DESC:TECHNICAL FIELD
[0001] The present invention relates generally to non-fungible tokens and more specifically to a non-fungible token creation and conducting transactions with non-fungible tokens using an immutable database.

BACKGROUND
[0002] A non-fungible token (NFT) is a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in an electronic ledger, and that is used to certify ownership and authenticity. NFTs typically contain references to digital files such as photos, videos, audio and/or physical assets that are often used for ownership validation, transactions, and transfer of such assets. Typically, a blockchain is used for creation and transactions of such NFTs. For example, Blockchain is used to store the tokens and details associated with the token, such as metadata, transaction history, current ownership, and token creator.
[0003] However, using a blockchain for validation of NFT ownership and transfer involves multiple checks and spending large amounts of computing power for checking every stage of the transaction. There is a requirement to validating the cryptocurrencies transactions associated with the NFT at every stage so as to determine the validity of the NFTs.
[0004] It’s computationally heavy to make a new record on the blockchain - for example recording the sale of a token or recording the creation of a token. Alongside this, the people or machines that are used to validate these transactions on a blockchain are paid in cryptocurrencies.
[0005] Secondly, using blockchains for NFT creation and transactions, will automatically restrict the usage of NFTs with cryptocurrencies. This will restrict the transaction of NFTs as usage of crypto currencies are not standardized and will involve questioning the legality of NFT transactions. There are no regulations as to the use of cryptocurrencies for NFT creation and transactions.
[0006] There is still a need for a NFT creation and transactions which is not dependent upon the cryptocurrency or a blockchain, that would be regulator friendly and easily traceable.
SUMMARY

[0007] This summary is provided to introduce concepts of the present invention. This summary is neither intended to identify essential features of the present invention nor is it intended for use in determining or limiting the scope of the present invention.
[0008] In accordance with the present invention, A method for performing non-fungible token (NFT) transactions using an immutable database, the method comprising: logging, by a user, into a portal for performing an NFT transaction; authenticating, the user for performing the NFT transaction; performing, the NFT transaction, wherein performing the NFT transaction includes updating the immutable database; and updating, a user database with the details of the NFT transaction.
[0009] In one aspect, the NFT transaction is either of: creation of an NFT; or transfer of the NFT. The creation of an NFT comprises creation of an NFT comprises: receiving a request for creation of the NFT, wherein the request includes the one or more parameters for creating the NFT; authenticating the user issuing the NFT creation request; creating the NFT with the parameters received from the user; storing the details of the created NFT in the immutable database; and storing the NFT in the wallet of the user.
[0010] In another aspect, the updating of the user database with the details of the transaction, comprises checking the details of the transaction along with the parameters of the associated NFT; and storing the details of the transaction and the details of the NFT.
[0011] In yet another aspect of the invention, a Non-Fungible Token (NFT) creation and transaction system is disclosed. The creation and transaction system comprises: a user database (DB1) configured to store user details and details of NFT transactions; an immutable database (IDB) configured to store NFT details and NFT transaction details; a plurality of microservices configured to enable creation and transaction of NFT, the microservices configured to: logging in, by a user, into a portal for performing an NFT transaction; authenticate the user for performing the NFT transaction; perform, the NFT transaction, wherein performing the NFT transaction includes updating the immutable database; and update, a user database with the details of the NFT transaction.
[0012] In another aspect, the NFT transaction is either of: creation of an NFT; or transfer of the NFT. creation of an NFT comprises: receiving a request for creation of the NFT, wherein the request includes the one or more parameters for creating the NFT; authenticating the user issuing the NFT creation request; creating the NFT with the parameters received from the user; storing the details of the created NFT in the immutable database; and storing the NFT in the wallet of the user.
[0013] In another aspect, the updating the user database with the details of the transaction, comprises checking the details of the transaction along with the parameters of the associated NFT; and storing the details of the transaction and the details of the NFT.

