US 12,406,241 B2
Techniques for digital token-based collaralization and lending
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 Jun. 25, 2021, as Appl. No. 17/358,412.
Application 17/358,412 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 62/770,620, filed on Nov. 21, 2018.
Claims priority of provisional application 62/770,624, filed on Nov. 21, 2018.
Claims priority of provisional application 62/754,987, filed on Nov. 2, 2018.
Prior Publication US 2021/0319428 A1, Oct. 14, 2021
Int. Cl. G06Q 20/12 (2012.01); G06F 21/60 (2013.01); G06Q 20/32 (2012.01); G06Q 20/34 (2012.01); G06Q 20/36 (2012.01); G06Q 20/38 (2012.01); G06Q 20/40 (2012.01); G06Q 30/018 (2023.01)
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)] 21 Claims
OG exemplary drawing
 
1. A method comprising:
receiving, by a processing system, a request to collateralize a collateral item of a user seeking a loan, the collateral item comprising a unique physical asset;
receiving, by the processing system, one or more photographs of the collateral item;
receiving, by the processing system, item information relating to the collateral item, the item information including a description of the collateral item and an appraisal value of the collateral item;
receiving, by the processing system, a holding location of the collateral item, the holding location corresponding to a safekeeping facility in which the collateral item is stored;
generating, by the processing system, a virtual representation of the collateral item based on the one or more photographs, the item information, and the holding location;
generating, by the processing system, a non-fungible digital token based on the virtual representation, the non-fungible digital token being redeemable for the collateral item in order to receive possession of the collateral item from the safekeeping facility;
assigning, by the processing system, ownership of the non-fungible digital token to the user seeking the loan;
receiving, by the processing system, an agreement to lend a defined amount of funds to the user by a lender using the collateral item as collateral;
generating, by the processing system, an instance of a smart contract governing the loan, the instance of the smart contract indicating an amount to be paid back by the user to the lender and one or more conditions that cause ownership of the non-fungible digital token to be transferred to the lender; and
deploying, by the processing system, the instance of the smart contract to a set of one or more computing devices that execute the instance of the smart contract, wherein deploying the instance of the smart contract comprises transferring ownership of the non-fungible digital token from the user seeking the loan to the instance of the smart contract.