The present invention relates to decentralized computer systems using self-executing programs for enabling digitized financial transactions.
Rapid digitization of the global economy has led to a proliferation of digital currencies, e.g., Bitcoin, Ethereum, Dogecoin, stablecoins, etc., also known as cryptocurrencies. Today, cryptocurrencies are used to buy various goods and services in online transactions. The underlying technology in these processes is called blockchain, which is a decentralized, digital database storing all forms of data, such as transactions, using lists of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, time stamp, and data. The time stamp proves that the data in the block existed when the block was published on a decentralized computer system with its hash. As each block includes information about the preceding block, they form a chain, with each additional block reinforcing the ones before. Because the hash value of each block uniquely corresponds to the data in the block, once recorded, the data in any given block cannot be altered retroactively without also altering all the subsequent blocks. As a result, blockchains are resilient to data modifications.
Cryptocurrencies have also been used in financial lending transactions. In the traditional financial landscape, loans are secured by some asset, which acts as a collateral. When the asset is illiquid (e.g., larger commercial office building) and is worth many millions of dollars, the loan can typically be supported only by large financial institutions with a massive amount of capital. Moreover, the due diligence involved in approving such a loan often takes months or even years.
Lending using blockchain technology on decentralized computer systems, i.e., decentralized lending, has provided a new mechanism for processing and distribution of loans. Not only does it allow expediting the lending process, but it also removes the need to have a financial institution facilitate it. Present day decentralized lending, however, requires collateral to be liquid, which essentially restricts the collateral to cryptocurrencies.
In addition, because cryptocurrencies are highly volatile, loans using them as collateral can quickly become under-collateralized and subject to automatic liquidation.
As a result, billions in illiquid assets, such as artwork, residential, commercial, and industrial real estate, private equity, etc., cannot be used as collateral for decentralized lending, which means they are relegated to serving as collateral in traditional lending only. The lack of technology that would allow illiquid assets to be used in decentralized lending greatly limits the scope of this lending mechanism.
What is needed is a computer system and method that can use illiquid or substantially illiquid assets as collateral in automated digital lending transactions on decentralized systems.
What is also needed is a computer system and method for on-demand access to verified private data.
What is also needed is a computer system and method that enables both payment and value to be commuted during a transaction that involves illiquid or substantially illiquid assets.
What is also needed is a computer system and method that enables an investment mechanism that provides up to date information about the value of a collateralized illiquid asset.
What is also needed is a computer system and method that generates a digital special purpose vehicle that uses a self-executing program to lock in (use) an illiquid asset as a collateral for a loaned amount of cryptocurrency.
What is also needed is a computer system and method that generates a digital special purpose vehicle that uses a self-executing program to lock in a portion of an illiquid asset (e.g., one building out of a multi-building portfolio) as a collateral for a loaned amount of cryptocurrency.
What is also needed is a computer system and method that enables digital decentralized-lending transactions, using self-executing programs, in which the loaned amounts are provided by multiple tiers of funders.
What is also needed is a computer system and method that enables digital decentralized-lending transactions, using self-executing programs, in which the loaned amounts are supplied by multiple tiers of funders and where the funder(s) in at least one tier can affect the rules under which the digital decentralized lending transactions are executed.
The present invention involves a novel decentralized computer network and method capable of using illiquid or substantially illiquid assets as collateral in automated decentralized digital lending transactions implemented using blockchain technology. The system facilitates automated transaction processing of complete, verified, and valued data, and real-time performance monitoring, enabling private markets to transact with greater velocity. The use of blockchain technology for decentralized loan transactions enables immutable data traceability. As a result, the invention creates a paradigm shift from traditional lending to a decentralized, digital lending platform for many types of illiquid or substantially illiquid assets. The resulting digital financial instrument may represent not only proportionate asset ownership but is also an auditable source of performance data, providing a platform having both know-your-customer and know-your-asset features.
