NFT Transfer Containers for Cross-Jurisdiction Localization Control
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Conventional systems fail to accurately identify market characteristics that drive the value of digital assets with varying scarcity characteristics and cannot effectively execute transactions involving various digital assets across different localities.
Innovation Solution
A data processing system maintains wallet containers of NFTs and localization objects, detecting geographical areas or jurisdictions to ensure compliance with localization properties, generating containers that restrict transfers based on locality parameters, and linking public and private key pairs for secure transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If conventional systems are used to transfer digital assets, then transaction execution is simple, but localization compliance and security control cannot be ensured
Solution Approach 1:
The system segments the NFT transfer process by introducing intermediate containers that separate the origin and destination localities. Each container is associated with specific locality parameters, allowing the system to handle different jurisdictional requirements independently while maintaining overall transfer integrity and compliance.
Solution Approach 2:
The patent introduces intermediary containers as mediators between origin and destination wallets. These containers hold localization properties and act as intermediate storage, enabling the system to verify and enforce locality restrictions without requiring direct interaction between origin and destination systems, thus ensuring compliance while managing complexity.
2Reliability
If localization control is implemented for NFT transfers, then compliance with locality restrictions is improved, but transaction execution complexity increases
Solution Approach 1:
The system performs preliminary actions by pre-associating containers with destination localities and pre-verifying localization properties before actual NFT transfers. This advance preparation ensures that when a transfer is requested, the compliance check is already in place, making the actual transaction execution simpler and more straightforward.
Solution Approach 2:
The containers are designed to self-verify their associated locality parameters and automatically enforce localization restrictions. This self-service mechanism reduces the need for complex external verification systems, as the containers themselves maintain and validate their compliance status, simplifying the overall transaction execution process.
3Reliability
If containerized data structures are used for NFT transfer, then localization compliance is ensured, but data structure complexity increases
Solution Approach 1:
The containerized data structure is designed as a universal component that can handle multiple functions: storing NFT data, maintaining localization properties, verifying compliance, and facilitating transfers. This multi-functionality reduces the need for separate specialized structures for each function, thereby managing overall data structure complexity while ensuring comprehensive compliance assurance.
Data Source
AI summary
A method to maintain localization of a non-fungible token (NFT) in a transaction includes receiving a request to transfer an NFT from a first NFT account to a second NFT account, and identifying a first localization property corresponding to the first NFT account. The first localization property restricts transfer of the NFT to a first locality associated with a first geographical area. The method further includes identifying a second localization property corresponding to the second NFT account. The second localization property restricts transfer of the NFT to a second locality associated with a second geographical area. The method further includes, in response to determining that the first localization property and the second localization property differ, transferring the NFT to a container, and linking a public and private key pair linked with the second NFT account with the container to transfer the NFT to the second NFT account.