Google Patentsopen access

System and method of providing a blockchain-based recordation process — Bosonic, Inc. (US20240370927A1)

ABSTRACT

Abstract

Disclosed are systems and methods that utilize multiple single asset types and blockchain-based ledgers utilized by a custodian to issue a digital representation of assets held by the custodian. Trading entities place, with the custodian, respective assets that are represented on the ledgers. Genesis blocks on each blockchain-based ledger are signed by the exchange network which provides the initial trust and acts as a barricade against a rogue node from entering the network. Trading entities use the exchange network to agree on a price and enter into trades. The trades can include one asset type for another asset type. An atomic exchange is performed, and a trade is complete. Changes to token ownership are recorded on respective custodian ledgers automatically and redemption occurs upon request by a trading entity such that the ledger can be updated in actual currency and moved from the custodian to a trading entity account.

Description

PRIORITY CLAIM TO RELATED APPLICATION

This application is a continuation of U.S. patent application Ser. No. 17/013,594, filed Sep. 5, 2020, which claims priority to U.S. Provisional Patent Application No. 62/897,030, filed Sep. 6, 2019, the content of which are incorporated herein by reference in their entirety.

FIELD OF THE INVENTION

The present technology pertains to operating a network of computers to generate an authorized blockchain-based recordation of a transaction in addition to a separate recordation of data. The disclosed approach provides a more secure, faster system for creating, executing transactions and delivery of digital assets or cryptographic data records.

BACKGROUND

The present disclosure addresses issues in the financial exchange markets and specifically resolves technical issues with respect to the current market computer infrastructure for running the capital markets. FIG. 1 A illustrates a market infrastructure that currently exchanges securities or funds for clients. In the financial exchange market 100 , companies like Citadel (a well-known hedge fund) and The Tudor Group, an investment company, generally represent investment managers and end clients 102 . Assume that these two companies want to trade with each other. The mechanism by which they trade with each other is through the use of an executing or prime broker 104 . A prime broker or prime brokerage is a term used for a bundled package of services offered by investment banks and securities firms that enables clients to transact on foreign exchanges across an array of dealers like Citadel and the Tudor Group.

Within the market infrastructure 100 , a number of different entities will communicate with each other in order to facilitate the basic trading operation and to maintain trust. The investment managers and clients 102 will communicate with the executing broker 104 as well as a clearing broker 106 . The clearing broker 106 can be a member of an exchange and acts as a liaison between an investor in a clearing corporation and helps to ensure that the trade is settled appropriately and that the transaction is successful. The executing broker 104 can communicate in real time via an API 108 with an exchange 116 . Batch data associated with exchange transactions can also be communicated via a secure FTP communication 110 . A custodian 118 holds customer securities for safekeeping in order to minimize the risk of theft or loss. Typically, securities are held in electronic form in a traditional database.

A central counterparty (CCP) 122 is another financial institution that takes on counterparty credit risk between the parties to a transaction and provides clearing and settlement services for trades in foreign exchanges, securities, options, and derivative contracts. The clearing broker 106 will communicate with the CCP 122 via a secure FTP protocol 112 and in real time via Message Queues (MQ) 114 . A central securities depository (CSD) 120 is a special financial organization that holds securities such as shares either in a certificated or an uncertificated form so that ownership can easily be transferred through a book entry rather than the transfer of physical certificates. The CSD 120 communicates with the custodian 118 as well as the CCP 122 to allow brokers and financial companies to hold their securities of one location where they can be available for clearing and settlement.

There are a number of issues with the traditional market infrastructure 100 described above. First, there is a lack of timely access to critical data to separate databases being maintained by the different entities within the overall market infrastructure. The use of separate databases can be referred to as independent silos of data. Multiple copies of data are employed in this market infrastructure 100 which leads to the need for redundant reconciliations. These reconciliations take time and computer resources to achieve. Furthermore, complex workflows exist due to non-standard data formats and due to differences in the regulatory environment across different countries. Ownership changes are not final or even provable until settlement is completed in traditional systems. These challenges at least in part can be attributable to the old computer infrastructure and mechanisms of storing data in traditional databases.

The financial market infrastructure 100 is also costly due to fees being charged by the various entities that each play a role in ensuring proper clearing and settlement of trades. For example, there is a custodian fee, an exchange fee, a CSD fee, and so forth. This leads to a high cost for the market infrastructure. In addition, many of the entities must provide excess capital buffers to handle exceptions. A capital buffer is mandatory capital that financial institutions must hold in addition to other minimal capital requirements.

Indeed, the internal infrastructure or even one of these entities for trade management can include a large number of various components to manage issues related to such features as payments, product control, regulatory and reporting requirements, risk management, collateral management, trade repositories, external firms, trade capture, and so forth.

Having identified some of the problems with the market infrastructure 100 , this disclosure now turns to a more specific issue within the market infrastructure 100 . Clients 102 need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return. Prime brokers 104 will most often require a margin deposit and potentially a fully collateralized credit line and, as a result, the assets of the hedge funds are held by the prime broker 104 in a role as a custodian 118 .

An issue in the financial exchange markets is that only a small number of major players ( Tier 1 banks) operate as prime brokerages 104 . These prime brokerages typically will not work with smaller clients, but only work with large hedge funds with major collateral. Because prime brokerages 104 operate as custodians 118 and require full collateralization, government regulations have certain requirements with respect to clients and their credit lines. Accordingly, smaller clients or traders with less than perfect credit lines or not enough collateral have been cut off from the Tier 1 banks for receiving prime brokerage services 104 . This makes the use of the financial services costlier for small traders who must rely on Tier 2 credit intermediaries.

In other cases, it may not just be smaller entities that are not able to access prime brokerage 104 services. Large entities with billions of dollars in collateral may also not be able to access prime brokerage 104 services. One basic benefit of being able to trade securities or other assets between entities using a prime brokerage 104 is an improved cost to clients for prime brokering 104 services, such as securities lending, leveraged trade executions, cash management, and so forth. In other words, large entities that qualify under certain regulations, or by choice, have the ability to get a reduced cost for the brokerage services than the average client. Thus, there is a wholesale market of prime brokerage 104 services that is only available to a small group of large clients. Because of the challenges in the technical infrastructure described above, there is a need for methods and apparatus that provide cost effective brokerage services to all types of clients that meet or exceed services provided by prime brokers today.

