Physical Storage Vault for Digital Twin NFT Ownership Transfers
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Solution Overview
Problem
The transfer of valuable physical items poses challenges due to issues such as packaging and shipping, and maintaining security during ownership changes, which are not effectively addressed by existing NFT technologies designed for digital assets.
Innovation Solution
A physical storage vault is introduced to securely store physical items associated with digital twin NFTs, allowing for the generation of combined listings that include an option to store the physical item, enabling secure transfer of ownership without physical handling, using blockchain metadata encoding and vault management.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If physical items are transferred through traditional packaging and shipping methods, then ownership can be transferred, but security and reliability during transfer are compromised
Solution Approach 1:
A physical storage vault serves as an intermediary institution between buyers and sellers. The vault holds the physical item securely during the transfer process, eliminating the need for direct physical handling between parties. Ownership transfer is facilitated through NFT transactions while the physical item remains protected in the vault, resolving the contradiction between security during transfer and ease of operation.
Solution Approach 2:
The patent uses NFTs (non-fungible tokens) as digital copies that represent ownership of physical items. The NFT exists on the blockchain as a verifiable copy of ownership rights, allowing transfer of ownership information without moving the physical item. This digital copying mechanism enables secure ownership transfer while eliminating physical handling requirements.
2Reliability
If physical items are stored in a physical storage vault, then security during ownership changes is improved, but device complexity increases
Solution Approach 1:
The physical storage vault is designed as a multi-functional system that handles multiple operations: secure storage of physical items, verification of NFT ownership, facilitation of ownership transfers, and maintenance of provenance records. By consolidating these functions into a single institutional framework, the system achieves high security during ownership changes without proportionally increasing complexity.
Solution Approach 2:
The patent replaces complex mechanical shipping and handling systems with a digital blockchain-based NFT system. Instead of managing physical packaging, shipping logistics, and manual transfer protocols, the system uses cryptographic verification and blockchain transactions to manage ownership. This substitution significantly reduces operational complexity while maintaining or improving security.
3Loss of information
If NFTs are used to track provenance and transfer of digital assets, then ownership tracking is improved, but the system cannot effectively handle physical item transfers
Solution Approach 1:
The patent merges the digital NFT provenance tracking system with a physical storage vault infrastructure. This combination creates a hybrid system where digital NFTs track ownership history and physical items are securely stored and transferred through the vault. The merging allows the system to maintain accurate provenance tracking for digital assets while extending capability to handle physical item transfers, thereby improving adaptability without sacrificing provenance accuracy.
Data Source
AI summary
A physical storage vault for physical items of digital twin NFTs is described. A combined listing for a physical item and an NET of the physical item is generated, and the combined listing is output in a user interface at a client device. The user interface includes an option to store the physical item in a physical storage vault. A request is received from the client device to transfer ownership of the physical item and the NFT of the combined listing to a user account. The request indicates that the option to store the physical item in the physical storage vault is accepted. Responsive to the request, transfer of ownership of the NET to the user account is initiated by encoding metadata of the NFT on a blockchain with an identifier associated with the user account and by storing the physical item in the physical storage vault.