The invented computer system and method involve receiving, by a first server, electronic documents and information comprising a digital representation of an illiquid asset, the digital representation indicating (showing) borrower's financial right in the asset. In one embodiment, the digital representation is recorded on a first blockchain and in an asset-information table, identifying the various sections of the digital representation and their respective locations on the blockchain. The digital representation and asset-information table are further updated (supplemented) based on additional data that confirms accuracy of the digital representation and/or value of the illiquid asset. (This way, the asset-information table is updated with at least one of digital representation of the illiquid asset and asset-valuation data of the illiquid asset.) A second server of the invented system generates an asset-value token and a data structure comprising a self-executing program for facilitating a decentralized loan transaction. The asset-value token is linked to the digital representation of the illiquid asset via the asset-information table in the first server. Using a predetermined set of rules, the second server determines an amount of digital currency needed for an automated digital loan transaction in which the illiquid asset serves as a collateral and, in return for an investment of digital currency by one or more funders, the second server issues one or more financial-return tokens. The data structure associates the issued financial-return tokens with the asset-value token and, through this association further associates the financial-return tokens with the digital representation of the illiquid asset via the asset-information table.
In another embodiment, the invented computer system and method involve receiving, by a first server, electronic documents and information comprising a digital representation of an illiquid asset, the digital representation indicating (showing) borrower's financial right in the asset. In one embodiment, the digital representation is hashed, and the resulting hash values are recorded on a blockchain and in an asset-information table, identifying the various sections of the digital representation and their respective hashes' locations on the blockchain. The digital representation is made accessible for valuation to relevant experts, such as data auditors, appraisers, pricing specialists, etc. The auditing, appraising, and/or pricing functions can be performed by automated digital expert systems, thus reducing or eliminating the need for human involvement. The digital representation and asset-information table are further updated (supplemented) based on additional data received from the experts that confirms accuracy of the digital representation and/or value of the illiquid asset. (This way, the asset-information table is updated with at least one of digital representation of the illiquid asset and asset-valuation data of the illiquid asset.) A second server, communicatively coupled to the first server, generates an asset-value token and a data structure comprising a self-executing program for facilitating a decentralized loan transaction. The asset-value token is linked to the digital representation of the illiquid asset via the asset-information table in the first server. Using a predetermined set of rules, the second server determines the amount of digital currency needed for an automated digital loan transaction in which the illiquid asset serves as a collateral and, in return for an investment of digital currency from one or more funders, issues one or more financial-return tokens. The data structure associates the issued financial-return tokens with the asset-value token and, through this association further associates the financial-return tokens with the digital representation of the illiquid asset via the asset-information table.
A system for performing a collateralized loan transaction includes a first server configured to: receive an electronic document including a digital representation of a illiquid asset, the digital representation identifying a financial interest in the illiquid asset by a borrower; hash the digital representation of the illiquid asset to generate a first hash value; record the first hash value on a first blockchain; store the digital representation of the illiquid asset at a first memory location; generate an asset-information table that associates a location of the first hash value on the first blockchain with the first memory location; receive asset-valuation data; store the asset-valuation data at a second memory location; hash the asset-valuation data to generate a second hash value; record the second hash value on the first blockchain; and update the asset-information table to associate a location of the second hash value with the second memory location. A second server is communicatively coupled to the first server and is configured to: generate an asset-value token comprising an association with the updated asset-information table; record the asset-value token on a second blockchain; determine an amount of digital currency for an automated digital transaction based on a programmed set of rules using the asset-value as a parameter; generate a data structure comprising a self-executing digital program for performing the automated digital transaction, the data structure including the asset-value token; and record the data structure on the second blockchain, wherein the automated digital transaction involves loaning the amount of digital currency at a rate of interest determined using the programmed set of rules, and wherein the illiquid asset, via the asset-value token, constitutes a collateral for the amount of digital currency being loaned.
The first server may periodically update the digital representation or valuation of the illiquid asset and the asset-information table before or after the amount of digital currency has been loaned. The second server is further configured to generate financial-return tokens, which can include governance tokens and return-interest tokens. The return-interest token could be a senior return-interest token or a subordinate return-interest token. The same may apply to governance tokens. The second server is further configured to provide access to the asset-information table in the first server to an entity possessing a financial-return token(s).
