Visa International Service Association (20240273521). Method, System, and Computer Program Product for Generating a Single-Use Digital Asset simplified abstract

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Method, System, and Computer Program Product for Generating a Single-Use Digital Asset

Organization Name

Visa International Service Association

Inventor(s)

Gregory Billington of San Francisco CA (US)

Bryce Jurss of Leander TX (US)

Todd Andrew Wade of San Mateo CA (US)

Method, System, and Computer Program Product for Generating a Single-Use Digital Asset - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240273521 titled 'Method, System, and Computer Program Product for Generating a Single-Use Digital Asset

Simplified Explanation: The patent application describes a method for generating a single-use digital asset through a series of instructions and transfers involving cryptocurrency and smart contracts.

  • The method involves exchanging a selected amount of cryptocurrency for a digital asset.
  • Instructions are transmitted to transfer the digital asset and cryptocurrency between buyer and seller accounts.
  • A smart contract is generated within a blockchain network to facilitate the transfer.
  • A non-retrievable address is generated for the digital asset.
  • The cryptocurrency and digital asset are transferred through the smart contract and non-retrievable address.

Key Features and Innovation:

  • Exchange of cryptocurrency for a digital asset.
  • Use of smart contracts within a blockchain network.
  • Generation of non-retrievable address for the digital asset.

Potential Applications: This technology could be applied in various industries such as finance, e-commerce, and digital asset management.

Problems Solved: This technology streamlines the process of exchanging cryptocurrency for digital assets securely and efficiently.

Benefits:

  • Enhanced security through smart contracts.
  • Simplified process for exchanging cryptocurrency for digital assets.
  • Efficient transfer of digital assets using non-retrievable addresses.

Commercial Applications: Potential commercial applications include digital asset marketplaces, cryptocurrency exchanges, and secure transactions platforms.

Questions about the Technology: 1. How does the use of smart contracts enhance the security of the transaction process? 2. What are the potential challenges in implementing this technology in different industries?


Original Abstract Submitted

provided is a method for generating a single-use digital asset. the method may include receiving a first instruction to exchange a selected amount of a cryptocurrency from a buyer account for a digital asset from a seller account. a second instruction to transfer the digital asset from the seller account may be transmitted. a third instruction to transfer the cryptocurrency from the buyer account may be transmitted. a smart contract may be generated within a first blockchain network. the cryptocurrency may be transferred from the buyer account, and the digital asset may be transferred from the seller account to the smart contract. the cryptocurrency may be transferred from the smart contract to the seller account. a non-retrievable address may be generated. the digital asset may be transferred from the smart contract to the non-retrievable address. systems and computer program products are also provided.

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