MUMBAI, India, Aug. 31 -- Intellectual Property India has published a patent application (202641101911 A) filed by Srinivas University; Institute Of Engineering And Technology on August 24, 2026, for Swapit.io - A Modern Barter System For A Sustainable Circular Economy.
Inventors include Ms. Apoorva S; Dr. Shifana Begum; Mr. Kotian Yashit Bhaskar; Ms. Kripa J R; Ms. Pavitra; Ms. Prajna Naik; and Ms. Ranjita Nayak.
The application for the patent was published on August 28, 2026, under issue no. 35/2026.
Abstract: SWAPIT.IO - A MODERN BARTER SYSTEM FOR A SUSTAINABLE CIRCULAR ECONOMY The SwapIt.io web-based digital barter platform seeks to promote a sustainable circular economy by enabling peer-to-peer item exchange with secure real-time transaction protocols. The system constantly evaluates trade fairness using user-driven manual valuation and a flexible bartering engine that supports multi-item bundling and hybrid settlements. A sophisticated Socket.io communication channel facilitates instant user negotiations. When a trade is agreed upon, the system will automatically activate an escrow-based deposit to hold a 20% security collateral, ensuring protection against fraud until exchanges are mutually confirmed. The project also includes integrated credit points and payment gateways to bridge financial gaps smoothly. By minimizing transaction risks and algorithm bias, this system increases marketplace trust and aids in the development of sustainable, cost-effective digital trading environments.
Disclaimer: Curated by HT Syndication.
