CA3159819A1

CA3159819A1 - Nft for jewelry

Info

Publication number: CA3159819A1
Application number: CA3159819A
Authority: CA
Inventors: Althea Dyce
Original assignee: Individual
Current assignee: Individual
Priority date: 2022-05-12
Filing date: 2022-05-12
Publication date: 2023-11-12

Abstract

A method relates to a kind of novel approach for utilization of NFTs (Non-Fungible Tokens) as the basis for sale/purchase of jewelry where each submission carries its own unique, immutable identity. This process grants users access to a unique platform which makes the purchase of jewelry secure and provide discounts for its users. The proposed system remains focused on cultivating robust systems around minting, validating, retrieving & verifying NFTs to avoid scams, frauds and illegal activities.

Description

PATENT APPLICATION
of Althea, Dyce fora NFT for JEWELRY
Date Recue/Date Received 2022-05-16 PATENT APPLICATION
TITLE
NFT for JEWELRY
Copyright Notice A portion of the disclosure of this patent document contains material which is subject to copyright protection. The copyright owner has no objection to the facsimile reproduction by anyone of the patent disclosure, as it appears in the Patent and Trademark Office patent files or records, but otherwise reserves all copyright rights whatsoever.
BACKGROUND
Field of the Invention:
[0001] The present invention relates generally to a secure communication protocol for providing block chain and NFT services on a network, and more particularly, to an application that ensuring the security and authenticity of NFT which allows the owner of the NFT to use and receive discounts on gold, silver, platinum, moissanite and all natural diamonds that are made and created as retail jewelry.
Date Recue/Date Received 2022-05-16 Description of the Related Art:

[0002] A Non-Fungible Token (NFT) is an ownership record stored on a blockchain (such as the Ethereum blockchain). While digital items, such as pictures and videos, are the most common assets traded as NFTs, the sale of physical assets, e.g., postal stamps, gold, diamonds real estate, physical artwork etc., is also steadily gaining popularity. In the cryptocurrency world, an NFT is the equivalent of a conventional proof-of-purchase, such as a paper invoice or an electronic receipt. Among other things, what make NFTs attractive are verifiability and trustless transfer. Verifiability means that sales are recorded as blockchain transactions, which makes tracking of ownership possible. In addition, the NFT concept allows for the trading of digital assets between two mutually distrusting parties, as both the crypto payment and the asset transfer happen atomically in a single transaction.

[0003] Utilizing NFTs (Non-Fungible Tokens) as the basis for document creation and storage means that every submission carries their own unique, immutable identity. This process applies this concept to grant users access to a unique decentralized, non-custodial digital market place to users.

[0004] Several NFT marketplaces (NFTMs), e.g., OpenSea, Rarible, and Axie, emerged in recent years to facilitate buying and selling NFTs. This has sparked the interest of both crypto art collectors and traders. To put things into Date Recue/Date Received 2022-05-16 perspective, OpenSea, the largest NFTM, collected $236MUSD in platform fees generated out of a trading volume of $3.5B USD in August 2021 alone.
This is around half of the volume generated by the e-commerce giant eBay during the same period. And the all-time combined trading volume of the top three NFTMs¨OpenSea, Axie, and CryptoPunks¨surpassed $10B USD in September 2021. Individual NFT sales have also skyrocketed in recent months, with nine out of ten of the most expensive sales taking place between February and August 2021. For example, the media widely reported on the digital artist Beeple, who sold an art piece for $69.3MUSD; as another example, the first tweet of Twitter CEO Jack Dorsey was sold for $2.9M USD.
Also, NFTMs have surfaced as the most gas-eating Ethereum contracts. For example, OpenSea made it to the top of the list of gas-guzzlers in Etherscan, consuming around 20% of the gas spent by the network.

[0005] As the NFT space exploded with multi-million-dollar sales, cybercriminals and scammers have inevitably flocked to the markets to make quick profits and cheat unsuspecting users. As a result, numerous NFT scams also made recent headlines. There are multiple solutions that have been presented in prior art regarding effective utilization of NFTs and block chain technology security in multiple ways. For instance, CN patent 1,073,92608B
discloses a digital asset transaction method based on a blockchain system and the blockchain system. The block chain system is a tree-shaped distributed block chain system comprising a plurality of levels of block chains, and the method comprises the following steps: the first block chain receives a digital asset transaction request from a client and determines a digital asset Date Recue/Date Received 2022-05-16 corresponding to the digital asset transaction request; judging whether a home block chain corresponding to the digital asset is a first block chain; if yes, the first blockchain processes the digital asset transaction request; if not, the first block chain refuses the digital asset transaction request; wherein, the attribution block chain corresponding to the digital assets is the block chain generating the digital assets. This approach is particularly useful for transactions that use a digital asset at a time, which can only be used once;
in addition, the method can also realize cross-chain transaction among the digital assets, and the digital assets before and after the cross-chain transaction is executed respectively correspond to different attribution block chains, so that the safety of the assets is improved.

