NFT Ledger Tokenization for Blockchain Ownership and Access Control
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Solution Overview
Problem
Existing blockchain systems face challenges in treating ledgers and their data as assets, particularly in managing ownership, value, authenticity, and access control.
Innovation Solution
Utilizing Non-Fungible Tokens (NFTs) to represent and manage target ledgers on a primary ledger, enabling transactions and transactions updates, thereby treating ledgers as assets with defined ownership, value, and access control.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional blockchain systems are used to manage ledgers, then decentralized data storage and validation are achieved, but ledgers and their data cannot be treated as assets with defined ownership and value
Solution Approach 1:
The patent introduces NFTs as an intermediary mechanism that bridges the gap between traditional blockchain ledgers and asset management. The NFT smart contract acts as a mediator that enables ledgers to be tokenized, transferred, and managed as assets on existing blockchains without requiring fundamental architectural changes to the blockchain itself.
Solution Approach 2:
The patent makes the blockchain system universal by enabling it to serve both its traditional function of decentralized data validation and the additional function of asset management. Through NFT integration, the same blockchain infrastructure can now handle ledger tokenization, ownership transfer, and asset trading, eliminating the need for separate specialized systems.
2Adaptability or versatility
If multiple independent blockchain systems are used to manage different ledgers, then specific ledger requirements can be met, but cross-ledger transactions and unified management become complex
Solution Approach 1:
The patent merges multiple independent ledger management functions into a unified NFT-based system. By tokenizing ledgers as NFTs on a common blockchain, the system enables cross-ledger transactions and unified management through standard NFT transfer and interaction mechanisms, eliminating the need for complex inter-blockchain communication protocols.
3Ease of operation
If centralized systems are used to manage blockchain ledgers, then administrative control and access management are simplified, but decentralization and security are compromised
Solution Approach 1:
The patent enables ledgers to manage themselves through NFT-based access control mechanisms. The NFT smart contracts automatically handle authentication, authorization, and access management based on predefined conditions, eliminating the need for centralized administrative intervention while maintaining security and decentralization.
Data Source
AI summary
A computer-based digital token management system, comprising at least one computer readable memory storing a digital notarized ledger, a token associated with the notarized ledger, or storing software instructions. The token comprises an address field having a first portion representing an owner of the token and a second portion, different from the first portion. The system including at least one processor coupled with the at least one memory and performs the following operations: receive a request comprising token owner data and token state data to update the token, identify the token by comparing the token owner data with the first portion of the address field, generate a new address field for the token wherein at least the second portion is updated based on the token state data, and invoke a smart contract on a computing node of the notarized ledger associated with the token according to the new address field.