Device, system, and method for transfer of commodities

• US 10,552,904 B2
• Filed: 07/22/2016
• Issued: 02/04/2020
• Est. Priority Date: 07/24/2015
• Status: Active Grant

• Current Assignee: Castor Pollux Holdings SARL
• Original Assignee: Castor Pollux Holdings SARL
• Inventors: Wager, Steve, Cascarilla, Charles, Bhuvanagiri, Vineeth, Lam, Alex
• Primary Examiner(s): Poinvil, Frantzy
• Application Number:
  US15/217,030
• Publication Number:
  US 20170024817A1
• Time in Patent Office: 1,292 Days
• Field of Search: 705 3- 44, 705 64
• CPC Class Codes: G06Q 2220/00 Business processing using cryptography postage metering system using cryptography G06Q2250/05
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: H04L 2209/56 Financial cryptography, e.g. electronic payment or e-cash
• CPC Class Codes: H04L 9/3234 involving additional secure or trusted devices, e.g. TPM, smartcard, USB or software token network architectures or network communication protocols for supporting authentication of entities using an additional device in a packet data network H04L63/0853

Abstract

A device, system, and method transfer commodities using tokens. The method performed by a first entity includes receiving from a second entity a request for tokens, the request indicating an unallocated position of a commodity of the second entity, the unallocated position managed by a third entity. The method includes transmitting to the third entity a further request for a transfer of the unallocated position of the second entity to the first entity. The method includes receiving from the third entity an indication of the transfer of the unallocated position from the second entity to the first entity. The method includes generating the tokens for the second entity that correspond to the unallocated position of the second entity of the request. The method includes generating and transmitting data including first data corresponding to the generation of the tokens and second data corresponding to an ownership of the tokens.

Claims

1. A method, comprising:

(A) receiving, by a first entity computer of a first entity, from a second entity computer of a second entity a request for tokens, the request indicating a predetermined amount of an unallocated position of a commodity of the second entity, the unallocated position being managed by a third entity computer of a third entity;

(B) transmitting, by the first entity computer, to the third entity computer, a further request for a transfer of the unallocated position of the second entity to the first entity;

(C) receiving, by the first entity computer, from the third entity computer an indication of the transfer of the unallocated position from the second entity to the first entity;

(D) generating, by at least in part the first entity computer and using a blockchain-based system in which a consensus operation operating on a plurality of distributed computer nodes updates a distributed ledger in which multiple copies of the distributed ledger exist across the plurality of distributed computer nodes, the tokens to be assigned to the second entity, the tokens corresponding to the predetermined amount of the unallocated position of the second entity indicated in the request and the tokens being added to a block in the blockchain-base system according to the consensus operation;

(E) generating, by the first entity computer, data which comprises first data corresponding to the generating of the tokens and second data corresponding to an ownership of the tokens; and

(F) transmitting, by the first entity computer, the data to the second entity computer.

2. The method of claim 1, wherein the step (E) further comprises:

(i) encrypting, by the first entity computer, the data to yield encrypted data; and

(ii) transmitting, by the first entity computer, the encrypted data to predetermined recipients.

3. The method of claim 2, wherein the predetermined recipients comprise the second entity and the third entity.

4. The method of claim 1, wherein the indication is further indicative of a physical transfer of the commodity from the third entity to the first entity.

5. The method of claim 4, wherein the physical transfer of the commodity corresponds to a first value and the predetermined amount of the unallocated position of the second entity corresponds to a second value, the first value being greater than the second value.

6. The method of claim 5, further comprising:

generating, by the first entity computer, further tokens to be assigned to the third entity, the further tokens corresponding to a difference between the first value and the second value; and

generating, by the first entity computer, further data which comprises third data corresponding to the generating of the further tokens and fourth data corresponding to a further ownership of the further tokens.

7. The method of claim 6, wherein the step (E) further comprises:

(i) encrypting, by the first entity computer, the data and the further data to yield encrypted data and encrypted further data; and

(ii) transmitting, by the first entity computer, the encrypted data and the encrypted further data to predetermined recipients.

8. The method of claim 1, wherein the first entity is a chartered trust company, wherein the second entity is a commodity dealer, and wherein the third entity is a clearing member.

9. The method of claim 1, wherein the further request instructs the third entity to allocate the commodity from the third entity to the first entity, the unallocated position of the second entity corresponding at least partially to the allocated commodity.

10. The method of claim 1, wherein the commodity is gold.

11. A device associated with a first entity, comprising:

a non-transitory memory having a program stored thereon; and

a processor executing the program, wherein an execution of the program causes the processor to perform operations comprising;

(A) receiving from a second entity computer of a second entity a request for tokens, the request indicating a predetermined amount of an unallocated position of a commodity of the second entity, the unallocated position being managed by a third entity computer of a third entity;

(B) transmitting to the third entity computer a further request for a transfer of the unallocated position of the second entity to the first entity;

(C) receiving from the third entity computer an indication of the transfer of the unallocated position from the second entity to the first entity;

(D) generating, using a blockchain-based system in which a consensus operation operating on a plurality of distributed computer nodes updates a distributed ledger in which multiple copies of the distributed ledger exist across the plurality of distributed computer nodes, the tokens to be assigned to the second entity, the tokens corresponding to the predetermined amount of the unallocated position of the second entity indicated in the request and the tokens being added to a block in the blockchain-based system according to the consensus operation;

(E) generating data which comprises first data corresponding to the generating of the tokens and second data corresponding to an ownership of the tokens; and

(F) transmitting the data to the second entity computer.

12. The device of claim 11, wherein the step (E) further comprises:

(i) encrypting the data to yield encrypted data; and

(ii) transmitting the encrypted data to predetermined recipients.

13. The device of claim 12, wherein the predetermined recipients comprise the second entity and the third entity.

14. The device of claim 11, wherein the indication is further indicative of a physical transfer of the commodity from the third entity to the first entity.

15. The device of claim 14, wherein the physical transfer of the commodity corresponds to a first value and the predetermined amount of the unallocated position of the second entity corresponds to a second value, the first value being greater than the second value.

16. The device of claim 15, wherein the processor performs further operations comprising:

generating further tokens to be assigned to the third entity, the further tokens corresponding to a difference between the first value and the second value; and

generating further data which includes third data corresponding to the generation of the further tokens and fourth data corresponding to a further ownership of the further tokens.

17. The device of claim 16, wherein the step (E) further comprises:

(i) encrypting the data and the further data to yield encrypted data and encrypted further data; and

(ii) transmitting the encrypted data and the encrypted further data to predetermined recipients.

18. The device of claim 11, wherein the first entity is a chartered trust company, wherein the second entity is a commodity dealer, and wherein the third entity is a clearing member.

19. The device of claim 11, wherein the further request instructs the third entity to allocate the commodity from the third entity to the first entity, the unallocated position of the second entity corresponding at least partially to the allocated commodity.

20. The device of claim 11, wherein the commodity is gold.