Wells Fargo & Co has been granted a patent for a method of wrapping digital assets. This involves verifying a digital asset from a central ledger, updating its assignee information, and applying conditions that restrict functionalities based on environmental data, ultimately allowing for dynamic assignment of asset ownership. GlobalData’s report on Wells Fargo & Co gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Wells Fargo & Co, Virtual banking assistant was a key innovation area identified from patents. Wells Fargo & Co's grant share as of June 2024 was 86%. Grant share is based on the ratio of number of grants to total number of patents.
Wrapping digital assets with attributes and conditions
The granted patent US12047512B1 outlines a computer-implemented method for wrapping digital assets, particularly focusing on the management and transfer of these assets through a structured process. The method begins with the receipt of a digital asset from a central provider system, which is verified using a central public key. The asset is then updated to include an assignee field, initially populated with a first assignee. A second assignee's attributes, which may impose conditions on the asset's functionalities, are received from a user device associated with the first assignee. The digital asset is subsequently wrapped with these attributes, and environmental data is collected to determine if the conditions are met. If satisfied, the assignee field is updated to reflect the new assignee.
Further claims detail the generation of a wrapper for the asset, which can be stored as a smart contract or on an internal ledger. The method also includes establishing a data feed via an application programming interface (API) to monitor environmental data, receiving acceptance indications from the second assignee, and notifying them of the asset's conditions. Additionally, the patent describes the handling of transactions involving the digital asset, which may include Central Bank Digital Currencies (CBDCs) or tokens derived from CBDCs. The system is designed to manage multiple digital assets, each with various fields and access levels, ensuring a secure and efficient transfer process while maintaining a comprehensive ledger of transactions and asset states.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
