First Patent Being Auctioned as an NFT Solves for Needed Blockchain Capabilities and a Lower Carbon Footprint | Business

NEW CANAAN, Conn. & FORT WORTH, Texas–(BUSINESS WIRE)–Could 14, 2021–

True Return Methods LLC and D. Tiller Legislation PLLC are auctioning U.S. Patent No. 10,025,797 (“the Patent”) on the blockchain within the type of an NFT (Non-Fungible Token). This occasion, which ends on or about Thursday, Could 20 th, is available here, is the primary sale of a patent through NFT blockchain token. The Patent might be considered here.

“Blockchain’s performance, pace and environmental impacts have change into each day breaking information, all of the extra so this week as a single tweet from Elon Musk despatched seemingly your complete crypto neighborhood right into a frenzy, driving giant worth swings in digital currencies and the inventory costs of these corporations associated to the blockchain,” mentioned Jack Fonss, creator of the method underpinning this patent. “The ‘797 Patent suits squarely on this essential dialogue as it’s primarily based on delivering higher and broader functions that tie collectively each off-chain and on-chain efforts, whereas minimizing computing sources and vitality utilization.”

The overall method of the ’797 Patent employs a differentials processing and information storage layering system, the place present blockchains are linked to and modified by a number of information descriptors or values that can enable blockchain pursuits to mirror the worth or efficiency of an out of doors occasion, market worth, or different consequence. This method improves earlier blockchain techniques by transferring performance and storage off the blockchain whereas concurrently permitting the blockchain to make the most of off-chain information to replace transaction information on the blockchain.

From the Patent: “The disclosed embodiment departs from consensus in that it’s primarily based on different storage processes and structure. The disclosed embodiment is directed at separating the processes and storage of DCL (“distributed pc ledgers”) computer systems, networks, and techniques…”

Typical blockchain expertise is restricted to storing transaction information, with some simplistic performance within the type of “good contracts” or the like. However these good contracts will not be designed to securely function with real-world information. Thus, typical blockchain environments are restricted to cryptocurrencies and fundamental token pursuits. The invention of the ‘797 Patent addresses this failing (amongst others).

“We count on the expertise of the ‘797 Patent to be essential not simply within the subsequent evolution of digital monetary merchandise but in addition throughout a variety of enterprise blockchain environments,” added Fonss, pointing to 3 potential examples:

Managing provide chains. By the expertise underpinning this patent, efficiency alongside the provision chain might be monitored, and occasions equivalent to switch of threat or possession of things might be acknowledged and the block up to date accordingly.
Mental property, equivalent to a patent on the blockchain out there for license. The formation of a license could also be triggered by an off-chain occasion after which recorded within the block. Compliance with the license may be monitored off-chain and sure occasions (e.g., licensee manufacture of items, licensee revenues) could set off block-recorded transactions equivalent to automated royalty funds, fluctuations in royalty fee, expiration of the license, or switch of additional pursuits within the patent. Confidential points of the transactions could also be saved off chain within the storage layer, however stay linked to the tokenized patent to ease audit or due diligence associated to the patent.
Public-health initiatives, equivalent to a system that screens off-chain information equivalent to hospital utilization (e.g., capability assigned to COVID sufferers), and diagnostic information (e.g., COVID check outcomes), and tools (e.g., ventilators, PPE). Triggering occasions (e.g., COVID mattress utilization exceeds a sure level, day-over-day enhance in optimistic exams exceeds a sure level) lead to updates to a persistent file within the blockchain which will in flip set off computerized actions by a wise contract (e.g., switch of PPE to a sure area or hospital).

There’s additionally a really robust ESG element to the patent, which is being auctioned on OpenSea, as Fonss provides: “When it was filed in early 2018, Patent ‘797 was already addressing the inefficiencies of sure mining processes and ‘proof of labor’ validations. Any development within the business and technical blockchain sciences is nearly sure to exacerbate the present environmental problem now being highlighted by digital forex and blockchain thought leaders. This patent presents streamlined and trusted processes and storage techniques to handle the problems of as we speak and tomorrow, and its expertise must be a core element of socially accountable blockchain techniques going ahead.”

About True Return Methods LLC and D. Tiller Legislation PLLC

True Return Methods LLC is a financial-technology consulting firm working in Connecticut. D. Tiller Legislation PLLC focuses on mental property and expertise, offering authorized and technical counsel to its shoppers.

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CONTACT: Chris Sullivan

MacMillan Sullivan Communications

(212) 473-4442

chris@macmillancom.com

KEYWORD: TEXAS CONNECTICUT UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: FINANCE DATA MANAGEMENT PROFESSIONAL SERVICES TECHNOLOGY SOFTWARE

SOURCE: True Return Methods LLC

Copyright Enterprise Wire 2021.

PUB: 05/14/2021 03:16 PM/DISC: 05/14/2021 03:17 PM

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