Digital currency minting in a system of network nodes implementing a distributed ledger

US11887072B2 · kind B2 · utility

Assignee

• Bitt Inc. · US

Inventors

• Michael D. Ornelas · Draper, US
• Kent Ortell Pollard Bull · Salt Lake City, US
• Brad Welker · Bountiful, US
• Darren Sessions · Salt Lake City, US
• Kevin Kraig Steffensen · Midvale, US
• Haresh Richardson Singh · Padmore, BB

Key dates

• Filing date: Nov 25, 2020
• Grant date: Jan 30, 2024
• Expiry date: May 22, 2041

Classification

• Technology area (CPC H): Electricity
• CPC primary: H04L2209/56
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A system includes at least a first computing device, at a financial institution, configured to generate a currency request and apply first-level signature(s) to the currency request. A minting request is generated from the currency request and the first-level signature(s). The system also includes at least a second computing device, at a currency management department, configured to apply second-level signature(s) to the minting request to generate a signed minting request. The system also includes a third computing device, at a director's office, configured to apply third-level signature(s) to the signed minting request. The system also includes a plurality of network nodes, implementing a distributed ledger, configured to verify the first-level signature(s), the second-level signature(s), and the third-level signature(s); and mint the digital currency when the first-level signature(s), the second-level signature(s), and the third-level signature(s) are successfully verified.