BRIEF DESCRIPTION OF THE DRAWINGS

In order to describe the manner in which the above-recited and other advantages and features of the disclosure can be obtained, a more particular description of the principles briefly described above will be rendered by reference to specific embodiments thereof which are illustrated in the appended drawings. Understanding that these drawings depict only exemplary embodiments of the disclosure and are not therefore to be considered to be limiting of its scope, the principles herein are described and explained with additional specificity and detail through the use of the accompanying drawings in which:

FIG. 1 A illustrates a market infrastructure that currently exchanges securities or funds for clients;

FIG. 1 B illustrates an example computing device that can be used to implement the presently disclosed technology;

FIG. 2 illustrates a blockchain recordation process with various components;

FIG. 3 A illustrates a custodian module according to an aspect of this disclosure;

FIG. 3 B illustrates a genesis block signing process, in accordance with some examples of the present disclosure;

FIG. 4 illustrates a scenario of various components working together to create accounts to operate an exchange network for clients as disclosed herein;

FIG. 5 illustrates the use of a custodial blockchain node, exchange network blockchain node, and a client blockchain node to perform transactions and redeem assets according to the concepts disclosed herein;

FIG. 6 illustrates a block diagram of an example overall structure, in accordance with some examples of the present disclosure;

FIG. 7 illustrates a trading network and communications between custodians and traders, in accordance with some examples of the present disclosure;

FIG. 8 illustrates a virtual custodian on a blockchain network, in accordance with some examples of the present disclosure;

FIG. 9 illustrates an exemplary method for facilitating asset transfers in accordance with the present disclosure;

FIG. 10 illustrates another method in accordance with some examples of the present disclosure;

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PRIORITY CLAIM TO RELATED APPLICATION

This application is a continuation of U.S. patent application Ser. No. 17/013,594, filed Sep. 5, 2020, which claims priority to U.S. Provisional Patent Application No. 62/897,030, filed Sep. 6, 2019, the content of which are incorporated herein by reference in their entirety.

FIELD OF THE INVENTION

The present technology pertains to operating a network of computers to generate an authorized blockchain-based recordation of a transaction in addition to a separate recordation of data. The disclosed approach provides a more secure, faster system for creating, executing transactions and delivery of digital assets or cryptographic data records.

BACKGROUND

The present disclosure addresses issues in the financial exchange markets and specifically resolves technical issues with respect to the current market computer infrastructure for running the capital markets. FIG. 1 A illustrates a market infrastructure that currently exchanges securities or funds for clients. In the financial exchange market 100 , companies like Citadel (a well-known hedge fund) and The Tudor Group, an investment company, generally represent investment managers and end clients 102 . Assume that these two companies want to trade with each other. The mechanism by which they trade with each other is through the use of an executing or prime broker 104 . A prime broker or prime brokerage is a term used for a bundled package of services offered by investment banks and securities firms that enables clients to transact on foreign exchanges across an array of dealers like Citadel and the Tudor Group.

Within the market infrastructure 100 , a number of different entities will communicate with each other in order to facilitate the basic trading operation and to maintain trust. The investment managers and clients 102 will communicate with the executing broker 104 as well as a clearing broker 106 . The clearing broker 106 can be a member of an exchange and acts as a liaison between an investor in a clearing corporation and helps to ensure that the trade is settled appropriately and that the transaction is successful. The executing broker 104 can communicate in real time via an API 108 with an exchange 116 . Batch data associated with exchange transactions can also be communicated via a secure FTP communication 110 . A custodian 118 holds customer securities for safekeeping in order to minimize the risk of theft or loss. Typically, securities are held in electronic form in a traditional database.

A central counterparty (CCP) 122 is another financial institution that takes on counterparty credit risk between the parties to a transaction and provides clearing and settlement services for trades in foreign exchanges, securities, options, and derivative contracts. The clearing broker 106 will communicate with the CCP 122 via a secure FTP protocol 112 and in real time via Message Queues (MQ) 114 . A central securities depository (CSD) 120 is a special financial organization that holds securities such as shares either in a certificated or an uncertificated form so that ownership can easily be transferred through a book entry rather than the transfer of physical certificates. The CSD 120 communicates with the custodian 118 as well as the CCP 122 to allow brokers and financial companies to hold their securities of one location where they can be available for clearing and settlement.

There are a number of issues with the traditional market infrastructure 100 described above. First, there is a lack of timely access to critical data to separate databases being maintained by the different entities within the overall market infrastructure. The use of separate databases can be referred to as independent silos of data. Multiple copies of data are employed in this market infrastructure 100 which leads to the need for redundant reconciliations. These reconciliations take time and computer resources to achieve. Furthermore, complex workflows exist due to non-standard data formats and due to differences in the regulatory environment across different countries. Ownership changes are not final or even provable until settlement is completed in traditional systems. These challenges at least in part can be attributable to the old computer infrastructure and mechanisms of storing data in traditional databases.

The financial market infrastructure 100 is also costly due to fees being charged by the various entities that each play a role in ensuring proper clearing and settlement of trades. For example, there is a custodian fee, an exchange fee, a CSD fee, and so forth. This leads to a high cost for the market infrastructure. In addition, many of the entities must provide excess capital buffers to handle exceptions. A capital buffer is mandatory capital that financial institutions must hold in addition to other minimal capital requirements.

Indeed, the internal infrastructure or even one of these entities for trade management can include a large number of various components to manage issues related to such features as payments, product control, regulatory and reporting requirements, risk management, collateral management, trade repositories, external firms, trade capture, and so forth.

Having identified some of the problems with the market infrastructure 100 , this disclosure now turns to a more specific issue within the market infrastructure 100 . Clients 102 need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return. Prime brokers 104 will most often require a margin deposit and potentially a fully collateralized credit line and, as a result, the assets of the hedge funds are held by the prime broker 104 in a role as a custodian 118 .

