System and method for issuing, circulating and trading financial instruments with smart features
First Claim
1. A system for transferring a virtual financial instrument over a peer-to-peer communication network, the system comprising:
- a first digital wallet, comprising a computer processor, a wireless communication interface, and a non-transitory computer readable medium storing a program for storing first digital wallet cryptographic keys and an origination address, and transferring, using the wireless communication interface, said virtual financial instrument using the peer-to-peer communication network, wherein the digital wallet includes;
a wallet identifier including at least two portions, a first portion being static and a second portion being dynamic that dynamically updates based at least on a financial parameter or transferability of financial instruments associated with the first digital wallet, andat least one programmable financial criterion for transferring the virtual financial instrument,wherein at least a portion of the wallet identifier is broadcasted as an offer signal for said financial instrument using the peer-to-peer communication network; and
a second digital wallet, comprising a computer processor, a wireless communication interface, and a non-transitory computer readable medium storing a program for storing second digital wallet cryptographic keys and a receiving address, and receiving, using the wireless communication interface, said virtual financial instrument using the peer-to-peer communication network;
wherein the second digital wallet, in response to receiving the offer signal broadcasted from the first digital wallet, generating an acceptance communication to transmit to the first digital wallet;
wherein in response to receiving the acceptance communication from said second digital wallet over the peer-to-peer communication network, said first digital wallet automatically transfers said financial instrument to said second digital wallet using the peer-to-peer communication network via the wireless communication interfaces of the first digital wallet and the second digital wallet, said first digital wallet executes instructions that perform at least the following;
receive said receiving address;
determine whether to transfer the virtual financial instrument from the first wallet to the second digital wallet using the wireless communication interfaces of the first and second digital wallet based at least on the wallet identifier and the at least one programmable financial criterion;
complete the transfer of said virtual financial instrument from said first digital wallet to said second digital wallet based on said determination;
create a record of the transfer of said financial instrument from said origination address to said receiving address;
communicate said record to a remote entity over said peer-to-peer communications network; and
update the second portion of the wallet identifier in response to the completion of the transfer of the virtual financial instrument.
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Abstract
A system and method for issuing, circulating and trading financial instruments with smart features is disclosed. In one particular exemplary embodiment, a financial instrument having smart features may comprise a document portion and a token device attached to or embedded in the document portion. The token device may comprise a storage device and a communication interface, wherein the token device is configured to provide a unique address for the financial instrument, the unique address including a device identifier that matches at least in part the document portion and a network address that changes based on a network location of the financial instrument and to communicate securely with an external entity at least to report an identity or a status of the financial instrument.
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Citations
29 Claims
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1. A system for transferring a virtual financial instrument over a peer-to-peer communication network, the system comprising:
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a first digital wallet, comprising a computer processor, a wireless communication interface, and a non-transitory computer readable medium storing a program for storing first digital wallet cryptographic keys and an origination address, and transferring, using the wireless communication interface, said virtual financial instrument using the peer-to-peer communication network, wherein the digital wallet includes; a wallet identifier including at least two portions, a first portion being static and a second portion being dynamic that dynamically updates based at least on a financial parameter or transferability of financial instruments associated with the first digital wallet, and at least one programmable financial criterion for transferring the virtual financial instrument, wherein at least a portion of the wallet identifier is broadcasted as an offer signal for said financial instrument using the peer-to-peer communication network; and a second digital wallet, comprising a computer processor, a wireless communication interface, and a non-transitory computer readable medium storing a program for storing second digital wallet cryptographic keys and a receiving address, and receiving, using the wireless communication interface, said virtual financial instrument using the peer-to-peer communication network; wherein the second digital wallet, in response to receiving the offer signal broadcasted from the first digital wallet, generating an acceptance communication to transmit to the first digital wallet; wherein in response to receiving the acceptance communication from said second digital wallet over the peer-to-peer communication network, said first digital wallet automatically transfers said financial instrument to said second digital wallet using the peer-to-peer communication network via the wireless communication interfaces of the first digital wallet and the second digital wallet, said first digital wallet executes instructions that perform at least the following; receive said receiving address; determine whether to transfer the virtual financial instrument from the first wallet to the second digital wallet using the wireless communication interfaces of the first and second digital wallet based at least on the wallet identifier and the at least one programmable financial criterion; complete the transfer of said virtual financial instrument from said first digital wallet to said second digital wallet based on said determination; create a record of the transfer of said financial instrument from said origination address to said receiving address; communicate said record to a remote entity over said peer-to-peer communications network; and update the second portion of the wallet identifier in response to the completion of the transfer of the virtual financial instrument. