Patent published on March 28, 2024

The Everest Project Secures Blockchain Keys in Simple Language Patent

The Everest Project Secures Blockchain Keys in Simple Language

A recently published patent, titled "Method and Apparatus for Securing Blockchain Keys" (Patent No. US20240104559A1), may revolutionize the world of digital assets and pave the way for enhanced security and accessibility.

The core problem being solved by this patent is the need for a more efficient and secure method of creating and managing digital assets, particularly non-fungible tokens (NFTs). NFTs have gained popularity in recent years as a means of representing ownership of unique digital items, such as artworks, music, and collectibles. However, current systems face several issues that impede their widespread adoption.

One of the major issues is the slow processing time associated with public blockchains. Due to their large size, verifying each node's transaction on these blockchains is a time-consuming process. Additionally, the energy consumption and specialized hardware required for proof-of-work tasks on public blockchains limit their accessibility. Moreover, the acceptance and implementation of public blockchain technology can be slow, causing delays in its widespread adoption.

This patent addresses these challenges by introducing a native smart device application, referred to as the "application." The application aims to provide users with a seamless and convenient interface to access their digital wallets, engage in purchasing and selling transactions, and view transaction history. The solution allows for faster and more efficient minting of NFTs to a blockchain while simultaneously creating virtual wallets and securing blockchain keys.

The advantages of this invention are manifold. By linking the NFTs to the underlying physical assets, the patent creates a digital chain of title, establishing ownership history and preventing fraud or forgery. This digital fingerprint enables anyone with internet access to trace, track, and authenticate the underlying asset, ensuring transparency and reducing the risk of fake or misrepresented items. Moreover, the patent facilitates the control of title and related data on the blockchain, enhancing the user experience for both buyers and sellers.

Imagine a future where the ownership of collectibles, rare antiques, or any tangible asset is seamlessly connected to its digital representation through blockchain technology. Buyers and subsequent purchasers can easily verify the item's chain of title, possession, condition, and value from anywhere in the world with an internet connection. This not only assures the authenticity of the item but also increases its value and exclusivity over time.

For instance, a buyer can trust the authenticity of a collectible without relying solely on word-of-mouth and trustability between parties. The distributed ledger technology of the blockchain, coupled with the patent's unique TRV NFTs (Title-Retained Value Non-Fungible Tokens), allows for immediate access to the entire transaction history of a collectible. This immutable and verifiable record ensures authenticity and value, benefiting both buyers and sellers.

It's important to note that while this patent represents a groundbreaking solution to current challenges in the blockchain and NFT industry, there is no guarantee that it will appear in the market. However, its potential to transform the way we create, manage, and secure digital assets cannot be overlooked.

In conclusion, The Everest Project's patent (US20240104559A1) offers a simplified yet secure solution to the challenges faced by the blockchain and NFT industry. By providing enhanced security, accessibility, and control over digital assets, it paves the way for a future where tangible and intangible assets are seamlessly interconnected and easily verifiable.

P.S. Please note that this article is based on a recently published patent, and it is uncertain whether the patented technology will be commercially available in the future.

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