Granted Patent B2

US 12,437,291 · App. 17/962,807 · Granted Oct 7, 2025

Inventor: Shailendra Singh (Maharashtra, IN)

Assignee: BANK OF AMERICA CORPORATION

G06Q20/3825G06Q20/065G06Q20/389

Abstract

Claims (63)

1. A system for secure validation, registration, and distribution of resources in a distributed electronic network, the system comprising:

a memory device with computer-readable program code stored thereon;

a communication device; and

a processing device operatively coupled to the memory device and the communication device, wherein the processing device is configured to execute the computer-readable program code to:

determine that a user is at a third party entity location for acquiring at least one computing device provided by a third party entity associated with the third party entity location;

establish a connection between a user device of the user and the at least one computing device;

cause the user device to extract computing device information associated with the at least one computing device, via the connection, wherein the computing device information comprises at least a unique product identifier, geolocation, or product specifications;

receive an input associated with acquiring the at least one computing device;

transfer funds associated with acquiring the at least one computing device from a resource pool of the user to an entity resource pool associated with the third party entity, via the user device;

establish a smart contract between the user and the third party entity associated with the at least one computing device, wherein the smart contract comprise at least one rule associated with post-purchase activity associated with the at least one computing device;

create a digital resource associated with the at least one computing device and the transfer of the funds;

link the computing device information associated with the at least one computing device to the digital resource;

link the digital resource to the smart contract;

transfer the digital resource associated with the at least one computing device and the transfer of the funds to a temporary memory device located on the at least one computing device;

determine using the smart contract that the at least one rule of the smart contract is fulfilled and initiate a second transfer of funds associated with the at least one rule of the smart contract; and

update using the smart contract the computing device information associated with the digital resource with fulfillment of the at least one rule and the second transfer of funds.

2. The system according to claim 1 , wherein the processing device is further configured to execute the computer-readable program code to:

store the digital resource associated with the at least one computing device on a distributed register.

3. The system according to claim 2 , wherein the processing device is further configured to execute the computer-readable program code to:

register the digital resource to the user and store at least the ownership information associated with the digital resource on the distributed register.

4. The system according to claim 3 , wherein the temporary memory device is an Erasable Programmable Ready Only Memory.

5. The system according to claim 2 , wherein the smart contract establishes resource transfer rules associated with maintenance of the at least one computing device.

6. The system according to claim 5 , wherein the processing device is further configured to execute the computer-readable program code to:

automatically transfer a defined value of funds from the resource pool of the user to the entity resource pool associated with the third party entity, via the user device, based on determining that the resource transfer rules are met; and

update the digital resource with a record associated with the transfer of the defined value of funds.

7. A computer program product for secure validation, registration, and distribution of resources in a distributed electronic network, the computer program product comprising at least one non-transitory computer readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising executable portions executable by a processor and when executed by the processor, causes the processor to perform the functions of:

determining that a user is at a third party entity location for acquiring at least one computing device provided by a third party entity associated with the third party entity location;

establishing a connection between a user device of the user and the at least one computing device;

causing the user device to extract computing device information associated with the at least one computing device, via the connection, wherein the computing device information comprises at least a unique product identifier, geolocation, or product specifications;

receiving an input associated with acquiring the at least one computing device;

transferring funds associated with acquiring the at least one computing device from a resource pool of the user to an entity resource pool associated with the third party entity, via the user device;

establishing a smart contract between the user and the third party entity associated with the at least one computing device, wherein the smart contract comprise at least one rule associated with post-purchase activity associated with the at least one computing device;

creating a digital resource associated with the at least one computing device and the transfer of the funds;

linking the computing device information associated with the at least one computing device to the digital resource;

linking the digital resource to the smart contract;

transferring the digital resource associated with the at least one computing device and the transfer of the funds to a temporary memory device located on the at least one computing device;

determining using the smart contract that the at least one rule of the smart contract is fulfilled and initiate a second transfer of funds associated with the at least one rule of the smart contract; and

updating using the smart contract the computing device information associated with the digital resource with fulfillment of the at least one rule and the second transfer of funds.

8. The computer program product of claim 7 , wherein the computer-readable program code portions comprising executable portions for:

storing the digital resource associated with the at least one computing device on a distributed register.

9. The computer program product of claim 8 , wherein the computer-readable program code portions comprising executable portions for registering the digital resource to the user and store at least the ownership information associated with the digital resource on the distributed register.

10. The computer program product of claim 9 , wherein the temporary memory device is an Erasable Programmable Ready Only Memory.

11. The computer program product of claim 8 , wherein the smart contract establishes resource transfer rules associated with maintenance of the at least one computing device.

12. A computer-implemented method for secure validation, registration, and distribution of resources in a distributed electronic network, the method comprising:

determining that a user is at a third party entity location for acquiring at least one computing device provided by a third party entity associated with the third party entity location;

establishing a connection between a user device of the user and the at least one computing device;

causing the user device to extract computing device information associated with the at least one computing device, via the connection, wherein the computing device information comprises at least a unique product identifier, geolocation, or product specifications;

receiving an input associated with acquiring the at least one computing device;

transferring funds associated with acquiring the at least one computing device from a resource pool of the user to an entity resource pool associated with the third party entity, via the user device;

establishing a smart contract between the user and the third party entity associated with the at least one computing device, wherein the smart contract comprise at least one rule associated with post-purchase activity associated with the at least one computing device;

creating a digital resource associated with the at least one computing device and the transfer of the funds;

linking the computing device information associated with the at least one computing device to the digital resource;

linking the digital resource to the smart contract;

transferring the digital resource associated with the at least one computing device and the transfer of the funds to a temporary memory device located on the at least one computing device;

determining using the smart contract that the at least one rule of the smart contract is fulfilled and initiate a second transfer of funds associated with the at least one rule of the smart contract; and

updating using the smart contract the computing device information associated with the digital resource with fulfillment of the at least one rule and the second transfer of funds.

13. The computer-implemented method of claim 12 , wherein the method comprises: storing the digital resource associated with the at least one computing device on a distributed register.

14. The computer-implemented method of claim 13 , wherein the method further comprises registering the digital resource to the user and store at least the ownership information associated with the digital resource on the distributed register.

15. The computer-implemented method of claim 14 , wherein the temporary memory device is an Erasable Programmable Ready Only Memory.

16. The computer-implemented method of claim 13 , wherein the smart contract establishes resource transfer rules associated with maintenance of the at least one computing device.

17. The computer-implemented method of claim 16 , wherein the method further comprises:

automatically transferring a defined value of funds from the resource pool of the user to the entity resource pool associated with the third party entity, via the user device, based on determining that the resource transfer rules are met; and

updating the digital resource with a record associated with the transfer of the defined value of funds.

Assignments (1)

Continuity (1)

References Cited (20)