An issue in the financial exchange markets is that only a small number of major players ( Tier 1 banks) operate as prime brokerages 104 . These prime brokerages typically will not work with smaller clients, but only work with large hedge funds with major collateral. Because prime brokerages 104 operate as custodians 118 and require full collateralization, government regulations have certain requirements with respect to clients and their credit lines. Accordingly, smaller clients or traders with less than perfect credit lines or not enough collateral have been cut off from the Tier 1 banks for receiving prime brokerage services 104 . This makes the use of the financial services costlier for small traders who must rely on Tier 2 credit intermediaries.

In other cases, it may not just be smaller entities that are not able to access prime brokerage 104 services. Large entities with billions of dollars in collateral may also not be able to access prime brokerage 104 services. One basic benefit of being able to trade securities or other assets between entities using a prime brokerage 104 is an improved cost to clients for prime brokering 104 services, such as securities lending, leveraged trade executions, cash management, and so forth. In other words, large entities that qualify under certain regulations, or by choice, have the ability to get a reduced cost for the brokerage services than the average client. Thus, there is a wholesale market of prime brokerage 104 services that is only available to a small group of large clients. Because of the challenges in the technical infrastructure described above, there is a need for methods and apparatus that provide cost effective brokerage services to all types of clients that meet or exceed services provided by prime brokers today.

BRIEF DESCRIPTION OF THE DRAWINGS

In order to describe the manner in which the above-recited and other advantages and features of the disclosure can be obtained, a more particular description of the principles briefly described above will be rendered by reference to specific embodiments thereof which are illustrated in the appended drawings. Understanding that these drawings depict only exemplary embodiments of the disclosure and are not therefore to be considered to be limiting of its scope, the principles herein are described and explained with additional specificity and detail through the use of the accompanying drawings in which:

FIG. 1 A illustrates a market infrastructure that currently exchanges securities or funds for clients;

FIG. 1 B illustrates an example computing device that can be used to implement the presently disclosed technology;

FIG. 2 illustrates a blockchain recordation process with various components;

FIG. 3 A illustrates a custodian module according to an aspect of this disclosure;

FIG. 3 B illustrates a genesis block signing process, in accordance with some examples of the present disclosure;

FIG. 4 illustrates a scenario of various components working together to create accounts to operate an exchange network for clients as disclosed herein;

FIG. 5 illustrates the use of a custodial blockchain node, exchange network blockchain node, and a client blockchain node to perform transactions and redeem assets according to the concepts disclosed herein;

FIG. 6 illustrates a block diagram of an example overall structure, in accordance with some examples of the present disclosure;

FIG. 7 illustrates a trading network and communications between custodians and traders, in accordance with some examples of the present disclosure;

FIG. 8 illustrates a virtual custodian on a blockchain network, in accordance with some examples of the present disclosure;

FIG. 9 illustrates an exemplary method for facilitating asset transfers in accordance with the present disclosure;

FIG. 10 illustrates another method in accordance with some examples of the present disclosure;

FIG. 11 illustrates an exemplary method consistent with the present disclosure from the standpoint of a custodial entity;

FIG. 12 illustrates an example asset issuance flow in a blockchain-based trading platform;

FIG. 13 illustrates an example asset redemption flow in a blockchain-based trading platform;

FIG. 14 illustrates a trading flow associated with a blockchain-based trading platform;

FIG. 15 A illustrates an alternate flow diagram for the processes of issuance, trading and redemption;

FIG. 15 B illustrates an execution pipeline for the processes disclosed herein;

FIG. 16 illustrates an example consensus algorithm;

FIG. 17 illustrates another blockchain consensus algorithm;

FIG. 18 illustrates a sequence diagram for an atomic swap;

FIG. 19 illustrates blockchain node classes;

FIG. 20 illustrates a block trading and decentralized exchange approach;

FIG. 21 illustrates a decentralized exchange approach with a virtual custodian;

FIG. 22 illustrates a decentralized exchange approach with a wallet that supports decentralized exchange integration;

FIG. 23 illustrates an optional approach using a decentralized exchange;

FIG. 24 illustrates an optional approach using a decentralized exchange;

FIG. 25 illustrates an optional approach using a decentralized exchange and an atomic swap API:

FIG. 26 illustrates data used in an atomic swap;

FIG. 27 illustrates data used in an atomic swap;

FIG. 28 illustrates a cross-custodian net settlement process flow;

FIG. 29 illustrates a single custodian model;

FIG. 30 illustrates a cross-custodial model;

FIGS. 31 A- 31 D illustrate reporting data for net settlements;

FIG. 32 illustrates an option of a custodian account at a common bank for net settlement;

FIG. 33 illustrates an option for a custodian account at another custodian&#39;s system;

FIG. 34 illustrates a net settlement using a wallet, Stablecoin and smart contract;

FIG. 35 illustrates a net settlement using a wallet, Stablecoin and smart contract;

FIG. 36 illustrates a virtual custodian crypto-fiat settlement design;

FIG. 37 illustrates a virtual custodian to virtual custodian trade and settlement design;

FIG. 38 illustrates a particular wallet as a virtual custodian; and

FIG. 39 illustrates a method example.

DESCRIPTION

Various embodiments of the disclosure are discussed in detail below. While specific implementations are discussed, it should be understood that this is done for illustration purposes only. A person skilled in the relevant art will recognize that other components and configurations may be used without parting from the spirit and scope of the disclosure. Thus, the following description and drawings are illustrative and are not to be construed as limiting. Numerous specific details are described to provide a thorough understanding of the disclosure. However, in certain instances, known details are not described in order to avoid obscuring the description. References to one or an embodiment in the present disclosure can be references to the same embodiment or any embodiment; and, such references mean at least one of the embodiments.

Reference to “one embodiment” or “an embodiment” means that a particular feature, structure, or characteristic described in connection with the embodiment is included in at least one embodiment of the disclosure. The appearances of the phrase “in one embodiment” in various places in the specification are not necessarily all referring to the same embodiment, nor are separate or alternative embodiments mutually exclusive of other embodiments. Moreover, various features are described which may be exhibited by some embodiments and not by others.

