US 11,893,626 B2
Method for creating commodity assets from unrefined commodity reserves utilizing blockchain and distributed ledger technology
Christopher Youb, Edmonton (CA); and Bruce Youb, Puerto Plato (DO)
Assigned to Stichting IP-Oversight, Lutebroek (NL)
Filed by Stichting IP-Oversight, Lutebroek (NL)
Filed on Nov. 29, 2021, as Appl. No. 17/537,450.
Application 17/537,450 is a continuation of application No. 15/916,128, filed on Mar. 8, 2018, granted, now 11,188,977, issued on Nov. 30, 2021.
Claims priority of provisional application 62/468,764, filed on Mar. 8, 2017.
Prior Publication US 2022/0261882 A1, Aug. 18, 2022
Int. Cl. G06Q 10/10 (2023.01); G06Q 30/02 (2023.01); G06Q 40/06 (2012.01); G06Q 30/0645 (2023.01); G06Q 20/06 (2012.01); G06F 21/64 (2013.01); G06Q 40/00 (2023.01); G06Q 20/38 (2012.01); G06Q 20/40 (2012.01); G06Q 50/16 (2012.01); H04L 9/32 (2006.01); G06F 16/18 (2019.01); G06Q 40/04 (2012.01); H04L 9/06 (2006.01); H04L 9/00 (2022.01)
CPC G06Q 30/0645 (2013.01) [G06F 16/1805 (2019.01); G06F 21/64 (2013.01); G06Q 20/065 (2013.01); G06Q 20/38215 (2013.01); G06Q 20/401 (2013.01); G06Q 30/02 (2013.01); G06Q 40/00 (2013.01); G06Q 40/04 (2013.01); G06Q 50/16 (2013.01); H04L 9/0643 (2013.01); H04L 9/3213 (2013.01); G06Q 2220/00 (2013.01); H04L 9/50 (2022.05)] 20 Claims
OG exemplary drawing
 
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.