[0006] A CN patent 1,086,83630B implies one or more embodiments of the present specification provide a method and an apparatus for authenticating a cross-block chain, and an electronic device, which are applied to a cross-chain interaction system composed of a subscription client, a publication client, and a cross-chain client; wherein the subscribing client corresponds to a first blockchain; the publishing client corresponds to the second block chain; the cross-chain client is respectively butted with the subscription client and the publishing client; the method comprises the following steps: the subscription client acquires the data on the second blockchain published by the publishing client through the cross-chain client as an authentication data source;
receiving data to be authenticated from the second blockchain; and performing data authentication on the data to be authenticated based on the authentication data source and the data authentication rule configured on the first block chain.
Date Recue/Date Received 2022-05-16

[0007] US patent 2,017,0132630A 1provides a system operatively connected with a block chain distributed network and for using the block chain distributed network for mapping aliases. Embodiments create an alias-token pair linking an alias associated with a customer to a token associated with an account owned by the customer; and map the alias-token pair to an address associated with the customer on a directory services (DS) block chain. In some cases, the system manages alias-token lifecycle including enabling editing and deleting the alias-token pair mapped to the address. In some cases, the system registers the address of the customer with the DS block chain. Such registering may include receiving a selection from the customer regarding desired node for registering the customer address; connecting with the DS block chain; and creating an account associated with the customer including creating a unique address associated with the customer and registering it with the DS block chain.

[0008] US patent 1,074,9865B2 implies Block chain/distributed ledger-based verification of entity identity or verification of a relationship between two or more entities may be provided. Verification addresses may be established on a block chain/distributed ledger by: associating identifiers and verifiers with entities having previously verified entity identities or having previously verified relationship(s) with other entities, assigning verification addresses on a block chain/distributed ledger to the entities, and recording entity identifier(s), identity verifier data and relationship verifier data associated with the entities at corresponding verification addresses. Embodiments for Date Recue/Date Received 2022-05-16 block chain/distributed ledger-based verification of entity identity and/or verification of entity's relationship to related entity(is) using the verification addresses are performed using one or more identity verifiers and/or one or more relationship verifiers.

[0009] A US patent 2,017,0302663A1 implies in one embodiment, a device in a network receives a network registration request from a particular node.
The network registration request comprises information about the particular node. The device causes performance of a validation of the information about the particular node via comparison of the information about the particular node to a distributed block chain that includes information regarding the particular node and one or more other nodes. The device causes an update to the block chain based on the information about the particular node and the validation of the information about the particular node. The device uses the updated block chain to control behavior of the particular node and the one or more other nodes.

[0010] A US patent 1,117,1782B2 discloses system and techniques for identity and electronic signature verification that utilizes blockchain technology. An enterprise system enables computing devices to engage the enterprise and prospective users for the purposes of executing a document or a smart contract. Users may obtain a computer application from an enterprise system and may utilize the computer application to retrieve a document or select a smart contract. The identity of all users who execute the document may be verified based on an authentication by a trusted independent system.
Information related to the respective signers, the document or smart contract, Date Recue/Date Received 2022-05-16 and the authentication may be stored as transactions in a blockchain. The transactions may be stored in the blockchain under a user's address, a document or smart contract address, or a digital wallet, if available.

[0011] US patent 8,543,842B2 provides systems and methods for secure transaction management and electronic rights protection. Electronic appliances such as computers equipped in accordance with the present invention help to ensure that information is accessed and used only in authorized ways, and maintain the integrity, availability, and/or confidentiality of the information. Such electronic appliances provide a distributed virtual distribution environment (VDE) that may enforce a secure chain of handling and control, for example, to control and/or meter or otherwise monitor use of electronically stored or disseminated information.
Such a virtual distribution environment may be used to protect rights of various participants in electronic commerce and other electronic or electronic-facilitated transactions. Distributed and other operating systems, environments and architectures, such as, for example, those using tamper-resistant hardware-based processors, may establish security at each node.
These techniques may be used to support an all-electronic information distribution, for example, utilizing the "electronic highway."

[0012] A US patent 2,020,0065380A1 implies method, computer system, and a computer program product for document clearance is provided. The present invention may include receiving content. The present invention may also include extracting the received content features. The present invention may Date Recue/Date Received 2022-05-16 then include determining a level of sensitivity based on the extracted content features. The present invention may further include identifying an approver based on the determined level of sensitivity. The present invention may also include transmitting the content to the identified approver.

