Physical Object Ownership Transfer via Embedded Digital Tokens
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Solution Overview
Problem
Distributed ledger systems face challenges in tracking and managing ownership of physical objects due to the lack of unique identifiers and the susceptibility to transcription errors when recording transactions for physical objects with unique serial numbers.
Innovation Solution
A method using a mobile device to read tokens from physical objects via wireless connections, such as NFC or BLE, to generate and transmit requests for ownership transfer within a distributed ledger system, ensuring accurate and secure transfer of ownership by verifying the current owner's consent.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If physical objects are tracked using traditional identification methods (UPC codes), then basic object identification is achieved, but the system cannot distinguish between identical copies of physical objects
Solution Approach 1:
The patent embeds a unique digital token (copy) within each physical object that contains its identification information. This digital token acts as a unique copy that distinguishes each physical object, even if they appear identical. The token is read by a mobile device to retrieve and verify object information in the distributed ledger.
Solution Approach 2:
The patent embeds the unique identifier token inside the physical object, creating a nested structure where the digital identification element is contained within the physical object. This allows the physical object to carry its own unique identification without requiring external tagging systems.
2Productivity
If manual entry of unique identifiers is used for transactions, then transactions can be recorded, but transcription errors occur resulting in transactions being recorded for the wrong physical object
Solution Approach 1:
The physical object itself provides its identification information through the embedded token when placed near the mobile device. The system automatically reads the token and retrieves the object's information from the distributed ledger without requiring manual entry, thereby eliminating transcription errors while maintaining efficient transaction recording.
Solution Approach 2:
The system provides feedback by automatically verifying the object's identification information against the distributed ledger record. The mobile device reads the token, retrieves the corresponding ledger entry, and can verify that the object being transacted matches the recorded information, preventing erroneous transactions.
3Reliability
If distributed ledgers are used to track physical objects, then ownership transactions can be verified, but the system becomes more complex compared to digital object tracking
Solution Approach 1:
The patent uses the same distributed ledger infrastructure that already exists for tracking digital objects to also track physical objects. This universal approach allows the system to handle both digital and physical object transactions using a single unified platform, avoiding the need to build a separate complex system for physical object tracking.
Solution Approach 2:
The mobile device acts as an intermediary between the physical object and the distributed ledger system. It reads the embedded token, communicates with the ledger, and facilitates transactions without requiring direct integration between the physical object and the complex ledger system, thereby simplifying the overall architecture.
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
This approach enables verifiable chains of ownership for physical objects, provides anti-counterfeiting services, and allows for the maintenance and transfer of digital counterparts, ensuring authenticity and reducing errors in ownership transfer.
Implementation Method 1
reading, via a wireless data connection between a physical object and a mobile device, a token stored on the physical object
Implementation Method 2
reading, via a wireless data connection between a physical object and a mobile device, a token stored on the physical object
Data Source
AI summary
Embodiments provide for managing ownership of physical objects and digital counterparts using a distributed ledger and tokens stored on the physical objects. An example method generally includes reading, via a wireless data connection between a physical object and a mobile device, a token stored on the physical object. The token may include at least a unique identifier of the physical object. A request to transfer ownership of the physical object to an owner of the mobile device is generated, and the request may include at least the unique identifier of the physical object. The generated request is transmitted to a distributed ledger system, and a response is received from the distributed ledger system indicating whether the transfer was successful. The indication of whether the transfer was successful is displayed on the mobile device.