NFT Virtual Token Remote Authorization System
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Users unable to physically access an electronic kiosk, such as an automated teller machine, face challenges in authorizing resource transfers using a resource transfer instrument, as existing systems lack the capability for remote authorization through non-fungible token (NFT) technology.
Innovation Solution
A system that generates an NFT for the resource transfer instrument, creates a virtual token linked to the NFT, and allows a trusted dependent to execute resource transfers by verifying authentication credentials, ensuring the virtual token is linked to the NFT, thereby enabling remote authorization.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If users physically access an electronic kiosk to authorize resource transfers, then authentication can be performed, but users who are unable to physically approach the kiosk cannot authorize transfers
Solution Approach 1:
The patent creates a virtual token that is a digital copy or representation of the physical resource transfer instrument. This virtual token can be transmitted electronically to authorized users, allowing them to initiate resource transfers remotely without needing physical access to the original instrument or kiosk, while maintaining security through cryptographic verification
Solution Approach 2:
The patent introduces an intermediary authentication system that verifies the identity of users attempting to use virtual tokens. This intermediary layer (the authentication server/system) mediates between the remote user and the resource transfer instrument, verifying credentials and authorizing transfers without requiring physical presence at the kiosk
2Ease of operation
If virtual tokens are created for remote authorization, then users can authorize transfers remotely, but the system complexity increases with NFT and metadata layer management
Solution Approach 1:
The patent employs NFTs as a universal data structure that serves multiple functions: storing the virtual token information, managing authentication credentials, tracking resource transfer parameters, and maintaining linkage to the original resource transfer instrument. This multi-functional approach consolidates what would otherwise require separate systems into a single versatile mechanism
Solution Approach 2:
The patent implements a nested structure where virtual tokens are embedded within NFTs, which in turn contain or reference metadata layers. The metadata layers are nested within the NFT structure, creating a hierarchical organization where each layer contains specific information needed for different aspects of the authorization process, making the complex system manageable through clear structural organization
Data Source
AI summary
Systems, computer program products, and methods are described herein for virtualization of non-fungible tokens. The present invention is configured to receive, via a first user input device, a resource transfer request using a virtual token from a first user, wherein the virtual token is electronically linked to an NFT of a resource transfer instrument; retrieve the NFT associated with the resource transfer instrument in response to receiving the resource transfer request; retrieve an NFT credential descriptor for the resource transfer request from a first metadata layer of the NFT associated with the resource transfer instrument; receive an authentication credential from the first user; determine whether the authentication credential matches an NFT credential descriptor that is electronically linked to the NFT associated with the resource transfer instrument; and authorize the resource transfer request based on at least determining that the authentication credential matches an NFT credential descriptor.