American Express has filed a patent for metaverse authentication using non-fungible tokens (NFTs). The system involves receiving an authentication request for an NFT, requesting a unique authentication credential from an NFT smart contract, and verifying the validity of the signed challenge received from an edge wallet. Access to an asset or resource is granted based on the validity of the signature. GlobalData’s report on American Express gives a 360-degree view of the company including its patenting strategy. Buy the report here.

According to GlobalData’s company profile on American Express, payment actuated vending was a key innovation area identified from patents. American Express's grant share as of September 2023 was 52%. Grant share is based on the ratio of number of grants to total number of patents.

Metaverse authentication using nfts

Source: United States Patent and Trademark Office (USPTO). Credit: American Express Co

A recently filed patent (Publication Number: US20230316263A1) describes a system and method for authenticating non-fungible tokens (NFTs) using edge wallets and smart contracts on a blockchain network. The system includes a computing device with a processor and memory, along with machine-readable instructions stored in the memory. When executed by the processor, these instructions enable the computing device to perform various authentication steps.

The system first receives an authentication request for an NFT and then requests a unique authentication credential for the NFT from an NFT smart contract. It then receives a uniform resource identifier (URI) of an edge wallet associated with the owner of the authentication credential. The system sends a request to the URI of the edge wallet to obtain the unique authentication credential. Once received, it retrieves a public key from the NFT and determines the validity of a signed challenge received from the edge wallet based on the public key. If the signature is valid, the system grants access to an asset or resource based on the authentication.

The patent also describes a method that follows a similar process. It involves receiving an authentication setup request for an NFT, requesting a unique authentication credential from an NFT smart contract, and obtaining the URI of an edge wallet associated with the owner of the credential. The method then sends a request to the edge wallet for the credential, receives a signed challenge, retrieves a public key from the NFT, and determines the validity of the signed challenge based on the public key. Access to the asset or resource is configured based on the validity of the signature.

The system and method described in the patent can be used to authenticate NFTs and grant access to assets or resources based on the ownership of these tokens. The use of edge wallets, which can hold sensitive or private data on behalf of blockchain network users, adds an additional layer of security to the authentication process. The patent also mentions the use of the Boneh-Lynn-Shacham (BLS) signature scheme for the public key, which is a cryptographic algorithm known for its efficiency and security.

Overall, this patent presents a system and method for secure and efficient authentication of NFTs using edge wallets and smart contracts on a blockchain network.

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

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.