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… commodity assets from unrefined commodity reserves utilizing blockchain and … — Stichting Ip-Oversight (US11893626B2)

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patent, google patents, intellectual property, US11893626B2, Stichting Ip-Oversight, Christopher Youb, en, 2024

ABSTRACT

Abstract

A token system and method, employing a token representing an interest in a smart contract, comprising: a distributed ledger, storing parameters of a smart contract, the smart contract representing an agreement, secured by a security interest in property, to execute the security interest unless a token is returned within a period; a communication port configured to interface with an automated communication network for communications between a plurality of cryptographic hardware processors; and an automated distributed virtual state machine, hosted by the plurality of cryptographic hardware processors, employing a distributed consensus model for transaction validation, the automated distributed virtual state machine being configured to: communicate distributed consensus messages through the automated communication network; communicate the token; execute the smart contract defined by the parameters, receiving inputs and producing outputs on a blockchain; and communicate an immutable message for exercise of the security interest.

Description

CROSS REFERENCE TO RELATED APPLICATIONS

The present application is a Continuation in Part from U.S. patent application Ser. No. 15/916,128, filed Mar. 8, 2018, now U.S. Pat. No. 11,188,977, issued Nov. 30, 2021, which claims benefit of priority from U.S. Provisional Patent Application Ser. No. 62/468,764, filed Mar. 8, 2017, the entirety of which is incorporated herein by reference.

FIELD OF THE INVENTION

The present invention relates to the field of securitized transactions and smart contracts, and encompasses systems and methods for conducting transactions.

BACKGROUND OF THE INVENTION

Each reference cited herein is expressly incorporated herein by reference in its entirety, for all purposes.

Tokenization of Assets

In the current marketplace, a commodity asset owner can go to a lender and securitize the commodity assets thereby gaining liquidity. The problem with this current model is that it requires a liquid commodity, and when securitized, the commodity may be restricted from beneficial use. Further, the value of the commodity may be deeply discounted, and ongoing interest charges are accrued.

Frolov et al., U.S. Pat. No. 9,747,586, discloses a system and method for issuance of electronic currency substantiated by a reserve of assets. The reserve is a commodity or asset that is actively traded.

Miner, US 20150332256, discloses a system and method for converting cryptocurrency to virtual assets whose value is substantiated by reserve of assets. The reserve is, for example, book entries for fiat currencies, which are actively traded.

Doney, US 20170213289, expressly incorporated herein by reference in its entirety, describes creation of collateralized portfolios, as a collection of income-producing assets, generated through transactions that exchange estimated asset value for liquid instruments in the portfolio. Transaction elasticity is provided by liquid instruments (reserve funds and portfolio-owned shares) held in reserve in the portfolio's reservoir which provides a market smoothing function to adapt to changes in asset demand and risk. Each portfolio's reservoir is collectively owned by the shareholders; continuously replenishing itself with income generated by assets in the portfolio. Shares can be represented by digital tokens, traded as digital currency such as cryptocurrency, and monetized with the convenience of cash through a network of exchanges and payment gateways.

Vieira et al., US20180047111, expressly incorporated herein by reference in its entirety, describes enhanced organizational transparency using a linked activity chain in a ledger, employing a block chain.

Distributed Ledger

A distributed ledger is a database that is consensually shared and synchronized across multiple sites, institutions, or geographies, accessible by multiple entities. It allows transactions to have public âwitnesses.â The participant at each node of the network can access the recordings shared across that network and can own an identical copy of it. Any changes or additions made to the ledger are reflected and copied to all participants in a matter of seconds or minutes. A distributed ledger stands in contrast to a centralized ledger, which is the type of ledger that most companies use. A centralized ledger is more prone to cyber attacks and fraud, as it has a single point of failure.

A distributed ledger is a database that is synchronized and accessible across different sites and geographies by multiple participants. The need for a central authority to keep a check against manipulation is eliminated by the use of a distributed ledger.

Distributed ledgers may be permissioned or permissionless. This determines if anyone or only approved people can run a node to validate transactions. They also vary between the consensus algorithmâproof of work, proof of stake, voting systems and hashgraph. They may be mineable (one can claim ownership of new coins contributing with a node) or not (the creator of the cryptocurrency owns all at the beginning). All blockchain is considered to be a form of DLT. There are also non-blockchain distributed ledger tables.

