Personal Property Collateral Tracking With IoT Location Verification
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Existing systems struggle with tracking and verifying ownership of personal property due to its mobility, leading to issues such as difficulty in confirming existence, tracking stolen items, and ensuring compliance with liens and insurance claims, as well as the inconvenience of requiring physical possession by lenders.
Innovation Solution
A system and method for tracking personal property using communication interfaces and a tracking system, including electronic devices that can communicate with a borrower's computer or network, and utilizing blockchain records to verify and track ownership, location, and liens.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If lenders require physical possession of personal property collateral, then security against default is improved, but borrower convenience and lender resource expenditure worsen
Solution Approach 1:
The patent replaces the mechanical system of physical possession and manual tracking with an electronic tracking system that uses communication interfaces, sensors, and database records to monitor collateral location and status remotely, eliminating the need for physical storage while maintaining security
Solution Approach 2:
The patent introduces a tracking system as an intermediary between the lender and collateral, using communication devices, sensors, and database records to monitor and verify collateral status without requiring direct physical possession, thereby maintaining security while improving convenience
2Ease of operation
If personal property is allowed to remain with borrowers, then borrower convenience is improved, but tracking and verification difficulty increases
Solution Approach 1:
The patent replaces manual inspection and physical tracking methods with automated electronic monitoring systems that use communication interfaces, sensors, and database records to continuously track collateral location and status, making verification easy while allowing borrowers to retain possession
Solution Approach 2:
The patent implements feedback mechanisms where the tracking system continuously monitors collateral status and communicates location and condition data back to the lender, enabling real-time verification without requiring borrower action or physical inspection
3Adaptability or versatility
If personal property can be moved freely, then borrower flexibility is improved, but risk of loss or theft increases
Solution Approach 1:
The patent replaces physical security measures with electronic tracking and communication systems that monitor collateral location and status remotely, allowing free movement while detecting and reporting potential loss or theft through automated notifications and location tracking
4Reliability
If physical storage facilities are used for collateral, then security is improved, but resource expenditure increases
Solution Approach 1:
The patent replaces physical storage facilities with electronic tracking systems that use communication interfaces and databases to monitor and verify collateral status remotely, eliminating the need for warehouses or storage spaces while maintaining security through electronic surveillance and record-keeping
Data Source
AI summary
A tracking and recording system is provided for tracking and documenting personal property. Personal property, such as electronic or “IoT” devices having a communication interface, are placed in communication with a tracking system which receives information from those items of personal property and utilizes that information to verify the location and/or existence of the property. A record of the personal property may also be created which includes information which identifies the property, liens, transfers of ownership, and verifications of the location of the property. The record may comprise a block chain of information regarding the property.