Digital Asset Ownership Keys for Physical Asset Tracking
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Solution Overview
Problem
Managing and tracking real-world assets or items associated with digital assets is difficult within blockchain networks.
Innovation Solution
A computer system with a communications module, processor, and memory is used to receive, store, and execute instructions for actions on digital assets, including printing physical representations based on ownership keys and metadata, with blockchain network integration for verification and tracking.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If blockchain networks are used to represent real-world assets as digital tokens, then asset transferability and authenticity are improved, but difficulty in managing and tracking the physical assets worsens
Solution Approach 1:
The patent introduces a physical tag attached to the real-world asset that contains an identifier linking to the digital token on the blockchain. This physical tag acts as an intermediary between the physical asset and the digital representation, enabling easy tracking and management while maintaining blockchain's authenticity benefits. The tag allows users to scan or read the identifier to verify asset ownership and status without directly managing the complex blockchain infrastructure.
2Adaptability or versatility
If blockchain networks are used to represent real-world assets as digital tokens, then asset transferability is improved, but difficulty in tracking the physical assets worsens
Solution Approach 1:
The patent creates a physical copy or representation of the digital token's identifier through the physical tag attached to the asset. This tag contains or displays the unique identifier that corresponds to the blockchain token, allowing the physical asset to be tracked through its digital twin. The copying principle enables seamless tracking by linking the physical and digital realms through the identifier on the tag, making it easy to detect and measure asset location and status.
3Reliability
If digital assets are minted on payment card networks with ownership keys, then security and verification are improved, but system complexity increases
Solution Approach 1:
The patent extracts the complex cryptographic verification processes from the user's direct interaction and places them on the blockchain network infrastructure. Users only need to interact with simple physical tags and basic scanning devices, while the complex ownership key verification, digital signature validation, and authorization processes are handled automatically by the blockchain network. This extraction principle reduces user-facing complexity while maintaining high security standards.
Data Source
AI summary
A computer system comprises a communications module; a processor coupled to the communications module; and a memory coupled to the processor, the memory storing processor-executable instructions which, when executed, configure the processor to receive, via the communications module, a signal that includes an ownership key associated with a digital asset minted on a payment card network; store the ownership key associated with the digital asset in a digital wallet; send, via the communications module and to the payment card network, a signal that includes a request to perform an action on the digital asset using the ownership key; receive, via the communications module and from the payment card network, a signal that indicates permission for the action to be performed on the digital asset; and perform the action.