Blockchain

A blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks. en.wikipedia.org/wiki/Blockchain

Blockchains are typically managed by a peer-to-peer network for use as a publicly distributed ledger, where nodes collectively adhere to a protocol to communicate and validate new blocks. Although blockchain records are not unalterable as forks are possible, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance.

Cryptographer David Chaum first proposed a blockchain-like protocol in his 1982 dissertation âComputer Systems Established, Maintained, and Trusted by Mutually Suspicious Groups.â Further work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta. They wanted to implement a system wherein document timestamps could not be tampered with. In 1992, Haber, Stornetta, and Dave Bayer incorporated Merkle trees to the design, which improved its efficiency by allowing several document certificates to be collected into one block.

A blockchain is a decentralized, distributed, and oftentimes public, digital ledger consisting of records called blocks that is used to record transactions across many computers so that any involved block cannot be altered retroactively, without the alteration of all subsequent blocks. This allows the participants to verify and audit transactions independently and relatively inexpensively. A blockchain database is managed autonomously using a peer-to-peer network and a distributed timestamping server. In the case of Blockchain and other game theoretic reliance systems, they are authenticated by mass collaboration powered by collective self-interests. Such a design facilitates robust workflow where participants' uncertainty regarding data security is marginal. The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset. It confirms that each unit of value was transferred only once, solving the long-standing problem of double spending. A blockchain has been described as a value-exchange protocol. A blockchain can maintain title rights because, when properly set up to detail the exchange agreement, it provides a record that compels offer and acceptance.

Logically, a blockchain can be seen as consisting of several layers: infrastructure (hardware); networking (node discovery, information propagation and verification); consensus (proof of work, proof of stake); data (blocks, transactions); and application (smart contracts/decentralized applications, if applicable).

Blocks hold batches of valid transactions that are hashed and encoded into a Merkle tree. Each block includes the cryptographic hash of the prior block in the blockchain, linking the two. The linked blocks form a chain. This iterative process confirms the integrity of the previous block, all the way back to the initial block, which is known as the genesis block. To assure the integrity of a block and the data contained in it, the block is usually digitally signed.

Sometimes separate blocks can be produced concurrently, creating a temporary fork. In addition to a secure hash-based history, any blockchain has a specified algorithm for scoring different versions of the history so that one with a higher score can be selected over others. Blocks not selected for inclusion in the chain are called orphan blocks. Peers supporting the database have different versions of the history from time to time. They keep only the highest-scoring version of the database known to them. Whenever a peer receives a higher-scoring version (usually the old version with a single new block added) they extend or overwrite their own database and retransmit the improvement to their peers. There is never an absolute guarantee that any particular entry will remain in the best version of the history forever. Blockchains are typically built to add the score of new blocks onto old blocks and are given incentives to extend with new blocks rather than overwrite old blocks. Therefore, the probability of an entry becoming superseded decreases exponentially as more blocks are built on top of it, eventually becoming very low. For example, bitcoin uses a proof-of-work system, where the chain with the most cumulative proof-of-work is considered the valid one by the network. There are a number of methods that can be used to demonstrate a sufficient level of computation. Within a blockchain the computation is carried out redundantly rather than in the traditional segregated and parallel manner.

The block time is the average time it takes for the network to generate one extra block in the blockchain. Some blockchains create a new block as frequently as every five seconds. By the time of block completion, the included data becomes verifiable. In cryptocurrency, this is practically when the transaction takes place, so a shorter block time means faster transactions. The block time for Ethereum is set to between 14 and 15 seconds, while for bitcoin it is on average 10 minutes.

A hard fork is a rule change such that the software validating according to the old rules will see the blocks produced according to the new rules as invalid. In case of a hard fork, all nodes meant to work in accordance with the new rules need to upgrade their software. If one group of nodes continues to use the old software while the other nodes use the new software, a permanent split can occur.

For example, Ethereum has hard-forked to âmake wholeâ the investors in The DAO, which had been hacked by exploiting a vulnerability in its code. In this case, the fork resulted in a split creating Ethereum and Ethereum Classic chains. Alternatively, to prevent a permanent split, a majority of nodes using the new software may return to the old rules. In the case of smart contracts, and especially those that automatically control transfer of rights or assets, a split is infeasible, unless the rights themselves are present on the old and new blockchains. Since the smart contract was written under the original rules, these should apply to the result, unless all parties to the transaction agree to updating the software/rule set.

