Stichting IP-Oversight (20240296493). METHOD FOR CREATING COMMODITY ASSETS FROM UNREFINED COMMODITY RESERVES UTILIZING BLOCKCHAIN AND DISTRIBUTED LEDGER TECHNOLOGY simplified abstract
METHOD FOR CREATING COMMODITY ASSETS FROM UNREFINED COMMODITY RESERVES UTILIZING BLOCKCHAIN AND DISTRIBUTED LEDGER TECHNOLOGY
Organization Name
Inventor(s)
Christopher Youb of Edmonton (CA)
Bruce Youb of Puerto Plato (DO)
METHOD FOR CREATING COMMODITY ASSETS FROM UNREFINED COMMODITY RESERVES UTILIZING BLOCKCHAIN AND DISTRIBUTED LEDGER TECHNOLOGY - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240296493 titled 'METHOD FOR CREATING COMMODITY ASSETS FROM UNREFINED COMMODITY RESERVES UTILIZING BLOCKCHAIN AND DISTRIBUTED LEDGER TECHNOLOGY
The patent application describes a token system and method that utilizes a token representing an interest in a smart contract. The system includes a distributed ledger storing parameters of the smart contract, a communication port for network communications, and an automated distributed virtual state machine for transaction validation.
- Token system utilizing a token representing an interest in a smart contract
- Distributed ledger storing parameters of the smart contract
- Smart contract secured by a security interest in property
- Communication port for network communications between cryptographic hardware processors
- Automated distributed virtual state machine employing a distributed consensus model for transaction validation
- Communication of distributed consensus messages through the network
- Execution of the smart contract defined by parameters on a blockchain
- Communication of an immutable message for exercise of the security interest
Potential Applications: - Financial transactions - Supply chain management - Real estate agreements
Problems Solved: - Secure execution of smart contracts - Ensuring compliance with security interests - Facilitating network communications between processors
Benefits: - Increased security in smart contract execution - Efficient transaction validation - Enhanced communication capabilities
Commercial Applications: Title: "Enhancing Smart Contract Security and Efficiency in Financial Transactions" This technology could be used in financial institutions, real estate agencies, and supply chain companies to streamline transactions and ensure compliance with security interests.
Questions about the technology: 1. How does the distributed virtual state machine enhance transaction validation? 2. What are the potential risks associated with using tokens to represent interests in smart contracts?
Original Abstract Submitted
a token system and method, employing a token representing an interest in a smart contract, comprising: a distributed ledger, storing parameters of a smart contract, the smart contract representing an agreement, secured by a security interest in property, to execute the security interest unless a token is returned within a period; a communication port configured to interface with an automated communication network for communications between a plurality of cryptographic hardware processors; and an automated distributed virtual state machine, hosted by the plurality of cryptographic hardware processors, employing a distributed consensus model for transaction validation, the automated distributed virtual state machine being configured to: communicate distributed consensus messages through the automated communication network; communicate the token; execute the smart contract defined by the parameters, receiving inputs and producing outputs on a blockchain; and communicate an immutable message for exercise of the security interest.
