System and method of providing a block chain-based recordation process
US12056766B2 · kind B2 · utility
Assignee
Inventor
Key dates
| Filing date | Sep 5, 2020 |
| Grant date | Aug 6, 2024 |
| Priority date | — |
| Expiry date | Jan 18, 2041 |
Classification
- Technology area (CPC H)Electricity
- CPC primaryH04L2209/56
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
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.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.