BRIEF DESCRIPTION OF ACCOMPANYING DRAWINGS
[0014] The detailed description is described with reference to the accompanying figures. In the figures, the left-most digit(s) of a reference number identifies the figure in which the reference number first appears. The same numbers are used throughout the drawings to reference features and modules.
[0015] Figure 1 illustrates the architecture of the Non-Fungible Token creation and transaction tool, according to an exemplary implementation of the present invention.
[0016] Figure 2 illustrates a flow chart for accessing and performing transactions according to an exemplary implementation of the present invention.
[0017] Figure 3A illustrates a flow diagram for minting a new Non-Fungible Token according to according to an exemplary implementation of the present invention.
[0018] Figure 3B illustrates a flow diagram for performing a transaction with a Non-Fungible Token according to an exemplary implementation of the present invention.
[0019] Figure 4 illustrates an electronic device that implements the invention in various parts of the invention according to an exemplary implementation of the present invention.
[0020] It should be appreciated by those skilled in the art that any block diagrams herein represent conceptual views of illustrative methods embodying the principles of the present invention. Similarly, it will be appreciated that any flow charts, flow diagrams, and the like represent various processes which may be substantially represented in computer readable medium and so executed by a computer or processor, whether or not such computer or processor is explicitly shown.

DETAILED DESCRIPTION
[0021] The various embodiments of the present invention describe a method and system for non-fungible token (NFT) creation and conducting NFT transactions using an immutable database.
[0022] In the following description, for the purpose of explanation, specific details are set forth in order to provide an understanding of the present invention. It will be apparent, however, to one skilled in the art that the present invention may be practiced without these details. One skilled in the art will recognize that embodiments of the present invention, some of which are described below, may be incorporated into a number of systems.
[0023] However, the systems and methods are not limited to the specific embodiments described herein. Further, structures and devices shown in the figures are illustrative of exemplary embodiments of the presently invention and are meant to avoid obscuring of the presently invention.
[0024] It should be noted that the description merely illustrates the principles of the present invention. It will thus be appreciated that those skilled in the art will be able to devise various arrangements that, although not explicitly described herein, embody the principles of the present invention. Furthermore, all examples recited herein are principally intended expressly to be only for explanatory purposes to help the reader in understanding the principles of the invention and the concepts contributed by the inventor to furthering the art and are to be construed as being without limitation to such specifically recited examples and conditions. Moreover, all statements herein reciting principles, aspects, and embodiments of the invention, as well as specific examples thereof, are intended to encompass equivalents thereof.
[0025] Figure 1 illustrates an architecture of the NFT creation and transaction system. The architecture of the tool is largely implemented using microservices, several instances of databases, of which the creation of NFT, transactions of NFTs are stored and tracked using an immutable database.
[0026] In a preferred embodiment, the NFT creation and transaction system comprises of the following micro services:
Gateway Service (S10) – The gateway service microservice integrates all the microservices and enables the system to work for NFT creation, transaction, and monitoring. The Gateway service (S10) microservice connects to the other microservices for effective operation of the system by the user. In one embodiment, an authentication service is integrated with the Gateway service (S10), such that the user during login is authenticated for access to all the functions of the system.
Session Service (S9) – The session service (S9) creates and maintains sessions for each of these users so that they can have uninterrupted flow throughout use of the system. The session service (S9) works in tandem with the Gateway service service (S10) to ensure the session creation is performed after authentication of the user. The session service (S9) also works with a client cache to maintain a list of users currently using/accessing the system.
File Service (S1) – The file service (S1) typically enables upload of any electronic files. In a preferred embodiment, the file service supports 3D models, printed document formats, photos, videos, and audio file created by the user, link the audio, video, and photo file to a Non-Fungible Token, and process the NFT containing the said audio, video, and photo file for performing transactions.
Notification Service (S2) – The notification server typically coordinates with other microservices and provides various notifications and messages to the user based on the transactions and actions.
Token Details Service (S3) – The token details service typically reads and writes and processes the Non- Fungible tokens that have been minted on the system.
User Service (S4) – The User service along with the gateway service authenticates a user, manages the user information such as userID, profile information and level of authority.
Wallet Service (S5)– The Wallet service maintains the state and carries operation for users to store and retrieve tokens and fetch token.
Order Service (S8) – The order service processes all transactions on NFTs along with Transactional Manager service (S6).
Transactional Manager (S6) – The transactional manager (S6) what processes and manages transactions.
