Method and GUI for creating optionality in a commodity contract settlement price
US11423480B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Dec 9, 2019 |
| Grant date | Aug 23, 2022 |
| Priority date | — |
| Expiry date | Mar 14, 2040 |
Classification
- Technology area (CPC H)Electricity
- CPC primaryH04L2209/56
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A computer method for creating optionality of price basis in a commodity contract includes establishing a smart contract for a transfer of a commodity using a distributed ledger and graphical user interface (GUI). The smart contract includes a variable price with a provision for a future determination of a price basis. The computer method includes receiving agreement on the smart contract between a seller and a counterparty, receiving a deposit on a total price from the counterparty, transferring at least a portion of the deposit to the seller, and transferring a token representing the smart contract to the counterparty. The computer method includes, at a future date, receiving a selection of the price basis for the smart contract from one of the counterparty or the seller, and notifying the other of the seller or the counterparty of the selected price basis and a resultant settlement price.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.