Temporary Wallet Transfer for Decentralized Digital Asset Ownership
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Solution Overview
Problem
Existing retail stores and attractions do not enable users to obtain digital assets associated with physical articles or digital objects, which can become collectible, lacking a decentralized and efficient method for recording ownership.
Innovation Solution
A system generates a temporary wallet with a private key and address on a decentralized ledger, enabling the creation and transfer of digital assets to a user's digital wallet through a machine-readable medium, ensuring immutable recordation of ownership.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If a centralized system is used to record digital asset ownership, then the process is simplified and centralized control is achieved, but the system may overwhelm servers and create single points of failure
Solution Approach 1:
The patent divides the centralized ownership recording system into distributed segments across multiple nodes in a decentralized ledger network. Each node independently validates and stores ownership records, eliminating the single point of failure while maintaining operational simplicity through standardized protocols.
Solution Approach 2:
The patent introduces a decentralized ledger as an intermediary layer between users and the ownership recording system. This intermediary distributes the recording burden across multiple participants rather than concentrating it on a single server, preventing overload while preserving ease of use through automated consensus mechanisms.
2Reliability
If digital asset ownership is recorded on a decentralized ledger, then system reliability and tamper-proofing are improved, but the complexity of the system increases
Solution Approach 1:
The patent uses digital copies and representations of ownership records on the decentralized ledger. Instead of complex physical or centralized digital storage, simple copyable token representations are used that can be easily transferred and verified, reducing operational complexity while maintaining immutability through cryptographic hashing.
Solution Approach 2:
The patent changes the fundamental parameters of ownership recording from centralized database entries to decentralized cryptographic tokens. This parameter change transforms the system from one requiring complex access control and server management to one relying on simplified cryptographic verification and distributed consensus, reducing operational complexity.
3Reliability
If a temporary wallet is used to hold digital assets during transfer, then security and control are improved, but the transfer process becomes more complex
Solution Approach 1:
The patent implements preliminary generation of temporary wallets with pre-configured security parameters and automated expiration logic. The temporary wallet is prepared in advance with all necessary cryptographic keys and transfer instructions, reducing the complexity of the actual transfer process while maintaining security through pre-established controls.
Solution Approach 2:
The temporary wallet is designed to be self-managing with automated functions for holding assets, validating transfers, and transferring ownership. This self-service capability reduces the need for complex manual intervention or centralized control during the transfer process, simplifying operations while maintaining security through automated cryptographic verification.
Data Source
AI summary
Systems and methods to transfer a digital asset to a digital wallet from a temporary wallet are disclosed. Exemplary implementations may: establish a temporary wallet; effectuate a smart contract that causes the temporary wallet to hold a digital asset; generate a machine-readable medium that represent the temporary wallet; cause an output device to output the machine-readable medium on a physical article; upon a user device scanning the machine-readable medium, the user may be enabled to establish digital wallets or access digital wallets such that the digital asset is transferred from the temporary wallet to the digital wallet.