Metaverse Open Innovation Ledger With Smart Contract Monetization
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Solution Overview
Problem
Existing systems lack effective and cost-efficient security integration between communication devices in the metaverse, hindering secure innovation.
Innovation Solution
Implementing an open innovation engine with blockchain technology to manage monetization events, issue tokens based on portfolio valuations, and distribute value to inventors and team members through smart contracts, while providing VR and AR services for recruiting, patent sales, and IP education.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional security systems are used for communication networks, then security between communication devices is provided, but the systems are not cost-effective and lack efficient integration
Solution Approach 1:
The patent replaces traditional mechanical security systems with a blockchain-based cryptographic system. The open innovation engine uses distributed ledger technology and smart contracts to provide security, eliminating the need for complex centralized security infrastructure while maintaining or enhancing security reliability between communication devices in the metaverse environment.
2Productivity
If open innovation engine with blockchain technology is implemented, then secure and efficient monetization is achieved, but the system complexity increases
Solution Approach 1:
The open innovation engine implements self-service through automated smart contracts that execute monetization transactions without manual intervention. The system automatically determines baseline monetization, issues tokens based on portfolio valuations, and distributes value to inventors and team members when monetization events occur, reducing operational complexity while improving monetization efficiency.
Solution Approach 2:
The patent introduces an open innovation engine as an intermediary layer between inventors, team members, and the metaverse ecosystem. This engine manages complexity by centralizing blockchain operations, smart contract execution, and token distribution logic, thereby simplifying the overall system architecture while enabling efficient monetization.
3Productivity
If tokens are issued based on portfolio valuations, then value distribution to inventors and team members is enabled, but the measurement precision of portfolio valuation is challenged
Solution Approach 1:
The system implements feedback mechanisms where portfolio valuations are continuously updated based on monetization events and performance metrics. The open innovation engine monitors portfolio outcomes and adjusts token distribution accordingly, improving valuation precision over time through data-driven feedback loops while maintaining efficient value distribution to stakeholders.
Data Source
AI summary
A system, method and computer program product for computer based open innovation, includes an engine server implementing an open innovation engine determining a baseline monetization based on monetization events; inventor and team member devices associated with the monetization events; smart contracts associated with the monetization events; and portfolios associated with the monetization events. The inventors, and team members enter into respective smart contracts generated by the open innovation engine with respect to terms for development and monetization of the portfolios and which collects the baseline monetization for operating costs, and to fund further projects, is implemented with distributed technology and issues tokens based on generated valuations of the respective portfolios. When the portfolios lead to the monetization events, the tokens increase in value and the engine distributes value thereof to the baseline monetization, and the team members, and inventors, based on terms within respective smart contracts.