The terms used in this specification generally have their ordinary meanings in the art, within the context of the disclosure, and in the specific context where each term is used. Alternative language and synonyms may be used for any one or more of the terms discussed herein, and no special significance should be placed upon whether or not a term is elaborated or discussed herein. In some cases, synonyms for certain terms are provided. A recital of one or more synonyms does not exclude the use of other synonyms. The use of examples anywhere in this specification including examples of any terms discussed herein is illustrative only, and is not intended to further limit the scope and meaning of the disclosure or of any example term. Likewise, the disclosure is not limited to various embodiments given in this specification.

Without intent to limit the scope of the disclosure, examples of instruments, apparatus, methods and their related results according to the embodiments of the present disclosure are given below. Note that titles or subtitles may be used in the examples for convenience of a reader, which in no way should limit the scope of the disclosure. Unless otherwise defined, technical and scientific terms used herein have the meaning as commonly understood by one of ordinary skill in the art to which this disclosure pertains. In the case of conflict, the present document, including definitions will control.

Additional features and advantages of the disclosure will be set forth in the description which follows, and in part will be obvious from the description, or can be learned by practice of the herein disclosed principles. The features and advantages of the disclosure can be realized and obtained by means of the instruments and combinations particularly pointed out in the appended claims. These and other features of the disclosure will become more fully apparent from the following description and appended claims, or can be learned by the practice of the principles set forth herein.

BRIEF OVERVIEW

In some aspects, the present disclosure addresses the issues outlined above with respect to the problems in the market infrastructure particularly with respect to the lack of timely access to critical data due to siloing of data, requirements for storing multiple copies of data leading to redundant reconciliations, and complex workflows due to the nonstandard data formats. Implementations of the present disclosure also address mitigating costs or fees that are associated with high infrastructure investments required to process transactions. Disclosed is a trading, prime brokerage or credit intermediation implemented via a number of different modules across a blockchain network. The structure is new and using the blockchain network in the manner disclosed improves the manner in which transactions can occur, including enabling the ability to perform cross-custodian net settlement transactions. One benefit of the technical improvements disclosed herein is that implementing a new blockchain-based approach can open up the wholesale market of prime brokerage services that is currently only available to a small group of clients. It is noted that the technology disclosed herein does not represent the implementation of an existing business model on a generic computer. Rather, the present disclosure represents new technology, which has a blockchain-based component that introduces new solutions to the issues raised above with respect to the problems within the market infrastructure and can lead to an ability of prime brokerage services being made available to more than a small group of clients in a manner that enables an increased amount of trust in the collateral available for trading. The processes disclosed herein, when implemented, represent a specialized computer system or a special-purpose computer system which includes the blockchain-based approach of applying a plurality of distributed network nodes operating a distributed consensus algorithm for approving transactions and recording transactions across a distributed ledger. A consensus algorithm can be a procedure through which all the peers of a blockchain network reach a common agreement about the present state of the distributed ledger. In this way, consensus algorithms achieve reliability in the blockchain network and establish trust between unknown peers in a distributed computing environment. Essentially, the consensus protocol makes sure that every new block that is added to the blockchain is the one and only version of the truth that is agreed upon by all the nodes in the blockchain. A peer-to-peer or other messaging component can be used to communicate between nodes in the blockchain or to other modules in the overall exchange network. Part of the infrastructure disclosed herein is the placement of blockchain network nodes at particular participants in the trading process and the use of the blockchain ledgers. For example, a blockchain node will be associated with custodians as well as a governance entity or exchange network.

The present disclosure introduces new technical components, including a new way of creating a blockchain ledger, that solve a number of problems in a number of industries. For example, the present technologies enable safely reserving central bank or commercial bank currency, cryptocurrency or any other asset to prevent double spending/over commitment. The disclosed technologies create a digital representation of the assets (e.g., US dollars (USD) or bitcoins (BTC)) instead of requiring exchange of value for an underlying native token that has market risk and/or even if pegged to the value exchanged has potentially different legal treatment and underlying guarantor and liquidation waterfall.

In one embodiment disclosed herein, a new platform enables parties to a trade to directly face each other and trade assets without counterparty risk, as the assets being traded are collateralized by each participant&#39;s respective sponsoring firm that is also registered to use the platform. At a high level, the platform can include three main components: a custodian module, trader module, and a core system or governing node. The custodian module can be hosted directly by the sponsoring firm and communicate with the core system through application programming interface (“API”) calls. The custodian module can also be hosted by the same entity operating the core system, thus enabling the sponsoring firm to perform all applicable functions through a web portal accessed through a multi-factor authentication process. Blockchain nodes can be configured as part of the custodian module and the governing node or core system.

The digital representation of assets is disclosed without a native cryptocurrency that can minimize an attack vector and reduce risks from hacks, etc. For example, even if one gets tokenized BTC, they need a custodian to redeem the tokens and process a transaction on the public ledger on their behalf from the BTC in their control.

Digital representation of assets can stay on the network indefinitely without increasing risk. The ability to maintain the digital representation of assets on the network (without increased risk) can allow for optimization of actual movement of underlying assets, which can be performed independent of other actors in the system. One benefit of this capability is the increase in the velocity and utility in the use of capital. The movement of the underlying assets is generally limited to public ledger constraints and other solutions that do not maintain provability of transactions. However, the benefit described above to the disclosed technology can include the movement of assets on slower single ledger systems.

Adding cryptographic provability of all transactions and assets in a transaction system that is not a public ledger containing a full transaction history is an illustrative improvement over transaction recordation in omnibus account structures at current exchanges where only transactions on the public ledger are provable.

Consensus over proofs of transactions on a custodian ledger represents an improvement to prevent owners/operators of private ledgers from changing the history of ledgers in their control. Applying a blockchain consensus approach increases speed and optimizes the timing and utility of consensus. Deploying a network-access-control, based on a signed genesis block, is implemented to prevent unauthorized ledger creation on a semi-public network but without control over ledgers in question. In one aspect, the blockchain-based network for handling cryptocurrency transactions includes a plurality of distributed nodes on which runs a distributed consensus protocol algorithm that records transactions on a distributed ledger across the distributed nodes. Such a configuration represents a special-purpose computer for handling the recordation of cryptocurrency transactions in a manner that solves the double-spend problem and which could not be achieved on a general-purpose computer or general-purpose database of transactions being recorded. In other words, the previous infrastructure could not achieve the ability to solve the double-spend problem and had to employ time and computer resources, as well as human resources, to confirm transactions.

