US 12,406,258 B2
System and method for authentication of resource transfers using tokenization as indicator of authorized resource distribution
Sanjay Arjun Lohar, Charlotte, NC (US); James J. Siekman, Charlotte, NC (US); Marabella Youkhaneh White, Charlotte, NC (US); Pamela Elizabeth Barnes, Waxhaw, NC (US); and Nicholas Stephen Rose, Charlotte, NC (US)
Assigned to BANK OF AMERICA CORPORATION, Charlotte, NC (US)
Filed by BANK OF AMERICA CORPORATION, Charlotte, NC (US)
Filed on May 24, 2023, as Appl. No. 18/201,420.
Prior Publication US 2024/0394708 A1, Nov. 28, 2024
Int. Cl. G06Q 20/40 (2012.01); G06Q 20/02 (2012.01); G06Q 20/38 (2012.01)
CPC G06Q 20/4014 (2013.01) [G06Q 20/02 (2013.01); G06Q 20/3829 (2013.01)] 20 Claims
OG exemplary drawing
 
1. A system for authentication of resource transfers using tokenization as indicator of authorized resource distribution, the system comprising:
a processing device;
a non-transitory storage device containing instructions when executed by the processing device, causes the processing device to perform the steps of:
generating an asymmetric cryptographic key pair associated with a cryptographic address of the user, wherein the asymmetric cryptographic key pair comprises a transferor private key structured for exclusive use by the user and a public key structured for transmission;
generating a transferor NFT associated on a distributed ledger, wherein the transferor NFT is digitally signed using the transferor private key;
receiving, from a user computing device, a request to transfer a target resource from the transferor, the request comprising a transferor identifier associated with the transferor;
validating the transferor identifier using an authorized transferor list within a resource NFT associated with the target resource comprising extracting a cryptographic address of the transferor, wherein the resource NFT comprises a link to an initial data record associated with an authorized transferor on the distributed ledger;
prompting, via a distributing entity system, the transferor to submit a verification data record to the distributed ledger, wherein the verification data record is signed using the transferor private key associated with the cryptographic address of the transferor;
decrypting the verification data record using the public key of the asymmetric cryptographic key pair;
based on successful decryption of the verification data record, and detecting the verification data record on the distributed ledger, authenticating the transferor as an authorized transferor of the target resource; and
authenticating the target resource associated with the request to transfer from the transferor based on at least metadata associated with the resource, comprising:
determining a resource identifier associated with the target resource comprising a cryptographic hash value;
comparing the resource identifier with an authorized resource database associated with authenticated resources; and
in response to determining that the resource identifier is stored across one or more data records within the distributed ledger, performing on-chain verification of the resource identifier.