NFT Product Lifecycle Tracking via Blockchain Intermediary
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Solution Overview
Problem
Current technologies lack a simple and reliable method for product owners to track the status of products throughout the manufacturing and commercial processes, and there is no effective incentive to use blockchain technology for product tracking compared to traditional computerized records.
Innovation Solution
A system utilizing non-fungible tokens (NFTs) and blockchain technology to track product lifecycle events, where each product is associated with a unique blockchain and NFT, enabling transparent and secure tracking of ownership, sales, and product authenticity.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If blockchain technology is used to track product status, then product tracking reliability is improved, but system complexity increases
Solution Approach 1:
The patent introduces an intermediary system that bridges blockchain technology and traditional product tracking. This intermediary layer manages the complexity of blockchain operations while presenting a simplified interface to users, thereby maintaining high tracking reliability without exposing the full system complexity to end users.
Solution Approach 2:
The blockchain tracking system is segmented into modular components: product identification modules, blockchain transaction modules, and verification modules. This segmentation allows each component to be independently managed and optimized, reducing overall system complexity while maintaining reliable product tracking across the supply chain.
2Reliability
If blockchain technology is implemented for product tracking, then product authenticity is improved, but ease of operation deteriorates
Solution Approach 1:
The system implements self-service mechanisms where products automatically generate and update their own blockchain records throughout the supply chain. This automation eliminates the need for manual blockchain operations by human users, maintaining high product authenticity while significantly improving ease of operation as users simply interact with familiar product interfaces.
3Ease of operation
If traditional computerized records are used instead of blockchain, then ease of operation is improved, but reliability of product tracking deteriorates
Solution Approach 1:
The patent merges traditional computerized record-keeping systems with blockchain technology into a hybrid system. The traditional interface maintains ease of operation for users, while the blockchain layer provides enhanced reliability and authenticity verification in the background, combining the advantages of both approaches.
Data Source
AI summary
A method for tracking a product using non-fungible token, includes receiving a first blockchain associated with a first component product of a first supplier accessed through an encrypted cyber label; receiving a first non-fungible token operatively linked with the first component product and the first blockchain; receiving a second blockchain associated with a second component product of a second supplier accessed through a second encrypted cyber label; receiving a second non-fungible token operatively linked with the second component and first the first blockchain; and generating a third blockchain operatively linked to a product manufactured based on at least the first component product and the second component product accessed through a third encrypted cyber label, the third blockchain including the first blockchain and the second blockchain, and a non-fungible token associated with the third blockchain, the non-fungible token having an encrypted private key which comprises at least a portion of the third blockchain.