[0013] However, these solutions are limited and restricted to their conventional problems as discussed above. Legitimacy is one of the big issues with NFTs, as nothing prevents an impostor from "tokenizing" and selling someone else's art, while the creator remains oblivious of the fraud. With the current state of affairs, the onus of verifying the token is on the buyer.
Unfortunately, this is not always easy. The current invention aims to provide a concept of Blockchain technology and related NFTs for an individual which is non-custodial, decentralized and allows the real user to purchase jewelry using discounts and at lesser rates. This process provides the real-world use-case for non-fungible tokens as the basis for authentication and verification using proof-of-stake blockchain.

[0014] None of the previous inventions and patents, taken either singly or in combination, is seen to describe the instant invention as claimed. Hence, the inventor of the present invention proposes to resolve and surmount existent technical difficulties to eliminate the aforementioned shortcomings of prior art.
Date Recue/Date Received 2022-05-16 SUMMARY

[0015] In light of the disadvantages of the prior art, the following summary is provided to facilitate an understanding of some of the innovative features unique to the present invention and is not intended to be a full description.
A
full appreciation of the various aspects of the invention can be gained by taking the entire specification, claims, drawings, and abstract as a whole.

[0016] The primary desirable object of the present invention is to provide a novel and improved method for securely designed application which ensure the security and authenticity of NFT and an individual related with NFT in a block chain technology.

[0017] It is also the primary objective of the invention to provide a smart methodology directed to devices, systems and methods for facilitating non-custodial, decentralized platform allowing the NFT owner to purchase the jewelry and receive discounts and special pricing.

[0018] It is another objective of the invention to provide a system providing real-world use-case for non-fungible tokens as the basis for NFT
authentication, verification and electronic signature verification using proof-of-state blockchain.

[0019] It is also the object of the invention to provide an advance system which provides a secure environment and offers discounts for retail jewelry or jewelry manufacturer work costs.
Date Recue/Date Received 2022-05-16

[0020] Other aspects, advantages and novel features of the present invention will become apparent from the detailed description of the invention when considered in conjunction with the accompanying drawings.

[0021] This Summary is provided merely for purposes of summarizing some example embodiments, so as to provide a basic understanding of some aspects of the subject matter described herein. Accordingly, it will be appreciated that the above-described features are merely examples and should not be construed to narrow the scope or spirit of the subject matter described herein in any way.
Other features, aspects, and advantages of the subject matter described herein will become apparent from the following Detailed Description, Figures, and Claims.
Date Recue/Date Received 2022-05-16 BRIEF DESCRIPTION OF THE DRAWINGS

[0022] The accompanying figures, where like reference numerals refer to identical or functionally similar elements throughout the separate views, together with the detailed description below, are incorporated in and form part of the specification, and serve to further illustrate embodiments of concepts that include the claimed invention and explain various principles and advantages of those embodiments.

[0023] Fig 1 shows the process flow of system as per preferred embodiments of the invention.

[0024] Skilled artisans will appreciate that elements in the figures are illustrated for simplicity and clarity and have not necessarily been drawn to scale. For example, the dimensions of some of the elements in the figures may be exaggerated relative to other elements to help to improve understanding of embodiments of the present invention.

[0025] The apparatus and method components have been represented where appropriate by conventional symbols in the drawings, showing only those specific details that are pertinent to understanding the embodiments of the present invention so as not to obscure the disclosure with details that will be readily apparent to those of ordinary skill in the art having the benefit of the description herein.
Date Recue/Date Received 2022-05-16 DETAILED DESCRIPTION

[0026] Detailed descriptions of the preferred embodiment are provided herein.
It is to be understood, however, that the present invention may be embodied in various forms. Therefore, specific details disclosed herein are not to be interpreted as limiting, but rather as a basis for the claims and as a representative basis for teaching one skilled in the art to employ the present invention in virtually any appropriately detailed system, structure or manner.

[0027] The terminology used herein is for the purpose of describing particular embodiments only and is not intended to be limiting of the invention. As used herein, the term "and/or" includes any and all combinations of one or more of the associated listed items. As used herein, the singular forms "a," "an," and "the" are intended to include the plural forms as well as the singular forms, unless the context clearly indicates otherwise. It will be further understood that the terms "comprises" and/or "comprising," when used in this specification, specify the presence of stated features, steps, operations, elements, and/or components, but do not preclude the presence or addition of one or more other features, steps, operations, elements, components, and/or groups thereof.

