US 11,810,162 B2
Systems and methods for using smart contracts to control the trade, supply, manufacture, and distribution of commodities
Joseph D. Preston, Bainbridge Island, WA (US); Dan Alan Preston, Bainbridge Island, WA (US); Trinitie Marie Vance, Indianola, WA (US); Brett C. Simpson, Richland, WA (US); Peter Albert Madakson, Tacoma, WA (US); and William R. Rieger, Atlanta, GA (US)
Assigned to Clarovia Holdings, LLC, Bainbridge Island, WA (US)
Filed by Clarovia Holdings, LLC, Bainbridge Island, WA (US)
Filed on Aug. 22, 2022, as Appl. No. 17/892,684.
Application 17/892,684 is a continuation of application No. 17/328,396, filed on May 24, 2021, granted, now 11,423,450.
Application 17/328,396 is a continuation of application No. 15/675,697, filed on Aug. 11, 2017, granted, now 11,037,211, issued on Jun. 15, 2021.
Application 15/675,697 is a continuation in part of application No. 15/669,870, filed on Aug. 4, 2017, granted, now 11,017,469, issued on May 25, 2021.
Claims priority of provisional application 62/373,839, filed on Aug. 11, 2016.
Claims priority of provisional application 62/371,098, filed on Aug. 4, 2016.
Prior Publication US 2022/0405815 A1, Dec. 22, 2022
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 30/0283 (2023.01)
CPC G06Q 30/0283 (2013.01) 7 Claims
OG exemplary drawing
 
1. A system for pricing and creating one or more products, comprising:
an asset backed token, wherein the asset-backed token derives its value from one or more assets in a feedstock derived from an industrial process, wherein the one or more assets comprise various rare earth metals and minerals and wherein the industrial process is an agricultural process for the production of fertilizers, soil supplements and amendments;
a smart contract, wherein the smart contract is a non-transitory computer-readable medium storing computer protocols configured to at least one of facilitate, verify, and enforce the performance of a contract;
a processor configured to implement the smart contract including the steps of:
use the processor to associate a process control logic to a manufacturing process to produce one or more products based on a first market value, wherein the first market value is derived from background calculations and analysis of the one or more assets represented by the asset backed token,
determine a second market value corresponding to the one or more assets, wherein the second market value is compared to the first market value to determine which of the one or more products has a higher market value in accordance with the smart contract,
responsive to determining the higher market value, use the process control logic to adjust at least one processing step such that a higher market value product is produced, responsive to producing the higher market value product,
use the smart contract to document the results in a distributed ledger,
wherein the distributed ledger is at least one of a collective database that is consensually shared, synchronized between a network of nodes across multiple locations, and operates in either private mode, public mode, or a combination thereof,
wherein the private mode of operation of the distributed ledgers is owned and maintained for the exclusive benefit of at least one of an owner, a member of a specific exchange, and a distributed exchange, and
wherein the distributed exchange is based on a block-chain validation and verification kept in the distributed ledger.