BLOCKCHAIN-BASED ASSET AUTHENTICATION METHODS AND SYSTEMS

Smart overview of the Invention

The patent application details methods and systems for asset authentication using blockchain technology. By utilizing the traceability and immutability of distributed ledgers, it facilitates the authentication and ownership tracking of physical goods like luxury items. This involves pairing an authentication chip with a product and recording transactions on a blockchain, which are updated when the product changes ownership. The owner receives a digital passport for their Web3 wallet, linking digital identities with physical goods and promoting transparency in manufacturing and retail.

Technical Context

The application builds on existing uses of blockchain in supply chain management, particularly for luxury brands. Blockchain allows for the creation of an immutable record of a product's lifecycle, capturing data such as sustainability certifications. This enhances the traceability of products, improves coordination among partners, and aids in financing. The patent extends these capabilities to authenticate ownership and track the provenance of physical goods.

System Components

The described system includes a platform server connected to a blockchain platform, a database for storing product information, and application programs linked to the product owner. The server pairs a physical good with an authentication mechanism, records this on the blockchain, and updates it when ownership changes. A digital passport is generated and linked to the owner's digital wallet, creating an immutable record of transactions associated with the product.

Operational Process

Writing a transaction to the blockchain involves several steps including transaction creation, signing, broadcasting, verification, block formation, mining or validation, and block addition. The platform server manages these processes to ensure each transaction is securely recorded. This establishes a trusted link between physical goods and their digital identities through blockchain.

Use Cases

The system can be applied to various scenarios beyond luxury goods. It can authenticate raw materials used in manufacturing by verifying compliance with regulations or certifications. Smart contracts facilitate these processes by generating digital passports needed for cross-border trade. This approach ensures transparency and traceability throughout the supply chain while enabling efficient import/export operations.