NFT Verification System Using Biometric and Location Data
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Solution Overview
Problem
Current systems for verifying and managing non-fungible tokens (NFTs) lack effective authentication and verification of digital assets at their creation, leading to issues with counterfeiting, fraud, and uncertainty in ownership and transactions, particularly in the absence of trust between parties.
Innovation Solution
A computerized system that creates a digital asset record with unique identifiers, biometric information, and location data, stored on a persistent storage, to verify the authenticity and ownership of NFTs, ensuring immutability and transparency throughout transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If digital assets are created and traded without verification systems, then the ease of creation and transaction is improved, but the risk of counterfeiting and fraud increases
Solution Approach 1:
The system performs verification actions in advance by creating immutable records of digital assets at their point of creation. These records include metadata, digital signatures, and verification codes that are established before any transaction occurs, enabling subsequent verification without hindering the ease of creation and trading.
Solution Approach 2:
The patent introduces an intermediary verification system that acts as a trusted third party between creators and traders. This system uses blockchain technology and cryptographic protocols to mediate verification, allowing parties to transact with confidence without requiring mutual trust, thus reducing fraud risk while maintaining operational ease.
2Reliability
If verification systems are implemented for digital assets, then the reliability and authenticity are improved, but the system complexity increases
Solution Approach 1:
The patent replaces complex mechanical and manual verification systems with cryptographic and computational mechanisms. Digital signatures, hash functions, and blockchain consensus algorithms automate the verification process, reducing the need for manual intervention and complex organizational structures while improving reliability.
Solution Approach 2:
The verification system is designed to be universal and multi-functional, handling various types of digital assets (art, collectibles, documents) through a single standardized protocol. This approach reduces overall system complexity by avoiding the need for separate verification mechanisms for different asset types.
3Object-affected harmful factors
If immutable records are created for digital assets, then the protection against fraud is improved, but the storage requirements and data management complexity increase
Solution Approach 1:
The system extracts only the essential verification data (hashes, digital signatures, critical metadata) and stores it immutably on the blockchain, while keeping the full asset data off-chain or in decentralized storage. This separation reduces storage requirements on the verification system while maintaining fraud protection through the immutable record of essential verification information.
Data Source
AI summary
A computerized system for verification and management of a digital asset, including an immutable digital asset, comprising: a computer system a sensor and a set of non-transitory computer readable instructions that can include instructions adapted for: receiving a digital asset from a creator of the digital asset; receiving significant information wherein the significant information is taken from a group consisting of date, time, event, individual, team, organization, notation, and any combination thereof; receiving identification information using the sensor of the creator; retrieving location information representing a physical location where the identification information is received, and the computer system is located; retrieving date and time information from the computer system; creating a digital asset record that includes a unique identifier associated with the digital asset, identification information, location information, and date and time information; and storing the digital asset record on the persistent storage.