By storing data across its peer-to-peer network, the blockchain eliminates a number of risks that come with data being held centrally. The decentralized blockchain may use ad hoc message passing and distributed networking. One risk of a lack of a decentralization is a so-called â51% attackâ where a central entity can gain control of more than half of a network and can manipulate that specific blockchain record at will, allowing double-spending. A key advantage to a decentralized blockchain implementation is that the business risk of a central clearing agent is abated, and should the originator no longer be available, smart contracts on the blockchain technically survive. It remains underdetermined what happens if the community supporting the blockchain ceases to operate, though an interested party could maintain a node and process its own transaction, though with greatly diminished distributed consensus protections.

Peer-to-peer blockchain networks lack centralized points of vulnerability that computer crackers can exploit; likewise, it has no central point of failure. Blockchain security methods include the use of public-key cryptography. A public key (a long, random-looking string of numbers) is an address on the blockchain. Value tokens sent across the network are recorded as belonging to that address. A private key is like a password that gives its owner access to their digital assets or the means to otherwise interact with the various capabilities that blockchains now support. Data stored on the blockchain is generally considered incorruptible.

Every active mining node in a decentralized system has a copy of at least the last block of the blockchain. Data quality is maintained by massive database replication and computational trust. No centralized âofficialâ copy exists and (in a pure proof of work consensus system) no user is âtrustedâ more than any other. Transactions are broadcast to the network using software. Messages are delivered on a best-effort basis. Mining nodes validate transactions, add them to the block they are building, and then broadcast the completed block to other nodes. Blockchains use various time-stamping schemes, such as proof-of-work, to serialize changes. Alternative consensus methods include proof-of-stake. Growth of a decentralized blockchain is accompanied by the risk of centralization because the computer resources required to process larger amounts of data become more expensive.

An advantage to an open, permissionless, or public, blockchain network is that guarding against bad actors is not required and no access control is needed. This means that applications can be added to the network without the approval or trust of others, using the blockchain as a transport layer.

Bitcoin and other cryptocurrencies currently secure their blockchain by requiring new entries to include a proof of work. To prolong the blockchain, bitcoin uses Hashcash puzzles. While Hashcash was designed in 1997 by Adam Back, the original idea was first proposed by Cynthia Dwork and Moni Naor and Eli Ponyatovski in their 1992 paper âPricing via Processing or Combatting Junk Mailâ.

Permissioned blockchains use an access control layer to govern who has access to the network. In contrast to public blockchain networks, validators on private blockchain networks are vetted by the network owner. They do not rely on anonymous nodes to validate transactions nor do they benefit from the network effect. It has been argued that permissioned blockchains can guarantee a certain level of decentralization, if carefully designed, as opposed to permissionless blockchains, which are often centralized in practice.

A blockchain, if it is public, provides anyone who wants access to observe and analyse the chain data, given one has the know-how.

Blockchain-based smart contracts are proposed contracts that can be partially or fully executed or enforced without human interaction.] One of the main objectives of a smart contract is automated escrow. A key feature of smart contracts is that they do not need a trusted third party (such as a trustee) to act as an intermediary between contracting entities; the blockchain network executes the contract on its own. This may reduce friction between entities when transferring value and could subsequently open the door to a higher level of transaction automation.

Blockchain technology has been used for tracking the origins of gemstones and other precious commodities. In 2016, The Wall Street Journal reported that the blockchain technology company, Everledger was partnering with IBM's blockchain-based tracking service to trace the origin of diamonds to ensure that they were ethically mined. As of 2019, the Diamond Trading Company (DTC) has been involved in building a diamond trading supply chain product called Tracr.

CROSS REFERENCE TO RELATED APPLICATIONS

FIELD OF THE INVENTION

The present invention relates to the field of securitized transactions and smart contracts, and encompasses systems and methods for conducting transactions.

BACKGROUND OF THE INVENTION

Each reference cited herein is expressly incorporated herein by reference in its entirety, for all purposes.

