Methods and apparatus for enabling transaction relating to digital assets

• US 20050038724A1
• Filed: 06/21/2004
• Published: 02/17/2005
• Est. Priority Date: 08/30/2002
• Status: Abandoned Application

• Current Assignee: Navio Systems, Inc.
• Original Assignee: Navio Systems, Inc.
• Inventors: Collins, Kevin, Bruce, James, Roever, Stefan
• Application Number:
  US10/873,840
• Publication Number:
  US 20050038724A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

Methods and apparatus are described which enable transactions in electronic networks relating to digital assets, e.g., digital goods or services, through the use of title objects. A title object may have a number of elements and attributes which identify one or more digital assets and define access rights to the corresponding digital asset(s).

Claims

1. A computer-implemented method for facilitating a transaction relating to security in a network, comprising:

providing a lockbox process in the network for mediating the transaction;

receiving a security title object from a first party with the lockbox process, the security title object including security title data identifying the security and defining access rights corresponding to the security, and at least one redemption method for redeeming the security title object;

receiving a second title object from a second party with the lockbox process, the second title object including second title data defining access rights corresponding to the second title object;

upon successful execution of the at least one redemption method, transferring the security title object to the second party and the second title object to the first party.

2. The method of claim 1 further comprising, upon an unsuccessful execution of the at least one redemption method, transferring the security title object back to the first party and the second title object back to the second party.

3. The method of claim 1 further comprising executing at least one further method associated with the lockbox process before completion of the transactions.

4. The method of claim 3 wherein the at least one further method comprises generating a notification to a third party regarding the transaction.

5. The method of claim 4 wherein the third party comprises a regulatory body responsible for regulating transactions involving securities.

6. The method of claim 1 wherein execution of the at least one redemption method depends on at least one additional rule or method identified in a dictionary associated with the lockbox.

7. The method of claim 1 wherein the at least one redemption method comprises one of a private redemption method, a public redemption method, and a protected redemption method, the private redemption method only being executable by a process under control of the first party, the public redemption method being executable by any process having access to the public redemption method, and the protected redemption method being executable by any process presenting a corresponding title object.

8. The method of claim 1 wherein execution of the at least one redemption method is performed by any of the lockbox process, a first title manager associated with the first party, and a second title manager associated with the second party.

9. The method of claim 8 wherein the at least one redemption method comprises, using the lockbox process, verifying validity of the security title object and compliance with associated rules.

10. The method of claim 8 wherein the at least one redemption method comprises, using the second title manager, verifying that the security title object has been received by the lockbox, and upon verification, submitting the second title object to the lockbox.

11. The method of claim 8 wherein the at least one redemption method comprises, using the first title manager, verifying that the second title object has been received by the lockbox.

12. The method of claim 1 wherein the security comprises any of a financial instrument, a future, a bond, a commercial note, and a trading card.

13. The method of claim 1 wherein the security title data includes instance data which may be used to verify that only a single instance of the security title object exists.

14. The method of claim 13 wherein the instance data is generated using a chained hash cryptographic algorithm.

15. The method of claim 1 wherein the second title object represents consideration for the security represented by the security title object.

16. The method of claim 15 wherein the consideration comprises any of monetary value, at least one other security,

17. The method of claim 1 further comprising communicating an offer relating to the security from one of the first and second parties to the other of the first and second parties.

18. The method of claim 17 further comprising communicating a response to the offer from the other of the first and second parties to the one of the first and second parties, wherein the response comprises one of an acceptance, a counter-offer, and a rejection.

19. At least one computer-readable medium having data structures and computer program instructions stored therein representing a security title object, the data structures identifying an underlying security and defining access rights to the security title object, the data structures further being operable to verify that only a single instance of the security title object exists, the computer program instructions representing at least one redemption method relating to the underlying security and being operable when executed by a computer to facilitate a transaction in a network relating to the underlying security.

20. The at least one computer-readable medium of claim 19 wherein the at least one redemption method identifies and depends on at least one additional rule defined in an external dictionary.

21. The at least one computer-readable medium of claim 19 wherein the at least one redemption method comprises one of a private redemption method, a public redemption method, and a protected redemption method, the private redemption method only being executable by a process in control of the security title object, the public redemption method being executable by any process having access to the public redemption method, and the protected redemption method being executable by any process presenting a corresponding title object.

22. The at least one computer-readable medium of claim 19 wherein the computer program instructions are further operable to verify validity of the security title object and compliance with associated rules.

23. The at least one computer-readable medium of claim 19 wherein the computer program instructions are further operable to verify that the security title object has been received by a lockbox, and upon verification, submit a second title object to the lockbox.

24. The at least one computer-readable medium of claim 19 wherein the computer program instructions are further operable to verify that a second title object has been received by a lockbox.

25. The at least one computer-readable medium of claim 19 wherein at least one of the data structures is generated using a chained hash cryptographic algorithm.