An automated method of the present invention for collateralizing an illiquid asset includes the steps of: receiving, by a first server, an electronic document including a digital representation of the illiquid asset and identifying a financial interest in the illiquid asset by a borrower; hashing, by the first server, the digital representation of the illiquid asset to generate a first hash value; recording, by the first server, the first hash value on a first blockchain; storing, by the first server, the digital representation of the illiquid asset at a first memory location; generating, by the first server, an asset-information table that associates a location of the first hash value on the first blockchain with the first memory location; receiving, by the first server, an asset-valuation data; storing, by the first server, the asset-valuation data at a second memory location; hashing, by the first server, the asset-valuation data, to generate a second hash value; recording, by the first server, the second hash value on the first blockchain; updating, by the first server, the asset-information table to associate a location of the second hash value with the second memory location; generating, by a second server, an asset-value token comprising an association with the updated asset-information table; recording, by the second server, the asset-value token on a second blockchain; determining, by the second server, an amount of digital currency for an automated digital transaction based on a programmed set of rules using the asset-value as a parameter; generating, by the second server, a data structure comprising a self-executing digital program for performing the automated digital transaction, the data structure including the asset-value token; and recording the data structure on the second blockchain; wherein the automated digital transaction involves loaning the amount of digital currency at a rate of interest determined using the programmed set of rules, and wherein the illiquid asset, via the asset-token, constitutes a collateral for the amount of digital currency being loaned.
In another embodiment, because hash values are unique, instead of the asset-information table storing a location of the hash values on the first blockchain, the asset-information table may store the hash values themselves.
As explained above, instead of recording on a blockchain a hashed value of the digital representation, the method includes recording on the blockchain the digital representation itself and storing in an asset-information table a location of the digital representation on the blockchain.
The accompanying figures, where like reference numerals refer to identical or functionally similar elements throughout the separate views, together with the detailed description below, are incorporated in and form a part of the specification, and serve to further illustrate embodiments of concepts that include the claimed invention and explain various principles and advantages of those embodiments.
The apparatus and method components have been represented where appropriate by conventional symbols in the drawings, showing only those specific details that are pertinent to understanding the embodiments of the present invention so as not to obscure the disclosure with details that will be readily apparent to those of ordinary skill in the art having the benefit of the description herein.
The following detailed description discloses some embodiments of the system and method of the present invention for programmatic collateralization of illiquid assets.
In addition to receiving the electronic document(s) 22, including asset-related information 24 from the borrower, the asset-information server 12 may also receive additional asset-related information 26 in any format from other source(s) 18.
The asset-information server 12 may process the received digital representation of the illiquid asset (digital data representing the illiquid asset) 25, such as by an artificial intelligence engine or other methods to extract certain data, create a summary, or metadata associated with the received information.
The asset-information server 12 may then record (publish) the digital representation of the illiquid asset on the asset-information blockchain 34 of server(s) 15. Blockchains and blockchain recordation are known in the art and will not be described here in detail. For example, blockchains and blockchain recordation are explained in U.S. Pat. No. 10,873,457, the disclosure of which is incorporated herein it its entirety. After recording the digital representation of the illiquid asset on the asset-information blockchain 34, the asset-information server 12 generates an asset-information table that associates each of the various sections of the digital representation with its respective location on the blockchain 34 at which the corresponding portion is stored.
In another embodiment, instead of recording the digital representation of an illiquid asset on the asset-information blockchain 34, the asset-information server 12 first hashes the digital representation of the illiquid asset using a hashing algorithm and then records the calculated hash values on the blockchain 34. Hashing algorithms are known in the art, and any hashing algorithm, e.g., SHA-256 algorithm, could be used to obtain a hash value of the digital representation of the illiquid asset. After recording the hash value(s) of the digital representation of an illiquid asset on the blockchain 34, the asset-information server 12 stores the digital representation either in its memory or in a database, central or distributed. (Note however, storage of the digital representation may precede recordation of its hash value on the blockchain.) Afterward, the asset-information server 12 generates an asset-information table that associates each of the various sections (portions) of the digital representation of the illiquid asset with a location on the blockchain 34 at which the corresponding hash value is stored, and also associates each section with a memory location in the database 28 storing the corresponding digital representation that was used to generate the hash value.
Recording a hash value of a digital representation on the asset-information blockchain 34, as opposed to recording the digital representation itself, has several advantages. One advantage relates to the size of the resulting blockchain. Specifically, because hash values typically occupy less memory space than the corresponding digital representations of the illiquid assets, a blockchain that records the hash value of the digital representation of illiquid asset occupies less memory space than a blockchain that records the digital representation itself. And, because in decentralized computer networks a copy of the blockchain is stored on multiple network nodes, having a blockchain of smaller size saves memory space on each such node. Furthermore, reducing the size of the blockchain allows for faster transmission of the blockchain across the network.
