US 12,271,876 B2
Tokenization platform
Jonathan Yantis, Grants Pass, OR (US); William Edward Quigley, Pacific Palisades, CA (US); and Lukasz Jakub Sliwka, Long Beach, CA (US)
Assigned to VERONA HOLDINGS SEZC, George Town (KY)
Filed by VERONA HOLDINGS SEZC, George Town (KY)
Filed on Nov. 8, 2021, as Appl. No. 17/521,082.
Application 17/521,082 is a continuation of application No. 17/363,618, filed on Jun. 30, 2021, granted, now 11,334,875.
Application 17/363,618 is a continuation of application No. 17/245,662, filed on Apr. 30, 2021.
Application 17/245,662 is a continuation of application No. PCT/US2019/059389, filed on Nov. 1, 2019.
Claims priority of provisional application 62/906,211, filed on Sep. 26, 2019.
Claims priority of provisional application 62/770,624, filed on Nov. 21, 2018.
Claims priority of provisional application 62/770,620, filed on Nov. 21, 2018.
Claims priority of provisional application 62/754,987, filed on Nov. 2, 2018.
Prior Publication US 2022/0058636 A1, Feb. 24, 2022
Int. Cl. G06Q 20/12 (2012.01); G06F 21/60 (2013.01); G06Q 20/32 (2012.01); G06Q 20/34 (2012.01); G06Q 20/38 (2012.01); G06Q 20/40 (2012.01); G06Q 30/018 (2023.01); G06Q 20/36 (2012.01)
CPC G06Q 20/123 (2013.01) [G06F 21/602 (2013.01); G06Q 20/326 (2020.05); G06Q 20/342 (2013.01); G06Q 20/38215 (2013.01); G06Q 20/40 (2013.01); G06Q 30/0185 (2013.01); G06Q 20/1235 (2013.01); G06Q 20/3672 (2013.01); G06Q 2220/00 (2013.01)] 19 Claims
OG exemplary drawing
 
1. A system for facilitating token-based transactions of items comprising:
an item management system that is configured to:
provide an interface that receives a set of item attributes of an item, including a classification of the item and a number of units of the item;
generate a virtual representation of the item based on the set of item attributes, the virtual representation being a data structure that includes the set of item attributes;
generate a smart contract that defines a set of verifiable conditions that must be satisfied in order to self-execute a transaction relating to the item represented by the virtual representation;
a token generation system configured to:
generate, for each respective unit of the item, a respective digital token that has a set of digital attributes that correspond to the set of item attributes, wherein the digital token is cryptographically secure; and
generate, for each respective digital token, a cryptographically secure, one-to-at-least-one link between the respective digital token and an instance of the virtual representation of the item, such that the respective digital token provides a unique digital representation of a corresponding unit of the item; and
a ledger update system configured to update a cryptographic ledger with the virtual representation, the digital token, and the smart contract corresponding to the virtual representation, wherein in response to determining that the set of verifiable conditions are satisfied, the smart contract instructs the ledger update system to transfer the digital token to an account of a user that transacted for the item.