Various proofs for blockchain networks can be used herein. Proof of elapsed time, proof of capacity, proof of work, proof of stake, proof of burn, practical Byzantine fault tolerance, and so forth are example consensus algorithms that can be applied herein.

A multi-ledger approach allows different custodians to own and operate their own ledgers without ownership/data/privacy/confidentiality issues and provides improvements in scaling. An enforcement of checks for value without exposing amounts or transaction details to the entire network and without total anonymity (which is bad from regulatory point of view) or using slower cryptographic methods (which is bad from a transaction throughput/scalability point of view) are also disclosed.

In one example, a method is disclosed of operating a custodian server for facilitating an asset transfer. The method includes creating, via a custodian module operating on behalf of a custodian entity, a plurality of blockchain-based ledgers. The plurality of blockchain-based ledgers can include a blockchain-based ledger associated with the custodial entity and associated with an asset type. The blockchain-based ledger can be generated with an asset genesis block that includes a signature of a hash digest of raw data for the asset genesis block. The signature can be generated by a central administration module (e.g., an exchange network or XN network) separate from the custodian module. In another aspect, the system can employ a consensus driven decentralized governance approach, such as are used in blockchain networks, rather than a centralized approach. The method can also include receiving, at the custodian entity operating the custodian module, collateral from a client, the collateral being of the asset type, and maintaining the collateral in a custodial ledger of the custodian entity.

The method can further include receiving, from the client and at the custodian module, a request for a reservation of assets representing at least a portion of the collateral, and verifying, by the custodian module, an authenticity of the client and the request by mapping personal details received with the request against the custodial ledger. The custodial ledger can identify the asset as available for reservation to yield a verification. The solution disclosed herein can also interface with any other wallet solution, smart contract, blockchain system and so forth, that includes the appropriate features.

In one alternate approach, the exchange network also operates or is affiliated with an entity that operates the custodial module.

When the verification indicates that the asset is available for the reservation, the method includes approving the request by issuing a token to the client and generating a new block on the blockchain-based ledger that identifies the client and the collateral associated with the token. The new block can be considered an unmined issuance or “coinbase” transaction to the public key address of the client on the custodial distributed blockchain ledger. In one aspect, the asset can be issued onto the distributed blockchain ledger by a custodian.

Another method example of this disclosure includes generating a first custodian blockchain-based ledger for a first asset type in which the genesis block is signed by an exchange network entity, generating a first token associated with an amount of the first asset type held by a custodian, the first token associated with a block on the first custodian blockchain-based ledger identifying the amount of the first asset type for a first client, generating a second custodian blockchain-based ledger for a second asset type (also having a genesis block signed by the exchange network), generating a second token associated with an amount of the second asset type held by a custodian for a second client, the second token associated with a block on the second custodian blockchain-based ledger identifying the amount of the second asset type for a second client, and receiving, at the exchange network, data that the first client and the second client agree to trade at least a portion of the first asset for at least a portion of the second asset. These features can also be described as an asset and an additional asset or a client and an additional client, or a blockchain-based ledger and an additional blockchain-based ledger, and so forth.

The exchange network disclosed herein can consist of the one or more components operated by the governor of the network. The governance can involve a group of token holders for an as of yet unissued governance token. The exchange network then performs an atomic exchange (or a concurrent exchange) including a current transaction of the portion of the first asset for the portion of the second asset and the system records a change in token of ownership at the first custodian blockchain-based ledger and the second custodian blockchain-based ledger. In one aspect, this process involves a cryptographically provable change of ownership on the two respective ledgers by moving assets from one or more public key address to another one or more public key address. The method can further include a redemption process in which the first client (who now owns the second asset type) or the second client (who now owns the first asset type) can receive actual dollars or bitcoin (or other instrument of value), which can be moved from an account or wallet held by the custodian to the new owner after the trade. At the time of redemption, a respective token can be transferred to a burn account or burn wallet to update the respective ledger appropriately. The burn account can also be to the custodian&#39;s public key address.

An example method from the standpoint of the custodial entity can include the following steps. The custodial entity (i.e., the servers/computer systems of the custodial entity) can perform steps including creating or causing to be created at least one blockchain-based ledger established for a respective asset type, wherein the at least one blockchain-based ledger has a genesis block that is signed by an exchange network through which clients of the custodial entity can trade assets. The custodial entity can receive assets from clients and store those assets in custodial accounts. Having genesis blocks on each respective blockchain-based ledger signed by the exchange network can provide a foundational level of trust, which can act as a barricade against a rogue node entering the network.

Upon tokens being created based on at least one blockchain-based ledger, which can represent (the tokens) client assets held by the custodial entity, the custodial entity can broadcast to the exchange network data regarding the availability of client assets for trading. The broadcast of the data can be performed using any type of notification or communication of the availability of the client assets for trading. After clients trade assets (such as paying dollars to buy bitcoin), the custodial entity can receive a redemption request from a client for an asset and transfer the redeemed asset from the custodial entity to a client account. Tokens that represent assets held on the ledger for a respective client can be burned upon a redemption request or after the request is fulfilled. Any cryptographically secure burn approach can be implemented. In one aspect, a digitized token issued by one custodian for a given currency, whether a fiat currency or a cryptocurrency, is the same in every aspect as the digitized token issued by another custodian for the same currency. This feature can emphasize the fungibility aspect of the digitized tokens and support the fundamental soundness and liquidity of the entire system. In another aspect, the digitized tokens issued by each individual custodian can be similar in a portion of its characteristics to digitized tokens issued by another custodian for the same currency, while having an individual or different portion or component that can be used to identify the custodian, a timing associated with the issuance of the digital token, or any other data. While the technology/benefits of the disclosure apply to a wide variety of contexts/applications, for explanation purposes, the disclosed technologies will be described in the context of market infrastructures and recordation. The present disclosure can also provide technical benefits in other applications or use cases that rely on time-critical data or cryptographic lineage or provability of data that may or may not be distributed across systems and/or disaggregated. For example, the approaches herein can be implemented to provide a new technical framework for timely access to time-critical data in robotic applications, autonomous driving applications, extended reality applications, Internet of things (IoT) applications, automation applications, supply-chain applications, disaster recovery applications, payments from one party to another, etc. To illustrate, in autonomous driving, extended reality, and numerous tracking and localization applications, timely access to data, which may originate from different users, devices, and networks, can help avoid numerous problems ranging from damage to property or human life (e.g., accidents involving autonomous vehicles or aircrafts) to poor computing performance (e.g., poor mapping and translation performance in extended reality applications). Other technical benefits include the ability to provide the concurrency of data changes, the protection of cryptographic assets, and so forth. These technical improvements were not possible given the previous hardware and software technologies used in exchanges. However, the approaches herein can provide timely access to the various types of data used by such systems to ensure safe and accurate operation and performance.