Another advantage of recording a hash value is that it allows the system to confirm that the digital representation has not been changed from the time its hash value was generated, while precluding unwanted disclosure of the corresponding content of the digital representation. Specifically, because disclosure of a hash value does not lead to disclosure of the data that was used to generate it, there is no danger in publishing hash values of digital representations. Yet, when a party requests access to a specific portion of the digital representation of the illiquid asset, e.g., title (
In another embodiment, the invention may use a modified version of the asset-information table of
Once the digital representation of the illiquid asset or its hash value has been recorded on the blockchain 34, access to the digital representation can be protected by the asset-information server via an access-rights mechanism, such as those using public-private encryption method. Access rights may be free, or may be provided for a fee, either in fiat currency or in cryptocurrency, or based on some other consideration.
For example, when a party requests access to a document or information concerning a particular illiquid asset, the server 12 may require the party to go through an authentication process, such as requiring the party to enter its login and password information, as is typically done with many software applications today. If the login and password match the login and password information in the system, the party is granted access to the data sought. Instead of a single factor authentication, a multi-factor authentication, known in the art, may be used.
In another embodiment, instead of using a login and password, access to information may be controlled using authentication approaches known in the art, such as the Web3 authentication. A party's (public) wallet address can be whitelisted and the party can prove its identity by signing a transaction using its private key, which would prove possession of the private key, thus confirming the party's identity.
The system may implement multi-tiered access rights. For example, parties with low-tier access, may only view (read) the digital representation, but may not download or supplement it. Parties (users) with a middle-tier access may read and download the digital representation but not supplement it. And parties with high-tier access may download, read, and supplement the digital representation. In addition, the ability to modify a digital representation may depend not only on the access-tier level but also on the type of data in question. For example, while rent-roll information may be supplemented by a party (user) with the high-tier of access rights, title information may not be supplemented regardless of the party's access-tier level.
In one embodiment, access rights may be implemented on a blockchain via cryptographic tokens. For example, when recording on the blockchain either digital representations of illiquid assets or their respective hash values, the server 12 may also record a cryptographic token that would control access rights to the digital representation. Such a token may also be associated with a self-executing program that would control access rights based on various specified conditions.
Once the asset-information server 12 receives digital representation of an illiquid asset and generates an asset-information table, the system proceeds to verify the information and to determine accurate market value of the corresponding illiquid asset. This may be accomplished by having an automated expert system(s) 20 (human experts may also be used) access the asset's digital representation, via an access-rights mechanism discussed above, and then analyze the data. For example, an audit expert system 20, or Deloitte or KPMG accountants, may audit the digital representation of the illiquid asset to confirm veracity of the information. The audit data 32a and the results of the audit are then received by the server 12.
In an embodiment where the server records asset's digital representation on the asset-information blockchain 34 and uses the asset-information table in
In an embodiment where the server records hash values of the asset's digital representation on the asset-information blockchain 34 and uses the asset-information table shown in
The expert system 20 may also analyze the digital representation of the illiquid asset to determine its market value. For example, for a commercial real estate asset, a real estate appraisal expert system, or human appraiser from such a firm as Cushman & Wakefield, may be used to perform an appraisal. The appraisal data is then also recorded on the asset-information blockchain 34, acting as a certification of the asset's appraised value.
In an embodiment where the server records on the asset-information blockchain 34 asset's digital representation and uses the asset-information table in
In an embodiment where the server records hash values of the asset's digital representation on the asset-information blockchain 34 and uses the asset-information table shown in
In addition, or as an alternative to an appraisal expert, the invention may use a pricing expert system. The pricing expert system or a human pricing agent may be used to further estimate the asset's market value. This valuation data is then recorded on the asset-information blockchain 34, acting as a certification of the asset's value.
In an embodiment where the server records on the asset-information blockchain 34 asset's digital representation and uses the asset-information table of
In an embodiment where the server records on the asset-information blockchain 34 hash values of the asset's digital representation and uses the asset-information table shown in
The modified version of asset-information table in
Once asset-information table has been updated with the audit and appraisal, and/or pricing data, the asset-information server 12 provides the collateralization server 14 with access rights to the asset-information table and its associated information.
