WRAPTAG INC. (20240265375). PRODUCTION METHOD AND PRODUCTION SYSTEM FOR NON-FUNGIBLE TOKEN, REGISTRATION METHOD AND SYSTEM FOR UNIQUE IDENTIFIER, AND PRODUCTION METHOD FOR COMBINATION PRODUCT simplified abstract
PRODUCTION METHOD AND PRODUCTION SYSTEM FOR NON-FUNGIBLE TOKEN, REGISTRATION METHOD AND SYSTEM FOR UNIQUE IDENTIFIER, AND PRODUCTION METHOD FOR COMBINATION PRODUCT
Organization Name
Inventor(s)
Hitoshi Takeuchi of Hyogo (JP)
PRODUCTION METHOD AND PRODUCTION SYSTEM FOR NON-FUNGIBLE TOKEN, REGISTRATION METHOD AND SYSTEM FOR UNIQUE IDENTIFIER, AND PRODUCTION METHOD FOR COMBINATION PRODUCT - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240265375 titled 'PRODUCTION METHOD AND PRODUCTION SYSTEM FOR NON-FUNGIBLE TOKEN, REGISTRATION METHOD AND SYSTEM FOR UNIQUE IDENTIFIER, AND PRODUCTION METHOD FOR COMBINATION PRODUCT
Simplified Explanation: The patent application describes a method for producing non-fungible tokens on a blockchain using unique identifiers.
Key Features and Innovation:
- Method involves receiving a unique identifier possessed by an object.
- Determines if the identifier is already registered in the system.
- Generates a non-fungible token if the identifier is already registered.
Potential Applications: This technology can be used in various industries such as art, collectibles, gaming, and supply chain management.
Problems Solved: The technology solves the problem of securely creating and managing non-fungible tokens on a blockchain.
Benefits:
- Provides a secure and efficient way to create non-fungible tokens.
- Helps in verifying the authenticity and ownership of digital assets.
Commercial Applications: The technology can be utilized by digital asset marketplaces, art galleries, gaming companies, and logistics companies to tokenize assets and streamline operations.
Prior Art: Readers can explore prior art related to blockchain technology, non-fungible tokens, and digital asset management systems.
Frequently Updated Research: Stay updated on the latest advancements in blockchain technology, non-fungible tokens, and digital asset management systems.
Questions about the Technology: 1. What are the potential security implications of using non-fungible tokens on a blockchain? 2. How can this technology impact the future of digital asset management and ownership verification?
Original Abstract Submitted
an object having a unique identifier is used for operations on tokens in a blockchain. the disclosed method is a production method executed by a system that produces a non-fungible token to be recorded on the blockchain. the production method includes: receiving a unique identifier possessed by an object; determining whether or not the received unique identifier is an already-registered unique identifier that has been registered in the system in advance; and generating a non-fungible token if the received unique identifier is determined to be the already-registered unique identifier.