In one aspect, this disclosure introduces new features such as a system having one or more of a custodian module, a trader module, an order entry system, a matching engine, an atomic swap process which can operate via a smart contract, a cross-custodian net settlement process, a virtual custodian module, the ability to perform lending as an on-chain repo-transaction, an integration with a decentralized exchange, and a blockchain network which is integrated into various nodes such as governance nodes, custodian nodes and so forth. The new hardware framework introduces and enables new and improved processes to perform transactions in ways not traditionally performed. It is noted that claims or embodiments of this disclosure can include each module separately claimed as an example embodiment. For example, a claim can cover the structure and/or operations of the custodian module, the governance node, an atomic swap process or smart contract, the blockchain network, and so forth. The operations performed by each individual component described herein can be considered a separate invention and can be claimed as such. These operations can include the communication of data to other components and receiving data from other components, as well as the operations performed by each respective component.

An example system includes a custodian node having a processor and a computer-readable storage device storing instructions for operating a custodian module to perform operations. The operations can include one or more of creating a distributed blockchain ledger on a blockchain node of a blockchain network, the blockchain network including a plurality of distributed nodes operating a consensus algorithm to record transactions across a distributed ledger. These operations can also include receiving a request to tokenize assets, this tokenizing may be based on the request, and the assets can be added onto the distributed blockchain ledger to yield tokens. This may also include receiving a redemption request, burning, based on the redemption request, the tokens off the distributed blockchain ledger, performing atomic transaction commitment, and performing net settlement computations based on trading transactions in blocks. The net settlement computation further can include net settlement movements including instructions to outside services separate from the custodian node.

The system can include a trader module operating on a trader device. The trader module can be configured to interact with the custodian module and to perform operations including one or more of reading, via a wallet, unspent transaction outputs and sums for balances. Furthermore, the system can allow access to traders to an order entry system, initiate issuance and redemption requests to the custodian module, and manage public keys and private keys for the traders.

The system can also include an atomic swap module configured on a node, the atomic swap module can be configured to perform operations including one or more of: receiving transactions from a matching engine that matches traders, obtaining a signing of the transactions with the private key to yield signed transactions, adding the signed transactions to a mempool, ensuring that an atomic swap occurs that changes ownership of assets concurrently with two respective distributed blockchain ledgers to yield a trade execution, and notifying the matching engine or other systems of a successful or failed trade execution. Note that a mempool is a where all valid transactions wait to be confirmed by the blockchain network consensus algorithm. A mempool may include data stored in an organized structure at data repository.

The system can also include a cross-custodian net settlement module configured on a node, the cross-custodian net settlement module can be configured to perform operations including one or more of calculating net settlement amounts due for all users in each asset between any two custodian modules and their related blockchain ledgers, and generating, based on the net settlement amounts, a full allocation report for all users, all assets all related unspent outputs and proofs, the full allocation report including netted quantities and residual quantities. The system may also perform steps of loading the residual quantities into a blockchain-based smart contract or otherwise creating movement instructions over non-blockchain ledger rails, and creating an atomic transaction that burns and reallocates the netted quantities and invokes the blockchain-based smart contract or other traditional rail payments.

The custodian module further can further be configured to perform operations including performing arbitrary payment transactions between blockchain ledger addresses. The consensus algorithm can include a just-in-time consensus algorithm or other algorithms. The atomic swap module can further be configured to perform one or more of the following operations: performing a credit check against an unspent output set totals for users in question, and receiving as blockchain transactions or creating blockchain transactions that spend the unspent output associated with the users in question.

The operation of obtaining the signing of the transactions with a private key as performed by the atomic swap module can occur via (1) the trader module performing a delegated signing with a supplied private key from the trader; or (2) sending the transactions to the trader module for signing by the private key.

The operation of ensuring that the atomic swap changes ownership of the assets as performed by the atomic swap module further can include calling a governance blockchain node which validates transactions and changes status of mempool transactions and invoking a two-phase commit protocol with custodial distributed blockchain ledgers related to affected unspent output.

In one aspect, the order entry system can be configured to perform operations including performing a real-time pre-trade credit check, and entering bids and offers or requests for quotes or otherwise negotiating pricing. The order entry system may also submit orders to a matching engine. The order entry system can further be configured to perform operations including connecting to a credit engine and margin engine, performing calculations for determining a client buying power, and performing one-way payment orders.

The matching engine can be configured to perform operations including receiving quotes and orders from third parties, and executing order matches in a lit book or a dark book or both. The matching engine can be further configured to perform operations including maintaining and publishing an order book, and aggregating outside order books such as exchanges and smart order routings out to them for execution.

The system can further include a virtual custodian module configured to perform operations including interacting via a wallet with the blockchain-based smart contract for time-locked transactions related to an atomic swap, and facilitating the atomic swap between smart contract-held assets and the custodian module with assets on blockchain ledgers.

The system can be configured to perform operations including lending as an on-chain reposition transaction wherein the on-chain reposition transaction that is expected to be and can be forced to be unwound with a countervailing transaction based on collateral and risk and margin rules.