Tokenization of Assets

Distributed Ledger

Blockchain

A blockchain, if it is public, provides anyone who wants access to observe and analyse the chain data, given one has the know-how.

A sidechain is a designation for a blockchain ledger that runs in parallel to a primary blockchain. Entries from the primary blockchain (where said entries typically represent digital assets) can be linked to and from the sidechain; this allows the sidechain to otherwise operate independently of the primary blockchain (e.g., by using an alternate means of record keeping, alternate consensus algorithm, etc.).

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Smart Contracts

So-called âSmart Contractsâ are legal obligations tied to a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of the contracts. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and may be irreversible. See, en.wikipedia.org/wiki/Smart_contract. The phrase âsmart contractsâ was coined by computer scientist Nick Szabo in 1996.

A smart contract is a set of promises, specified in digital form, including protocols within which the parties perform on these promises. Recent implementations of smart contracts are based on blockchains, though this is not an intrinsic requirement. Building on this base, some recent interpretations of âsmart contractâ are mostly used more specifically in the sense of general purpose computation that takes place on a blockchain or distributed ledger. In this interpretation, used for example by the Ethereum Foundation or IBM, a smart contract is not necessarily related to the classical concept of a contract, but can be any kind of computer program.

Byzantine fault tolerant algorithms allowed digital security through decentralization to form smart contracts. Additionally, the programming languages with various degrees of Turing-completeness as a built-in feature of some blockchains make the creation of custom sophisticated logic possible.

Notable examples of implementation of smart contracts are Decentralized cryptocurrency protocols are smart contracts with decentralized security, encryption, and limited trusted parties that fit Szabo's definition of a digital agreement with observability, verifiability, privity, and enforceability.

Bitcoin also provides a Turing-incomplete Script language that allows the creation of custom smart contracts on top of Bitcoin like multisignature accounts, payment channels, escrows, time locks, atomic cross-chain trading, oracles, or multi-party lottery with no operator.

Ethereum implements a nearly Turing-complete language on its blockchain, a prominent smart contract framework.

Smart contracts have advantages over equivalent conventional financial instruments, including minimizing counterparty risk, reducing settlement times, and increased transparency. UBS proposed âsmart bondsâ that use the bitcoin blockchain in which payment streams could hypothetically be fully automated, creating a self-paying instrument.

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CLAIMS

Claims ( 20 )

What is claimed is:

1. A token system, employing a semi-fungible token representing an interest of a class in a smart contract, comprising:

a distributed ledger operating according to distributed consensus, storing parameters of a smart contract in a distributed database, the smart contract representing an agreement, secured by a security interest in non-tokenized property, to execute the security interest unless a token of the class is returned within a period;

a communication port configured to interface with an automated communication network for communications between a plurality of intercommunicating automated cryptographic hardware processors; and

an automated distributed virtual state machine, hosted by the plurality of intercommunicating automated cryptographic hardware processors, employing distributed ledger for transaction validation, the automated distributed virtual state machine being configured to:

communicate distributed consensus messages between the plurality of intercommunicating automated cryptographic hardware processors through the automated communication network;

communicate the token;

execute the smart contract defined by the parameters, receiving inputs and producing outputs on a blockchain;

communicate an immutable message for exercise of the security interest in the non-tokenized property; and

update the distributed database of the distributed ledger.

2. The token system according to claim 1 , wherein the automated distributed state machine comprises an Ethereum virtual code machine.

3. The token system according to claim 1 , wherein the automated distributed virtual state machine charges a transaction fee for execution of the smart contract.

4. The token system according to claim 1 , wherein the agreement represented by the executable smart contract further permits tolling of the period dependent on whether a substitute asset is tendered.

5. The token system according to claim 4 , wherein the property comprises a physical mine having proven available reserves of the substitute asset.

6. The token system according to claim 5 , wherein the proven available reserves are a predetermined multiple of the substitute asset.

7. The token system according to claim 1 , wherein the token represents a fractional interest in the non-tokenized property after exercise of the security interest in the non-tokenized property.

8. The token system according to claim 1 , wherein the token of the class is generated as a transaction of the automated distributed virtual state machine.

9. The token system according to claim 1 , wherein the blockchain comprises a transaction list and a state of the smart contract.