Access rights could be credentialed via a username and password login method. Alternatively, access rights could be credentialed by providing the collateralization server 14 with an asset-information token 30 for the asset-information blockchain 34. Asset-information token may not only include access-rights information, but may also link to an asset-information table in the asset-information server 12. In another embodiment, instead of using a login and password, access to information may be controlled using authentication approaches known in the art, such as the Web3 authentication. A party's (public) wallet address can be whitelisted and the party can prove its identity by signing a transaction using its private key, which would prove possession of the private key, thus confirming the party's identity.
Once the collateralization server 14 receives access to an asset-information table, via the asset-information token 30 or otherwise, it generates an asset-value token 36 and records it on an asset-collateralization blockchain 38, which is running on a collateralization server 14 and its associated decentralized server system.
The asset-value token 36 incorporates a mechanism for accessing the asset-information table in the asset-information server 12 and the table-associated data.
For example, the asset-value token 36 may include a link to the asset-information token 30, i.e., the blockchain address (digital identifier) of the asset-information token 30 on the asset-information blockchain 34, or it may incorporate information from the received asset-information token 30.
The asset-value token 36 may be a digital rights management (DRM) token that provides access rights and points to the asset-information table, or part thereof, in the asset-information server 12.
In another embodiment, the asset-token 36 may include the audit and valuation data in addition to including DRM-type access to the corresponding asset-information table.
In yet another embodiment, the asset-token 36 may include the audit and valuation data and the blockchain address (digital identifier) of the corresponding asset-information token 30 on the asset-information blockchain 34.
The asset-value token 36 may be associated with a self-executing digital program for automated execution based on various specified conditions, such as periodically checking for any updates in the asset-information table or requesting that the asset-information table be updated with current data. Thus, while an asset-information table in the asset-information server 12 may be updated from time to time by the asset-information server 12 or a self-executing program associated with the asset-information token 30, table updates may also be initiated by the collateralization server 14 or the asset-value token 36.
In
Having generated the asset-value token 36, the collateralization server 14 uses a digitally programmed set of rules incorporating the determined asset value as a parameter to calculate an amount of digital currency for which the illiquid asset could serve as a collateral in a decentralized loan transaction. The rules may also take into account other parameters, such as the loan duration, interest rate, risk level, etc. The rules may also set escrow parameters for the decentralized loan transaction.
Once the possible loan amount has been determined, using digitally programmed set of rules, the collateralization server 14 generates a software object, referred to herein as a decentralized special purpose vehicle (“DSPV”) 40, that ties or associates the determined loan amount to the asset-value token 36, which in turn is associated either directly or indirectly with the digital representation of the illiquid asset, including its audit and valuation data. The software object may be a smart contract (self-executing program) programmed on a blockchain platform, e.g., Ethereum platform.
The asset-collateralization server 14 collects liquid funds for the loan and programmatically ties or associates them in the DSPV 40 to the illiquid asset, via the asset's asset-value token 36, which results in the illiquid asset being programmatically secured as collateral for the upcoming loan.
As shown in
In one embodiment, liquid funds may be available in the asset-collateralization server 14, as part of a credit pool, even prior to generating the asset-value token 36. In another embodiment, the funds start being collected from depositors once the asset-value token gets generated in the asset-collateralization server 14 and the DSPV data structure is created. This way, potential depositors can evaluate the digital representation of the illiquid asset being collateralized and decide whether to invest their funds in a particular loan transaction. The DSPV can be used to crowdfund a particular loan project by raising funds from a large number of people over the Internet. The information in the DSPV, including the asset-value token 36 and the issued financial-returns tokens, is being recorded on the asset-collateralization blockchain 38 on an ongoing basis, as the depositors and other funders contribute funds for the decentralized loan transaction.
Once a sufficient amount of liquid funds for the loan has been collected and the DSPV is recorded on the blockchain 38, the loan is ready for distribution to the borrower's computer or his digital wallet. In another embodiment, the loaned amount of digital currency is converted to fiat currency, which is then provided to the borrower.
