Unknown Organization (20240291658). SYSTEMS AND METHODS FOR ANTI-FRAUD AND REDUNDANT TOKEN DISTRIBUTION AND MANAGEMENT simplified abstract
Contents
SYSTEMS AND METHODS FOR ANTI-FRAUD AND REDUNDANT TOKEN DISTRIBUTION AND MANAGEMENT
Organization Name
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 20240291658 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.
Potential Applications: - Secure online transactions - Fraud prevention in financial systems - Token management in digital wallets
Problems Solved: - Fraudulent token distribution - Lack of redundancy in token management - Security vulnerabilities in token systems
Benefits: - Enhanced security in token distribution - Redundancy in token management - Improved fraud prevention measures
Commercial Applications: Title: Secure Token Management System for Financial Institutions This technology can be used by banks and financial institutions to enhance the security of their token distribution and management systems, reducing the risk of fraud and improving overall transaction security.
Prior Art: Researchers can explore prior art related to blockchain token management systems, smart contracts, and fraud prevention measures in financial systems.
Frequently Updated Research: Stay updated on the latest advancements in blockchain technology, token management systems, and fraud prevention measures to enhance the security and efficiency of token distribution processes.
Questions about Token Distribution and Management: 1. How does the system ensure the authenticity of tokens generated on the blockchain? 2. What measures are in place to prevent fraudulent activities in token distribution and management processes?
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.