[0027] In a preferred embodiment, a Database Instance of an immutable database (IDB) stores the created NFTs and stores the information related to the NFTs and the transaction information. A backup database instance (BDB) is used to synchronize with Token Details Service (S3). Another database containing user details, wallets, NFT metadata are all stored on an instance of another Database, a user database (DB1). In a preferred embodiment, an instance of MongoDB (a normal database) is used.
[0028] The manner in which a NFT is created and utilized is explained below. In a preferred embodiment, the user logs in through the gateway service, this then makes a call to the session service where a new session is created, the user is validated using the user service and the wallet service is called to activate the user’s wallet. When the user mints an NFT, the file he wants to add in the NFT is uploaded via the file service, the token details service creates a unique token (NFT) in an immutable database and parks the token in a common wallet called a Zero Wallet. The order service and transaction manager then get to work, once the transaction is successfully processed, the token is transferred to the user’s wallet.
[0029] During transfer of token, a similar process as described above takes place. The token details service is first called to get all the data associated with the token, such as token unique id, name, and price. Then the wallet service is called, the token moves from transferor’s account and is parked in the transferee’s wallet. An order service now creates a transaction, and the transaction manager processes it. Once the transaction is successful, the immutable database gets updated with the transaction, the NFT is transferred to the buyer and a corresponding compensation to the seller.
[0030] In a preferred embodiment, the manner in which the immutability of the immutable database is maintained is by using Centralized Immutable Technology using a mutable Merkle hash tree (MHT) for storing data of any NFT transaction such as creation and transfer. The MHT offers robust security properties, such as tamper-evidence, irrefutability of previously entered data, and the ability for users to verify their data that was inserted and audit in the current state of the MHT. To ensure proofs are legitimate, the server that stores the data of transaction signs the root values it advertises, enabling any user to demonstrate the proof was provided by the server. The MHTs also presents a new class of incremental consistency proofs that show a tree root value being a digest of a tree built from a valid superset of another tree. This helps maintain consistency and trust in the data stored within the MHT. Furthermore, the MHT are made append-only such that the details are only added to them and cannot be edited at any point in time.
[0031] There are typically, but not limited to, two main transactions that are possible with NFT, that is creation of an NFT (also called minting) and the transfer of the NFT to another user. The minting process involves sending an NFT creation request (mint request) with information related to the NFT (such as NFT name, description, properties, price & royalty). The mint process begins, which involves processing the NFT creation request and making the necessary entries in the immutable database. When the process is completed, the NFT is transferred to the user's wallet. In the situation that the transaction fails, in any case, then the token is released, they go back to their origin. If NFT is being minted, it is dropped.
[0032] The transfer process involves two or more users and their respective wallets. When a transfer request is received by transactional manager service, the process begins by retrieving information about the NFT from the immutable database. The system then checks the creator of the NFT and the current owner; and the system then begins by checking whether the NFT exists in the current owner's wallet. When satisfied, the NFT from the user is stored in a zero wallet. In an exemplary embodiment, the zero wallet may be an escrow wallet. When the transaction is completed, the NFT is transferred to the transferee user.
[0033] The components of this system may be implemented using a combination of hardware-software and cloud computing services offered. It may include a combination of cloud computing services commercially offered along with a combination of database instances and servers operable on cloud. In a preferred embodiment, the databases and servers also are implemented using specialized hardware. The creation of NFT and the cloud infrastructure can be implemented using an electronic device as illustrated and explained with respect to Figure 5 below.
[0034] Figure 2 illustrates a flow chart for accessing and performing transactions. At step 200, the process initiates. At step 210, the process of logging in for performing transactions is initiated. At the outset, a user is desirous of using the service to create an account with the portal. Typically, when an account is created with the portal, a unique user ID, authentication ID and a wallet ID is created. The unique user ID and wallet ID are linked so as to track the NFTs that the user owns. The wallet ID is connected to a custodial wallet and is then created and stored on the portal, which is associated with the wallet Id. This custodial wallet is used on the portal to store and interact with NFTs created and purchased by the user. In a preferred embodiment, a third-party service provider is used for user management.
[0035] When a user has to log in for creation and transaction of NFTs, the user provides a login request at a user interface. At step 220, the user is authenticated for using the portal. The user interface typically transmits the credentials to a third-party service provider, which then initiates an authentication/authorization request. The authorization request on identifying the relevant userID responds with an authentication code, which is to be provided by the user for logging in and then the user initiates specific actions for creation and transaction. On logging in, a specific session ID and a session is created for creation and transaction of NFTs is initiated.
