND METHODS FOR ANTI-FRAUD AND REDUNDANT TOKEN DISTRIBUTION AND MANAGEMENT

The patent application describes a system and method for anti-fraud and redundant token distribution and management through the generation and distribution of authentic tokens and corresponding synthetic tokens on a blockchain.

  • Generating authentic tokens on a blockchain using a smart contract.
  • Transmitting notifications to client servers indicating authentic tokens and associated digital wallets.
  • Updating authentic tokens based on synthetic tokens indicated by client servers.
  • Managing token distribution and anti-fraud measures effectively.
      1. Potential Applications:

This technology can be applied in financial transactions, secure access control systems, and digital asset management.

      1. Problems Solved:

This technology addresses the issues of fraud in token distribution, ensuring secure and efficient management of tokens on a blockchain.

      1. Benefits:

Enhanced security in token distribution, improved fraud prevention measures, and streamlined token management processes.

      1. Commercial Applications:

"Secure Token Management System for Financial Institutions and Digital Asset Platforms"

      1. Prior Art:

Researchers can explore prior art related to blockchain token management systems and anti-fraud measures in digital transactions.

      1. Frequently Updated Research:

Stay updated on the latest advancements in blockchain security protocols and token management systems.

        1. Questions about Token Distribution and Management:

1. How does this technology improve the security of token distribution? 2. What are the key advantages of using synthetic tokens in this system?


Original Abstract Submitted

embodiments described herein are systems and methods for anti-fraud and redundant token distribution and management by generating and distributing authentic tokens and corresponding synthetic tokens. a computer-implemented method can include generating, by the computer executing a first smart contract, one or more authentic tokens on a blockchain. the method can include transmitting, by the computer, a notification to a client server indicating an authentic token, the notification including one or more identifiers for one or more digital wallets associated with the client server. the method can include updating, by the computer, the authentic token associated with the client server according to the synthetic token as indicated by a request, in response to receiving the request from the client server indicating a synthetic token corresponding to the authentic token.

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