US 12,380,413 B2
System and method for composite cryptographic transactions
Karim Talal Hamasni, Toronto (CA); Stefan Mueller, Singapore (SG); Atilla Murat Firat, Toronto (CA); and Matthew Thomas Peskett, Toronto (CA)
Assigned to ROYAL BANK OF CANADA, Toronto (CA)
Filed by ROYAL BANK OF CANADA, Toronto (CA)
Filed on Oct. 7, 2022, as Appl. No. 17/962,097.
Application 17/962,097 is a continuation of application No. 16/373,204, filed on Apr. 2, 2019, granted, now 11,468,412.
Claims priority of provisional application 62/651,339, filed on Apr. 2, 2018.
Claims priority of provisional application 62/651,342, filed on Apr. 2, 2018.
Prior Publication US 2023/0029193 A1, Jan. 26, 2023
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 20/06 (2012.01); G06Q 20/36 (2012.01); G06Q 20/38 (2012.01); G06Q 20/40 (2012.01); H04L 9/00 (2022.01); H04L 9/08 (2006.01)
CPC G06Q 20/0658 (2013.01) [G06Q 20/065 (2013.01); G06Q 20/3678 (2013.01); G06Q 20/381 (2013.01); G06Q 20/3829 (2013.01); G06Q 20/389 (2013.01); G06Q 20/401 (2013.01); H04L 9/0894 (2013.01); G06Q 2220/00 (2013.01); H04L 9/50 (2022.05); H04L 2209/56 (2013.01)] 13 Claims
OG exemplary drawing
 
1. A system comprising:
at least one memory for storing a customer account; and
at least one processor communicably coupled to the at least one memory, the at least one memory including executable instructions which when executed by the at least one processor, configure the system for:
receiving an electronic request to instantiate a composite crypto-asset data structure including a reference data payload that maintains one or more pre-calculated products based on a plurality of different quantity sizes that is populated as new product operations are conducted, the composite crypto-asset data structure corresponding to a plurality of types of crypto-assets and their respective quantities the composite crypto-asset data structure including a set of logical conditions stored on a publicly accessible blockchain distributed ledger network, which when triggered as one or more monitored conditions are satisfied, cause state transitions of the composite crypto-asset data structure from states that include at least a minting state, a transaction state, a redemption state, and a burn state;
the request initializing a token minting procedure where an internal database ledger system accounts for on-chain composite crypto-asset data structure units coinciding with a size of the electronic request;
storing cryptographic keys corresponding to the respective quantities of the plurality of types of crypto-assets in an escrow vault;
updating a balance of the composite crypto-asset data structure associated with the customer account based on a quantity associated with the electronic request; and
periodically executing a validation function for reconciling total crypto-assets in the escrow vault against all outstanding composite crypto-asset data structures by:
conducting a block-traversal of all outstanding composite crypto-asset data structures,
utilizing the reference data payload to determine an amount of crypto-assets of a particular type, where a quantity indicated in the corresponding composite crypto-asset data structure has already been pre-calculated, and
conducting a calculation of the amount of crypto-assets of a particular type only when the quantity indicated in the corresponding composite crypto-asset data structure has not been pre-calculated.