Distributed Ledger Asset Authentication via Digital Twin
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Solution Overview
Problem
The verification of asset authenticity, ownership, and value is challenging, limiting the ability to utilize assets fully, especially in online marketplaces and financial transactions.
Innovation Solution
A system and method utilizing a distributed ledger, such as blockchain, and non-fungible tokens (NFTs) for asset authentication and management, which allows users to register, verify, and track assets through their lifecycle, providing assurance and confidence in transactions by storing and updating ownership and authenticity information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional verification methods are used for asset authentication, then the process is simple and quick, but the reliability and trustworthiness of authenticity verification is insufficient
Solution Approach 1:
The patent creates a digital copy of the asset's physical characteristics and ownership history and stores it on a distributed ledger. This digital twin allows verification of authenticity without handling the physical asset, improving reliability while maintaining operational simplicity.
Solution Approach 2:
The patent introduces a distributed ledger technology as an intermediary between the asset owner and the verification system. This intermediary provides a trusted, immutable record of asset authentication that enhances reliability without requiring complex direct verification processes.
2Reliability
If comprehensive asset verification is performed to ensure authenticity and ownership, then the trustworthiness improves, but the time required for verification increases
Solution Approach 1:
The patent performs authentication and ownership verification actions in advance and stores the results on the distributed ledger. When verification is needed, the pre-computed and stored information can be retrieved immediately, reducing verification time while maintaining comprehensive trustworthiness.
Solution Approach 2:
The patent establishes continuous monitoring and updating of asset information on the distributed ledger. This continuous action ensures that verification data is always current and available, eliminating delays associated with re-verification and maintaining both thoroughness and speed.
3Loss of information
If detailed asset information is stored and tracked throughout lifecycle, then the completeness of verification improves, but the system complexity and data management burden increases
Solution Approach 1:
The patent implements a self-service data management system where the distributed ledger automatically stores, maintains, and provides access to asset information. The system manages its own data integrity and retrieval without requiring complex external data management infrastructure, reducing operational complexity while maintaining information completeness.
Solution Approach 2:
The patent creates a universal data structure on the distributed ledger that can handle multiple types of asset information (authentication, ownership, transaction history, condition) within a single system. This multi-functional approach eliminates the need for separate complex systems for different data types, reducing overall system complexity while maintaining comprehensive information tracking.
Data Source
AI summary
Distributed ledgers can be used to store information about assets of value, where that information may include model, serial number, or other information that can be used to authenticate those assets. The ledger can also include other information, such as ownership, service history, market value, condition, liens, and the like. This information can be used to authenticate an item and verify ownership, which can be important for tasks such as resale, insurance, obtaining credit, or investment.