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A computer-implemented method for transferring a virtual financial instrument from a first digital wallet to a second digital wallet, said first digital wallet comprising first digital wallet cryptographic keys, and an origination address for transferring, using a wireless communication interface of the said digital wallet, a virtual financial instrument over a peer-to-peer communication network, said second digital wallet comprising a second digital wallet cryptographic keys, and a receiving address for receiving, using a wireless communication interface of said second digital wallet, said virtual financial instrument using the peer-to-peer communication network, the method comprising:
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broadcasting at least a portion of a wallet identifier of the first digital wallet as an offer signal for said virtual financial instrument using the peer-to-peer communication network; receiving an acceptance communication for said offer signal from said second digital wallet over the peer-to-peer communication network; receiving said receiving address at said first digital wallet over the peer-to-peer communication network; in response to receiving the receiving address at said first digital wallet over the peer-to-peer communication network, the first digital wallet automatically performs at least the following steps; determining whether to transfer the virtual financial instrument from the first wallet to the second digital wallet using the wireless communication interfaces of the first and second digital wallet based at least on a—
said wallet identifier of the first wallet and at least one programmable financial criterion of the first wallet, wherein the wallet identifier includes at least two portions, a first portion being static and a second portion being dynamic that dynamically updates based at least on a financial parameter or transferability of said financial instruments associated with the first digital wallet;completing the transfer of said virtual financial instrument from said first digital wallet to said second digital wallet based on said determining step; creating a record of the transfer of said financial instrument from said origination address to said receiving address; communicating said record to a remote entity over said peer-to-peer communications network; and updating the second portion of the wallet identifier in response to the completion of the transfer of the virtual financial instrument. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18, 19)
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20. A non-transitory computer readable medium storing a program for transferring a virtual financial instrument from a first digital wallet to a second digital wallet, said first digital wallet comprising first digital wallet cryptographic keys, and an origination address for transferring, using a wireless communication interface of said first digital wallet, a virtual financial instrument over a peer-to-peer communication network, said second digital wallet comprising second digital wallet cryptographic keys, and a receiving address for receiving, using a wireless communication interface of said second digital wallet, said virtual financial instrument using the peer-to-peer communication network, the program executable by at least one processor, the program comprising sets of instructions for:
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broadcasting at least a portion of a wallet identifier of the first digital wallet as an offer signal for said virtual financial instrument using the peer-to-peer communication network; receiving an acceptance communication for said offer signal from said second digital wallet over the peer-to-peer communication network; receiving said receiving address at said first digital wallet over the peer-to-peer communication network; in response to receiving said receiving address at said first digital wallet over the peer-to-peer communication network, the first digital wallet automatically performs at least the following steps; determining whether to transfer the virtual financial instrument from the first wallet to the second digital wallet using the wireless communication interfaces of the first and second digital wallet based at least on said wallet identifier of the first wallet and at least one programmable financial criterion of the first wallet, wherein the wallet identifier includes at least two portions, a first portion being static and a second portion being dynamic that dynamically updates based at least on a financial parameter or transferability of said financial instruments;
associated with the first digital wallet completing the transfer of said virtual financial instrument from said first digital wallet to said second digital wallet based on said determining step;creating, using the at least one processor, a record, in non-transitory memory, of the transfer of said financial instrument from said origination address to said receiving address; communicating said record to a remote entity over said peer-to-peer communications network; updating the second portion of the wallet identifier in response to the completion of the transfer of the virtual financial instrument. - View Dependent Claims (21, 22, 23, 24, 25, 26, 27, 28, 29)
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Specification