[0028] The present invention is directed to an advanced platform allowing the owner of NFT to use the discounts on gold, silver, platinum, moissanite (lab made diamonds), all natural diamonds that are made and created as retail jewelry. An NFT owner can use this NFT to buy retail jewelry at a lesser cost at partnering jewelry retail stores.
Date Recue/Date Received 2022-05-16

[0029] NFTs are often used to sell digital collectibles and artwork, e.g., images, audio files, and videos. The users in the NFT ecosystem belong to one of three categories: content creator, seller, and buyer. First, the creators create digital content and upload it to hosting services (an external entity) to make the art publicly available. When it comes to selling the content, some creators are not technical enough to turn their art into an NFT, and put it as a token on the blockchain. Therefore, they authorize sellers to mint NFTs and offer it on marketplaces. In other cases, a content creator is also taking the role of the seller. Once listed on a marketplace, buyers can buy the artwork at a listed price, make offers, or place bids. If their offer is accepted or they win an auction, the NFT is transferred by invoking the transfer from 0 API from the seller to the buyer to reflect the change in ownership. This method of transferring data provides enhanced security as compared to hand written or electronic signatures.

[0030] The system as per its preferred embodiments provides a method for a decentralized application that ensures the security and authenticity of NFT.

[0031] The technology as per its additional embodiments also proposes an electronic device for the implementation of system including:
a processor;
a memory for storing machine executable instructions;
wherein, by reading and executing machine-executable instructions stored by the memory corresponding to control logic based on authentication of a blockchain across blockchains. In some embodiments, the processing device Date Recue/Date Received 2022-05-16 is configured to execute computer-readable program code further to manage NFT.

[0032] The technology as per its additional embodiments allows a platform where each created NFT can only be used once. Once used, the seller or retailer inputs the customers /NFT owner's NFT serial number into the database which will then be no longer valid, as the NFT has since then been used upon the sale. This NFT collection will have a series of NFT's that will offer up to 70% discount. Each NFT will be designed differently to differentiate one NFT's from the other.

[0033] The fig 1 discloses the working of system where NFT for digital object is minted and Historical ownership data is attached. The NFT is lifted for collection for sale on Marketplace. The system presents option to buyers to purchase NFT with Crypto credit and the buyer owns NFT the digital art and the encrypted QR code (QR Code is accompanied with digital Art). After this owner of NFT can receive discount from a retail jewelry store, or jewelry manufacturer which can be including but not limited to diamond setter, gold caster, bench jeweler and are listed partner on our website. The retailer verifies accompanied QR code through the application and once verified successfully, discount is applied. The Customer/NFT Owner agrees by signing in App to agreements, terms and conditions and the Jewelry Retailer/manufacturer/partner gives discount by approving the sale with their App Vendor ID (pin number).

[0034] While a specific embodiment has been shown and described, many variations are possible. With time, additional features may be employed. The Date Recue/Date Received 2022-05-16 particular shape or configuration of the platform or the interior configuration may be changed to suit the system or equipment with which it is used.

[0035] Having described the invention in detail, those skilled in the art will appreciate that modifications may be made to the invention without departing from its spirit. Therefore, it is not intended that the scope of the invention be limited to the specific embodiment illustrated and described. Rather, it is intended that the scope of this invention be determined by the appended claims and their equivalents.

[0036] The Abstract of the Disclosure is provided to allow the reader to quickly ascertain the nature of the technical disclosure. It is submitted with the understanding that it will not be used to interpret or limit the scope or meaning of the claims. In addition, in the foregoing Detailed Description, it can be seen that various features are grouped together in various embodiments for the purpose of streamlining the disclosure. This method of disclosure is not to be interpreted as reflecting an intention that the claimed embodiments require more features than are expressly recited in each claim. Rather, as the following claims reflect, inventive subject matter lies in less than all features of a single disclosed embodiment. Thus, the following claims are hereby incorporated into the Detailed Description, with each claim standing on its own as a separately claimed subject matter.
Date Recue/Date Received 2022-05-16

Claims

[0037] Claim 1: A system operatively connected with a block chain distributed network for proving secure environment for purchase of discounted jewelry, the system comprising:
a memory device; and a processing device operatively coupled to the memory device, wherein the processing device is configured to execute computer-readable program code to:
creation of unique NFT; and, using the particular NFT for purchase of jewelry at discount from listed sellers.
2. The system of claim 1, wherein the processing device is configured to execute computer-readable program code further to:
Date Recue/Date Received 2022-05-16 create a secure NFT on the Blockchain environment;
3. The system of claim 1, wherein the processing device is configured to execute computer-readable program code further to:
once the NFT is used, the seller inputs the NFT in system, where the NFT is identified by its serial number or owner's name;
4. The system of claim 1, wherein the processing device is configured to execute computer-readable program code further to:
discard the used NFT from the system to avoid scams and illegal usage;
5. The system of claim 1, wherein the processing device is configured to execute computer-readable program code further to:
Provide discounts on gold, silver, platinum, moissanite and all natural diamonds that are made and created as retail jewelry.
Date Recue/Date Received 2022-05-16