[0036] At step 230, a transaction is performed by the user. In a preferred embodiment, the transaction includes the creation of a NFT, transfer of the NFT to another user or storing the NFT. Each of these transactions are explained with respect to explanations to Figure 3A and Figure 3B below. At step 240, when each of these transactions are performed the immutable database is updated and the details are stored. The process ends at step 250.
[0037] The manner in which the creation transaction is performed is explained with respect to Figure 3A. The NFT creation operation is also called mint creation. When the user initiates an NFT creation operation, the necessary details are input by the user on the user interface. The gateway service S10 receives the request and initiates the creation operation. The NFT creation operation may be identified as mint request. The mint request is then received by transaction manager service S6. The transaction manager service S6 transmits the details to the order service S8 which initiates an operation to access the wallet service S5. The wallet service S5 accesses the wallet of the user by using the unique wallet ID to check whether the user has relevant credits and credentials to create an NFT. If no credits are available, the user is prompted to perform the necessary actions immediately for addition of credits. If the credentials are not available, a suitable response to the user is provided. From the order service S8, the necessary data is transmitted to a token service S7, where the wallet service is updated with the relevant token ID for creation of the NFT. The token service S7 creates the NFT and updates the unique token created the transaction ID and the token ID along with the NFT in the immutable database IDB. Once the immutable database IDB is updated, the token details along with the created NFT are updated to the wallet service S5 for updating the user wallet with the created NFT. The details of the created NFT along with the token details are then updated using the token details service S3 onto the user database DB1 which enables/records transaction details. In a preferred embodiment, the tokens are linked to an asset that can be tracked and traced using the NFT associated with the asset. In a preferred embodiment, the asset is a real-world asset. In a preferred embodiment, the real-world asset is linked to the NFT using a unique code such as QR code and/or RFID and/or bar code.
[0038] The manner in which transactions such as transfer of NFT is performed is explained with respect to Figure 3B. Typically, a request for transfer of a NFT is received. The user identified as a transferor of the NFT, and the user identified as a transferee of the NFT are authenticated. When the transferor initiates the transaction, the details of the NFT to be transferred are received at the gateway service S10, which is then transferred to a transaction manager service S6. The transaction manager service S6 transmits the details to the order service S8 which initiates an operation to access the wallet service S5. The wallet service S5 accesses the wallet of the user by using the unique wallet ID to check whether the user has relevant credits and credentials to transfer the said NFT. The transaction manager service S6, transfers the details to the order service S8 along with the request and the transferor and transferee details. The order service S8 then authenticates the transferor, transferee and the NFT to be transferred for their validity. On completion of the authentication and confirmation that the transferor, transferee and the NFT are valid, the order service S8 transmits the details to from the order service S8, the necessary data is transmitted to a token service S7, where the wallet service is updated with the relevant token ID for creation of the NFT. The token service S7 creates the NFT and updates the unique token created the transaction ID and the token ID along with the NFT in the immutable database IDB. Once the immutable database IDB is updated, the token details along with the transferred NFT are updated to the wallet service S5 for updating the user wallet with the created NFT. The details of the transferred NFT along with the token details are then updated using the token details service S3 onto the user database IDB which enables/records transaction details.
[0039] Figure 4 illustrates an electronic device performing actions for creation and transactions of NFT. The electronic device 400 may include a processor 450, an input/output interface 420, a memory 470 and a network interface 480. The memory (memories) 470 may be used for storing data and code used for implementing the methods and techniques described above. In an exemplary embodiment, the electronic device 400 may be implemented by one or more application specific integrated circuits (ASICs), digital signal processors (DSPs), digital signal processing devices (DSPDs), programmable logic devices (PLDs), field programmable gate arrays (FPGAs), controllers, micro-controllers, microprocessors, or other electronic components.
[0040] Network interface 480 is configured to facilitate wired or wireless communication between the electronic device 400 and other devices. The electronic device 400 may access a communication-standard-based wireless network, such as a wireless fidelity (WiFi) network, a 2nd-generation (2G) or 3rd-generation (3G) network or a combination thereof. In an exemplary embodiment, the network interface 480 receives a broadcast signal or broadcast associated information from an external broadcast management system through a broadcast channel. In an exemplary embodiment, the network interface 480 further includes a near field communication (NFC) module to facilitate short-range communications. For example, the NFC module may be implemented based on a radio frequency identification (RFID) technology, an infrared data association (IrDA) technology, an ultra-wide band (UWB) technology, a Bluetooth (BT) technology, and other technologies.
[0041] Memory 470 includes instructions, programming code and the executable computer program may be executed by the processor and stored in a readable storage medium. The readable storage medium may be a ROM, a random-access memory (RAM), a compact disc read-only memory (CD-ROM), a magnetic tape, a floppy disc, an optical data storage device, and the like.

