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System and method for issuing, circulating and trading financial instruments with smart features

  • US 9,898,781 B1
  • Filed: 08/27/2013
  • Issued: 02/20/2018
  • Est. Priority Date: 10/18/2007
  • Status: Active Grant
First Claim
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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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