US 12,437,291 B2
System and method for secure validation, registration, and distribution of resources in a distributed electronic network
Shailendra Singh, Maharashtra (IN)
Assigned to BANK OF AMERICA CORPORATION, Charlotte, NC (US)
Filed by BANK OF AMERICA CORPORATION, Charlotte, NC (US)
Filed on Oct. 10, 2022, as Appl. No. 17/962,807.
Prior Publication US 2024/0119447 A1, Apr. 11, 2024
Int. Cl. G06Q 20/38 (2012.01); G06Q 20/06 (2012.01)
CPC G06Q 20/3825 (2013.01) [G06Q 20/065 (2013.01); G06Q 20/389 (2013.01)] 17 Claims
OG exemplary drawing
 
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.