Advantages:
[0042] The NFT creating tool along with an immutable database can be used for the following industries:
1. Logistics and supply chain – giving a unique id to each asset and then tracking it through the immutable ledger;
2. High-end consumer goods – can be used to trace authenticity, to perform secondary sales;
3. Ticketing Industry – Similar to high end consumer goods.
4. Real estate – verify ownership and perform transactions.
5. Government contracts – example, pesticide and insecticide authenticity.

[0043] The foregoing description of the invention has been set merely to illustrate the invention and is not intended to be limiting. Since modifications of the disclosed embodiments incorporating the substance of the invention may occur to person skilled in the art, the invention should be construed to include everything within the scope of the invention.
,CLAIMS:

1. A method for performing non-fungible token (NFT) transactions using an immutable database, the method comprising:
logging (210), by a user, into a portal for performing an NFT transaction;
authenticating (220), the user for performing the NFT transaction;
performing (230), the NFT transaction, wherein performing the NFT transaction includes updating the immutable database; and
updating (240), a user database with the details of the NFT transaction.

2. The method as claimed in claim 1, wherein the NFT transaction is either of: creation of an NFT; or transfer of the NFT.

3. The method as claimed in claim 2, wherein creation of an NFT comprises:
receiving a request for creation of the NFT, wherein the request includes the one or more parameters for creating the NFT;
authenticating the user issuing the NFT creation request;
creating the NFT with the parameters received from the user;
storing the details of the created NFT in the immutable database; and
storing the NFT in the wallet of the user.

4. The method as claimed in claim 2, wherein the transfer of the NFT, comprises:
receiving a request for transfer of the NFT from the user issuing the transfer request to one or more other users;
authenticating the users for transfer of the NFT;
storing the details of the users involved in the transfer of the NFT in the immutable database; and
transferring the NFT from the user wallet to one or more other users wallet.

5. The method as claimed in claim 1, wherein the updating the user database with the details of the transaction, comprises:
checking the details of the transaction along with the parameters of the associated NFT; and storing the details of the transaction and the details of the NFT.

6. A Non-Fungible Token (NFT) creation and transaction system, comprising:
a user database (DB1) configured to store user details and details of NFT transactions;
an immutable database (IDB) configured to store NFT details and NFT transaction details;
a plurality of microservices configured to enable creation and transaction of NFT, the microservices configured to:
logging in, by a user, into a portal for performing an NFT transaction;
authenticate the user for performing the NFT transaction;
perform, the NFT transaction, wherein performing the NFT transaction includes updating the immutable database; and
update, a user database with the details of the NFT transaction.

7. The Non-Fungible Token (NFT) creation and transaction system, as claimed in claim 6, wherein the NFT transaction is either of: creation of an NFT; or transfer of the NFT.

8. The Non-Fungible Token (NFT) creation and transaction system, as claimed in claim 7, creation of an NFT comprises:
authenticate the user issuing the NFT creation request;
check whether relevant credits are present in a wallet of the user issuing the NFT creation request;
create the NFT with the parameters received from the user;
store the details of the created NFT in the immutable database; and
store the NFT in the wallet of the user.

9. The Non-Fungible Token (NFT) creation and transaction system, as claimed in claim 7, transfer of the NFT comprises:
authenticate the users for transfer of the NFT;
check whether relevant credits are present in a wallet of the users for transfer of the NFT;
store the details of the users involved in the transfer of the NFT in the immutable database; and
transfer the NFT from the user wallet to one or more other users wallet.

10. The Non-Fungible Token (NFT) creation and transaction system, as claimed in claim 6, wherein updating, the user database with the details of the transaction comprises check the details of the transaction along with details of the associated NFT; and store the details of the transaction and the details of the NFT.