MUMBAI, India, Sept. 26 -- Intellectual Property India has published a patent application (202421021572 A) filed by Tata Consultancy Services Limited, Maharashtra, on March 21, 2024, for 'system and method for creating non-fungible token based dynamic decentralized network for warehouse commodity management.'
Inventor(s) include Mohite, Jayantrao; Singh, Dineshkumar Jang Bahadur; Sawant, Suryakant Ashok; Urkude, Rajesh; and Pappula, Srinivasu.
The application for the patent was published on Sept. 26, under issue no. 39/2025.
According to the abstract released by the Intellectual Property India: "Warehouse management is an important aspect in agricultural sector due to dynamism and vulnerability to multiple risks for crop yield storage and processing. Conventional centralized warehouse management possess limited accessibility to stakeholders. The present disclosure addresses the unresolved problem of the conventional approaches by providing a system and method for creating non-fungible token (NFT) based dynamic decentralized network for warehouse commodity management. NFTs are generated for warehouses where commodities are stored with a warehouse receipt (WHR) as security collateral. Generation of NFTs for warehouses helps to create a dynamic decentralized network for warehouse commodity management wherein various stakeholders can participate while satisfying relevant quality and regulatory compliance. Further, a dynamic collateral value is determined for the generated NFT of the warehouses and WHR based on sustainable cultivation, transport and storage. Furthermore, an optimal commodity selling schedule is generated based on commodity quality, risk and market demand in real time."
Disclaimer: Curated by HT Syndication.