The present invention also contemplates updating and supplementing of the digital representation, auditing, and valuation of the illiquid asset. Such updates could be periodic or non-periodic. For example, supplemental asset-related information can be received and added to the information about the illiquid asset that is already present on the asset-information blockchain 34. Such supplemental information could come from the borrower himself/herself or it can come from other sources. In addition, the asset-information server 12 may be programmed to scan the web, including social media platforms and Internet-of-Things sensor data using web bots (also referred to as web crawlers) for any asset-related information, and record the newly found data to the asset-information blockchain 34. The data may also be crowdsourced. This way, the digital representation of an illiquid asset stays current over time, and the asset may be periodically re-valued by the expert system 20, to make sure that the loan does not become under-collateralized. The supplementation and re-valuation not only result in additional recording on the asset-information blockchain 34, but also result in the corresponding asset-information table in the server 12 being updated. Having the ability to update information about an illiquid asset in a way that guarantees data's immutability helps to monitor the collateralized value of the illiquid asset during the life of the loan and to propagate changes to the asset-value token and potential actions by the DSPV. For example, if the asset value increases, the DSPV may allow for additional funds to be borrowed. On the other hand, if the asset value decreases, funds from a sponsor may be used to cover (provide a backstop for) the loan.
Updates to the digital representation of the illiquid asset can also be initiated either by the self-executing digital program in the DSPV 40 or by the self-executing program in the asset-value token 36 itself, which forms a part of the DSPV 40. In
An output-and-recordation circuit 508 is responsible for storing the digital representation of the illiquid asset in a database 28 (or in the internal memory of the asset-information server 12), recording data on blockchains, generating asset-information token 30, as well as periodically generating signals for searching the network 8 for additional asset-related information, e.g., by generating web crawlers, etc. Although structural elements 500, 502, 504, 506, and 508 have been described as circuits, they may be implemented in hardware, software, firmware, or their combinations.
As mentioned above, the DSPV may have different funders. Some funders may be depositors whose contributions are limited to providing liquid assets for a particular DSPV loan based on a set of rules. Other funders may act as creditors, e.g., retail and institutional investors that combine their respective contributions into a pool of liquid assets that is then available for the collateralization server 14 to allocate to one or more DSPVs under a predetermined set of rules. These rules may be the same or different from the rules applied concerning depositors' investments. A creditor-funder may be entitled to a larger interest than a depositor-funder.
The invention also contemplates having a standby credit facility, where liquid funds might be obtained through banks, insurance companies, flexible deposits, and matched deposits.
Yet other funders may be referred to as sponsors. These funders may not only provide liquid funds at the start of the decentralized loan transaction but may also provide funds to cover the loan in case it might become undercollateralized in the future. Because a sponsor-funder acts as a backstop for the loan, taking on greater risk, the sponsor-funder may be entitled to a higher interest rate than a depositor-funder or a creditor-funder.
As a result, a DSPV 40 may have several tiers of return-interest tokens 46, with each tier being associated with its own percentage of return interest. For example, a first tier may be assigned to depositors, a second tier may be assigned to creditors, and a third tier may be assigned to sponsors.
Moreover, even within the same tier, there may be distinct token levels (tranches). For example, return-interest tokens 46 for depositor-funders may include senior return-interest tokens (senior level return-interest tokens) and subordinate return-interest tokens (junior level return-interest tokens), representing different positions in the DSPV 40. For example, a depositor-funder with a senior level return-interest token would be entitled to collect interest before a depositor-funder with a junior level return-interest token.
In addition to having separate tiers of interest tokens, the rules under which the asset-collateralization server 14 operates and generates DSPV 40 may be controlled by governance tokens (
Proceeding to
Proceeding to
While the method steps disclosed in
Also, depending on the granularity of the process, token generation and token recordation could be considered a single step in general. Moreover, Steps 626 through 638 could be viewed as a part of a single method step of generating and recording a DSPV 40 data structure, comprising a self-executing program that ties an asset-value token to financial-return tokens (return-interest tokens and governance tokens).
Exemplary embodiments may be applied to any processor-controlled device operating in the wired or radio-frequency domain. Exemplary embodiments may be applied to any processor-controlled device utilizing a distributed computing network, such as the Internet (sometimes alternatively known as the “World Wide Web”), an intranet, a local-area network (LAN), and/or a wide-area network (WAN). Exemplary embodiments may be applied to any processor-controlled device utilizing power line technologies, in which signals are communicated via electrical wiring. Indeed, exemplary embodiments may be applied regardless of physical componentry, physical configuration, or communications standard(s).
Exemplary embodiments may utilize any processing component, configuration, or system. Any processor could be multiple processors, which could include distributed processors or parallel processors in a single machine or multiple machines. The processor can be used in supporting a virtual processing environment. The processor could include a state machine, application specific integrated circuit (ASIC), programmable gate array (PGA) including a Field PGA, or state machine. When any of the processors execute instructions to perform “operations,” this could include the processor performing the operations directly and/or facilitating, directing, or cooperating with another device or component to perform the operations.
