MUMBAI, India, June 20 -- Intellectual Property India has published a patent application (202321086945 A) filed by Tata Consultancy Services Limited, Maharashtra, on Dec. 19, 2023, for 'methods and systems for real-time configuration of asset licensing framework for generating non-fungible tokens.'
Inventor(s) include Raman, Malini; Seshadri, Ashok; Jeremiah, Namitha; and Trivedi, Rohit.
The application for the patent was published on June 20, under issue no. 25/2025.
According to the abstract released by the Intellectual Property India: "The disclosure relates generally to methods and systems for real-time configuration of asset licensing framework for generating non-fungible tokens. Current marketplaces do not safeguard the users with respect to IP rights or copyright infringement since there is no licensing agreement signed at a point of sale of NFTs. The present disclosure provides a standard framework which comprises a configurable set of licensing options that need to be agreed by the transacting parties at the time of NFT sale. These options are embedded into the NFTs in the form of smart contracts, which automatically get executed based on specific events such as secondary sale. The standard license terms are created by administrator that contains both tangible and intangible terms and clauses. The tangible clauses are enforced by smart contracts, whilst intangible clauses can be customized when user is onboarded onto marketplace which can be further extended during each NFT sale."
Disclaimer: Curated by HT Syndication.