The system can be further configured to perform operations including performing programmatic intraday borrowing based on preset rules and preferences managed within the trader module.

The system is further configured to perform operations including executing on the blockchain network between assets on different blockchain ledgers at one or more custodian modules.

The system can be integrated with a decentralized exchange and both puts liquidity into the decentralized exchange and takes liquidity off of the decentralized exchange. The system can be further configured to perform operations including maintaining atomic swaps between the blockchain-based smart contract and the custodian distributed blockchain ledger.

The blockchain network can include one or more governance modules with a governance module blockchain node, a plurality of custodian modules with a custodial module blockchain node, a plurality of blockchain ledgers per custodian module, a plurality of trader modules, and a peer-to-peer messaging capability. In such an instance the blockchain network implements the consensus algorithm and uses a transaction broadcasting protocol and with various possible privacy levels.

Any of these features described in connection with any one example or embodiment can be mixed and matched with other features disclosed herein.

In one aspect, the present disclosure is directed to blockchain-based technologies that significantly reduce counterparty and settlement risk. The applicant readily recognizes that the Alice Supreme Court decision (Alice Corp. v. CLS Bank International, 573 U.S. 208, 134 S. Ct. 2347 (2014)) addresses claims that disclosed a scheme for mitigating “settlement risk.” Accordingly, several comments are made directly in the application to address that decision and how the present technologies differ from the patent ineligible claims in the Alice case. The Court in Ali

CLAIMS

Claims ( 20 )

I claim:

1 . A system comprising:

one or more processors; and a computer-readable storage device storing instructions which, when executed by the one or more processors, operate a custodian module that holds customer tokens for processing a transaction associated with the customer tokens and to redeem the customer tokens, wherein a customer is independent of an operator of the custodian module and wherein the customer owns the customer tokens and wherein the instructions further cause the one or more processors to be configured to:

create, via the custodian module, a respective blockchain ledger on a respective blockchain node of a blockchain network, the blockchain network comprising: a distributed blockchain ledger, one or more governance modules with a governance module blockchain node; a plurality of custodian modules with a custodial module blockchain node; a plurality of blockchain ledgers per custodian module; a plurality of trader modules; and a peer-to-peer messaging capability, wherein the blockchain network implements a consensus algorithm and uses a transaction broadcasting protocol;

receive, via the custodian module, a request to tokenize assets;

tokenize, via the custodian module and based on the request and according to the consensus algorithm, the assets onto the distributed blockchain ledger to yield the customer tokens;

read, via a trader module for interacting with the custodian module via a wallet and operating on a trader device, unspent transaction outputs and sums for balances;

perform, via an order entry system, a real-time pre-trade credit check;

enter, via the order entry system, bids and offers or request for quote or otherwise negotiating pricing;

submit, via the order entry system, orders to a matching engine that matches trades;

receive, via an atomic swap module configured on an atomic swap compute device, transactions from the matching engine;

ensure, via the atomic swap module, that an atomic swap occurs that changes ownership of assets concurrently with two respective distributed blockchain ledgers to yield a trade execution;

calculate, via a cross-custodian net settlement module configured on a cross-custodian net settlement compute device, net settlement amounts due for all users in each asset between any two separate custodian modules and their related separate distributed blockchain ledgers;

generate, via the cross-custodian net settlement module and based on the net settlement amounts, a full allocation report for all users, all assets all related the unspent transaction outputs and proofs, the full allocation report comprising netted quantities and residual quantities;

load, via the cross-custodian net settlement module, the residual quantities into a blockchain-based smart contract or otherwise creating movement instructions over non-blockchain ledger rails; and

create, via the cross-custodian net settlement module, an atomic transaction that burns and reallocates the netted quantities and invokes the blockchain-based smart contract or other traditional rail payments.

2 . The system of claim 1 , wherein the computer-readable storage device stores additional instructions which, when executed by the one or more processors, cause the one or more processors to be configured to:

perform arbitrary payment transactions between blockchain ledger addresses.

3 . The system of claim 1 , wherein the consensus algorithm comprises a just-in-time consensus algorithm.

4 . The system of claim 1 , wherein the computer-readable storage device stores additional instructions which, when executed by the one or more processors, cause the one or more processors to be configured to:

perform, via the atomic swap module, a credit check against an unspent output set totals for users in question; and receive, via the atomic swap module, as blockchain transactions or creating blockchain transactions that spend the unspent output set totals associated with the users in question.

5 . The system of claim 1 , wherein the computer-readable storage device stores additional instructions which, when executed by the one or more processors, cause the one or more processors to be configured to:

obtain, via the atomic swap module, a signing of the transactions with a private key to yield signed transactions, wherein the signed transactions are obtained by the atomic swap module via (1) the trader module performing a delegated signing with a supplied private key from the customer; or (2) sending the transactions to the trader module for signing by the private key.

6 . The system of claim 1 , wherein ensuring that the atomic swap changes ownership of the assets as performed by the atomic swap module further comprises calling a governance blockchain node which validates transactions and changes status of mempool transactions and invoking a two-phase commit protocol with custodial distributed blockchain ledgers related to affected unspent output.

7 . The system of claim 1 , wherein the computer-readable storage device stores additional instructions which, when executed by the one or more processors, cause the one or more processors to be configured to:

connect, via the order entry system, to a credit engine and margin engine and performing calculations for determining a client buying power.

8 . The system of claim 7 , wherein the computer-readable storage device stores additional instructions which, when executed by the one or more processors, cause the one or more processors to be configured to:

perform, via the order entry system, one-way payment orders.

9 . The system of claim 1 , wherein the computer-readable storage device stores additional instructions which, when executed by the one or more processors, cause the one or more processors to be configured to:

receive, via the matching engine, quotes and orders from third parties; and execute, via the matching engine, order matches in lit book or dark book or both.

10 . The system of claim 9 , wherein the computer-readable storage device stores additional instructions which, when executed by the one or more processors, cause the one or more processors to be configured to:

maintain, via the matching engine, and publishing an order book; and aggregate, via the matching engine, outside order books and routing orders to the outside order books for execution.

