US 12,148,033 B2
Method and GUI for settlement of commodity contracts denominated in commodity contract tokens
Joshua Crumb, Christ Church (BB); Andrew Fedak, Christ Church (BB); and Christopher A. Wiklof, Everett, WA (US)
Assigned to ABAXX TECHNOLOGIES CORP., Christ Church (BB)
Filed by Abaxx Technologies Corp., Christ Church (BB)
Filed on Mar. 15, 2023, as Appl. No. 18/121,816.
Application 18/121,816 is a continuation of application No. 16/708,398, filed on Dec. 9, 2019, granted, now 11,620,704.
Claims priority of provisional application 62/776,803, filed on Dec. 7, 2018.
Prior Publication US 2023/0214820 A1, Jul. 6, 2023
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 30/06 (2023.01); G06Q 20/04 (2012.01); G06Q 20/06 (2012.01); G06Q 20/26 (2012.01); G06Q 20/36 (2012.01); G06Q 30/0601 (2023.01); G06Q 40/04 (2012.01)
CPC G06Q 40/04 (2013.01) [G06Q 20/047 (2020.05); G06Q 20/065 (2013.01); G06Q 20/26 (2013.01); G06Q 20/367 (2013.01); G06Q 30/0611 (2013.01); G06Q 30/0641 (2013.01)] 18 Claims
OG exemplary drawing
 
1. A computer method for settlement of a commodity contract, the method comprising:
establishing smart commodity contract for a transfer of a commodity, the smart commodity contract, wherein the establishing the smart commodity contract for the commodity includes:
writing the smart commodity contract onto a distributed ledger wherein writing the smart contract to the distributed ledger further includes:
storing the smart contract at one or more cloud locations,
encrypting the one or more cloud locations, and
entering the encrypted one or more cloud locations onto the distributed ledger as the transaction, and
issuing at least one first commodity contract electronic token representing the smart commodity contract;
receiving a purchase offer from a buyer computing device, the purchase offer indicating a commitment to purchase the smart commodity contract;
receiving an acceptance from a seller computing device;
transferring from a seller user wallet to a buyer user wallet at least a portion of the at least one first commodity contract electronic token;
transferring from the buyer wallet to the seller user wallet at least a portion of a second commodity contract electronic token representing a second smart contract for ownership transfer of one or more second commodity instances;
and
writing to the distributed ledger, a record of a transaction including the transferring, from the seller user wallet to the buyer user wallet, the portion of the at least one first commodity contract electronic token, and the transferring, from the buyer user wallet to the seller user wallet, of the at least one second commodity contract electronic token.