NFT Generator for Physical Resource Tracking
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Solution Overview
Problem
There is a need for a system to dynamically track resources using non-fungible tokens (NFTs), which involves generating NFTs for physical objects, extracting resource information, determining unique attributes, and recording these on a distributed ledger to establish ownership and provenance.
Innovation Solution
A system comprising a processing device that receives requests for NFTs, initiates an NFT generator, extracts resource information, generates the NFT, and records it on a distributed ledger, including metadata layers for resource attributes and ownership details, with notifications for transaction deployment.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If NFTs are generated for physical objects to track ownership and provenance, then the reliability and traceability of resource ownership is improved, but the device complexity and infrastructure requirements worsen
Solution Approach 1:
The patent introduces an NFT generator as an intermediary component that bridges physical resources and the distributed ledger. This mediator extracts resource information from physical objects, generates corresponding NFTs, and records them on the blockchain, thereby improving ownership verification reliability while managing system complexity through modular architecture
Solution Approach 2:
The system creates digital copies (NFTs) of physical resource attributes and ownership information. By extracting key features from physical objects and representing them as tokenized digital copies on the distributed ledger, the system enhances traceability and verification without requiring direct manipulation of complex physical infrastructure
2Loss of information
If resource information is extracted and stored in NFT metadata layers, then the information completeness and provenance tracking is improved, but the data processing time and storage requirements worsen
Solution Approach 1:
The patent segments resource information into structured metadata layers within the NFT, organizing data hierarchically with different levels of detail. This segmentation allows comprehensive information storage while enabling efficient processing by only loading and validating necessary metadata portions during NFT generation and verification
Solution Approach 2:
The system performs preliminary extraction and validation of resource information before NFT generation. By pre-processing and structuring resource data in advance, the system reduces the time required during actual NFT creation and recording operations on the distributed ledger
3Reliability
If the system records NFTs on a distributed ledger with transaction objects, then the transparency and security of transactions is improved, but the processing overhead and network bandwidth consumption worsen
Solution Approach 1:
The patent extracts only essential transaction information into compact transaction objects for recording on the distributed ledger. By taking out only the critical data elements needed for verification (NFT identifier, owner address, timestamp) rather than storing complete resource information on-chain, the system maintains transaction security and transparency while reducing network bandwidth consumption and processing energy requirements
Data Source
AI summary
Systems, computer program products, and methods are described herein for dynamically tracking resources using non-fungible tokens. The present invention is configured to electronically receive, over a distributed computing network from a computing device of a user, a request for a non-fungible token (NFT) for a resource, wherein the resource is a physical object; initiate a non-fungible token (NFT) generator on the resource in response to receiving the request; extract resource information from the resource; generate, using the NFT generator, the NFT, wherein the NFT comprises at least the resource information; and record the NFT for the resource on a distributed ledger.