10. The token system according to claim 1 , wherein the distributed virtual state machine is Turing complete, and the executable smart contract has a predefined maximum number of executable instructions.

11. A token transaction method, comprising:

defining an executable smart contract adapted to execute on a blockchain, having parameters stored in a distributed database of a distributed ledger, representing an agreement to return a semi-fungible token of a defined class within a period, secured by a security interest in property which is possessed and used off the blockchain, the executable smart contract being executed on an automated distributed virtual state machine comprising a plurality of intercommunicating cryptographic hardware processors communicating through an automated communication network;

issuing the token and recording issuance of the token by the on the blockchain;

controlling the automated distributed state machine in accordance with the executable smart contract to execute the security interest to award a right to a possessory interest in the property to a token-holder if a token of the defined class is not tendered within the period;

updating the blockchain selectively dependent on the execution of the security interest; and

communicating with the automated communication network between the intercommunicating plurality of cryptographic hardware processors, at least a portion of the blockchain, distributed consensus messages, the token.

12. The method according to claim 11 , further comprising returning the token of the defined class, and extinguishing the security interest.

13. The method according to claim 11 , wherein the executable smart contract is executed contingent on payment of a transaction fee.

14. The method according to claim 11 , wherein the period is extended if a substitute asset is tendered.

15. The method according to claim 14 , wherein the property comprises a mine having proven available reserves of the substitute asset, and wherein the proven available reserves are a predetermined multiple of the substitute asset.

16. The method according to claim 11 , wherein the token is generated as a transaction recorded on the blockchain, and the blockchain comprises a cryptographically-authenticated, distributed ledger held and updated independently by each of the plurality of cryptographic hardware processors,

the method further comprising forming a consensus determination of transaction validity.

17. The method according to claim 11 , further comprising allocating the right to the possessory interest in the property in accordance with the security interest if the token of the defined class is not returned within the period.

18. A method for creating a token, comprising:

providing a blockchain on a distributed ledger operating according to distributed consensus, storing parameters of a smart contract in a distributed database;

providing a communication port configured to interface with an automated communication network for communications between a plurality of intercommunicating automated cryptographic hardware processors;

receiving a pledge of a physical productive asset from an originator;

tokenizing the asset, to generate a plurality of semi-fungible tokens of a class, each of the plurality of semi-fungible tokens representing a fractional non-possessory security interest in the physical productive asset, subject to the smart contract executing on a distributed virtual machine on the distributed ledger, the security interest being associated with a security agreement which requires a return of a semi-fungible token of the class, or a payment of compensation from a portion of a production of the productive asset after a latency, and if the latency expires without the payment being made, token holders of unreturned semi-fungible tokens of the plurality of tokens have a right to execute on the security interest to possess the productive asset and operate the asset to produce the production;

issuing a respective semi-fungible token to a token holder by communicating information through the automated communication network;

recording ownership of the semi-fungible token by the token holder on the blockchain by performing a distributed consensus operation using the plurality of intercommunicating automated cryptographic hardware processors;

automatically monitoring, with the smart contract, whether the respective semi-fungible token remains outstanding and whether the payment has been made before the latency expires, wherein the smart contract executing on the distributed virtual machine on the distributed ledger is configured to record a message on the distributed ledger representing an authorization to execute on the security interest to authorize a transfer of possession of the productive asset to the token holders.

19. The method according to claim 18 , further comprising delaying expiration of the latency by the smart contract and increasing the portion of the production of the asset required as compensation, wherein the smart contract automatically calculates the increase in the portion as a function of time.

20. The method according to claim 18 , wherein the smart contract is configured to withhold execution on the security interest if the compensation is tendered to the token holder.

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Method for creating commodity assets from unrefined commodity reserves utilizing blockchain and distributed ledger technology

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A method for creating commodity assets from unrefined commodity reserves utilizing blockchain and distributed ledger technology

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Method for creating commodity assets from unrefined commodity reserves utilizing blockchain and distributed ledger technology

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Method for creating commodity assets from unrefined commodity reserves utilizing blockchain and distributed ledger technology

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Method for creating commodity assets from unrefined commodity reserves utilizing blockchain and distributed ledger technology

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Method for creating commodity assets from unrefined commodity reserves utilizing blockchain and distributed ledger technology

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