11 . The system of claim 1 , wherein the computer-readable storage device stores additional instructions which, when executed by the one or more processors, cause the one or more processors to be configured to:

interact, via a virtual custodian module and via a wallet, with a blockchain-based smart contract for time-locked transactions related to an atomic swap; and facilitate, via the virtual custodian module, the atomic swap between smart contract-held assets and the custodian module with assets on distributed blockchain ledgers.

12 . The system of claim 1 , wherein the computer-readable storage device stores additional instructions which, when executed by the one or more processors, cause the one or more processors to be configured to:

lend as an on-chain reposition transaction, wherein the on-chain reposition transaction can be forced to be unwound with a countervailing transaction based on collateral and risk rules.

13 . The system of claim 12 , wherein the computer-readable storage device stores additional instructions which, when executed by the one or more processors, cause the one or more processors to be configured to:

perform programmatic intraday borrowing based on preset rules and preferences managed within the trader module.

14 . The system of claim 13 , wherein the computer-readable storage device stores additional instructions which, when executed by the one or more processors, cause the one or more processors to be configured to:

execute on the blockchain network between assets on different distributed blockchain ledgers at one of more custodian modules.

15 . The system of claim 1 , wherein the system is integrated with a decentralized exchange and both puts liquidity into the decentralized exchange and takes liquidity off of the decentralized exchange.

16 . The system of claim 15 , wherein the computer-readable storage device stores additional instructions which, when executed by the one or more processors, cause the one or more processors to be configured to:

maintain atomic swaps between the blockchain-based smart contract and the distributed blockchain ledger.

17 . A method to operate a custodian module operating on a custodian compute device that holds customer tokens for processing a transaction associated with the customer tokens and to redeem the customer tokens, the method comprising:

creating, via the custodian module, a respective blockchain ledger on a respective blockchain node of a blockchain network, the blockchain network comprising: a distributed blockchain ledger, one or more governance modules with a governance module blockchain node; a plurality of custodian modules with a custodial module blockchain node; a plurality of blockchain ledgers per custodian module; a plurality of trader modules; and a peer-to-peer messaging capability, wherein the blockchain network implements a consensus algorithm and uses a transaction broadcasting protocol; receiving, via the custodian module, a request to tokenize assets; tokenizing, via the custodian module and based on the request and according to the consensus algorithm, the assets onto the distributed blockchain ledger to yield the customer tokens; reading, via a trader module for interacting with the custodian module via a wallet and operating on a trader device, unspent transaction outputs and sums for balances; performing, via an order entry system, a real-time pre-trade credit check; entering, via the order entry system, bids and offers or request for quote or otherwise negotiating pricing; submitting, via the order entry system, orders to a matching engine that matches trades; receiving, via an atomic swap module configured on an atomic swap compute device, transactions from the matching engine; ensuring, via the atomic swap module, that an atomic swap occurs that changes ownership of assets concurrently with two respective distributed blockchain ledgers to yield a trade execution; calculating, via a cross-custodian net settlement module configured on a cross-custodian net settlement compute device, net settlement amounts due for all users in each asset between any two separate custodian modules and their related separate distributed blockchain ledgers; generating, via the cross-custodian net settlement module and based on the net settlement amounts, a full allocation report for all users, all assets all related the unspent transaction outputs and proofs, the full allocation report comprising netted quantities and residual quantities; loading, via the cross-custodian net settlement module, the residual quantities into a blockchain-based smart contract or otherwise creating movement instructions over non-blockchain ledger rails; and creating, via the cross-custodian net settlement module, an atomic transaction that burns and reallocates the netted quantities and invokes the blockchain-based smart contract or other traditional rail payments.

18 . The method of claim 17 , further comprising:

performing arbitrary payment transactions between blockchain ledger addresses.

19 . The method of claim 17 , wherein the consensus algorithm comprises a just-in-time consensus algorithm.

20 . A computer-readable storage device storing instructions which, when executed by one or more processors, operate a custodian module that holds customer tokens for processing a transaction associated with the customer tokens and to redeem the customer tokens, wherein a customer is independent of an operator of the custodian module and wherein the customer owns the customer tokens and wherein the instructions further cause the one or more processors to be configured to:

create, via the custodian module, a respective blockchain ledger on a respective blockchain node of a blockchain network, the blockchain network comprising: a distributed blockchain ledger, one or more governance modules with a governance module blockchain node; a plurality of custodian modules with a custodial module blockchain node; a plurality of blockchain ledgers per custodian module; a plurality of trader modules; and a peer-to-peer messaging capability, wherein the blockchain network implements a consensus algorithm and uses a transaction broadcasting protocol; receive, via the custodian module, a request to tokenize assets; tokenize, via the custodian module and based on the request and according to the consensus algorithm, the assets onto the distributed blockchain ledger to yield the customer tokens; read, via a trader module for interacting with the custodian module via a wallet and operating on a trader device, unspent transaction outputs and sums for balances; perform, via an order entry system, a real-time pre-trade credit check; enter, via the order entry system, bids and offers or request for quote or otherwise negotiating pricing; submit, via the order entry system, orders to a matching engine that matches trades; receive, via an atomic swap module configured on an atomic swap compute device, transactions from the matching engine; ensure, via the atomic swap module, that an atomic swap occurs that changes ownership of assets concurrently with two respective distributed blockchain ledgers to yield a trade execution; calculate, via a cross-custodian net settlement module configured on a cross-custodian net settlement compute device, net settlement amounts due for all users in each asset between any two separate custodian modules and their related separate distributed blockchain ledgers; generate, via the cross-custodian net settlement module and based on the net settlement amounts, a full allocation report for all users, all assets all related the unspent transaction outputs and proofs, the full allocation report comprising netted quantities and residual quantities; load, via the cross-custodian net settlement module, the residual quantities into a blockchain-based smart contract or otherwise creating movement instructions over non-blockchain ledger rails; and create, via the cross-custodian net settlement module, an atomic transaction that burns and reallocates the netted quantities and invokes the blockchain-based smart contract or other traditional rail payments.

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