Exemplary embodiments may packetize. The servers may have network interfaces to the various communications networks, thus allowing transmittal and retrieval of information. The information may be received as packets of data according to a packet protocol (such as the Internet Protocol). The packets of data contain bits or bytes of data describing the contents, or payload, of a message. A header of each packet of data may contain routing information identifying an origination address and/or a destination address.
The present invention can operate with escrow bots that function as self-executing digital programs that release/loan digital funds when required conditions, such as third party and crowdsourced data from a variety of sources, are met. These sources can be mobile phone, social media, and Internet-of-Things sensors.
While the foregoing descriptions disclose specific values, any other values may be used to achieve similar results. Furthermore, the various features of the foregoing embodiments may be selected and combined to produce numerous variations of improved systems.
In the foregoing specification, specific embodiments have been described. However, one of ordinary skill in the art appreciates that various modifications and changes can be made without departing from the scope of the invention as set forth in the claims below. Accordingly, the specification and figures are to be regarded as illustrative rather than restrictive, and all such modifications are intended to be included within the scope of present teachings.
Moreover, in this document, relational terms such as first and second, top and bottom, and the like may be used solely to distinguish one entity or action from another entity or action without necessarily requiring or implying any such specific relationship or order between such entities or actions. The terms “comprises,” “comprising,” “has”, “having,” “includes”, “including,” “contains”, “containing” or any other variation thereof, are intended to cover a non-exclusive implementation, such that a process, method, article, or apparatus that comprises, has, includes, contains a list of elements does not include only those elements but may include other elements not expressly listed or inherent to such process, method, article, or apparatus. An element preceded by “comprises . . . a”, “has . . . a”, “includes . . . a”, “contains . . . a” does not, without more constraints, preclude the existence of additional identical elements in the process, method, article, or apparatus that comprises, has, includes, contains the element. The terms “a” and “an” are defined as one or more unless explicitly stated otherwise herein. The terms “substantially”, “essentially”, “approximately”, “about” or any other version thereof, are defined as being close to as understood by one of ordinary skill in the art. The term “coupled” as used herein is defined as connected, although not necessarily directly and not necessarily mechanically. A device or structure that is “configured” in a certain way is configured in at least that way but may also be configured in ways that are not listed.
The Abstract of the Disclosure is provided to allow the reader to quickly ascertain the nature of the technical disclosure. It is submitted with the understanding that it will not be used to interpret or limit the scope or meaning of the claims. In addition, in the foregoing Detailed Description, it can be seen that various features are grouped together in various embodiments for the purpose of streamlining the disclosure. This method of disclosure is not to be interpreted as reflecting an intention that the claimed embodiments require more features than are expressly recited in each claim. Rather, as the following claims reflect, inventive subject matter lies in less than all features of a single disclosed embodiment. Thus, the following claims are hereby incorporated into the Detailed Description, with each claim standing on its own as a separately claimed subject matter.
This application claims the benefit of the following U.S. provisional applications, each of which is hereby incorporated by reference in its entirety: 1) U.S. Provisional Application Ser. No. 63/166,344, filed on Mar. 26, 2021; 2) U.S. Provisional Application Ser. No. 63/170,006, filed on Apr. 2, 2021; and 3) U.S. Provisional Application Ser. No. 63/224,431, filed on Jul. 22, 2021.
Number | Name | Date | Kind |
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20210266174 | Snow | Aug 2021 | A1 |
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20210273810 | Lynde | Sep 2021 | A1 |
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20210326815 | Brody | Oct 2021 | A1 |
20210328804 | Snow | Oct 2021 | A1 |
20210342836 | Cella | Nov 2021 | A1 |
20210366586 | Ryan | Nov 2021 | A1 |
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20220019559 | Snow | Jan 2022 | A1 |
20220020001 | Snow | Jan 2022 | A1 |
20220023742 | Tran | Jan 2022 | A1 |
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20220027994 | Snow | Jan 2022 | A1 |
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20220029805 | Snow | Jan 2022 | A1 |
20220030054 | Snow | Jan 2022 | A1 |
20220034004 | Snow | Feb 2022 | A1 |
20220040557 | Tran | Feb 2022 | A1 |
20220043831 | Douglass | Feb 2022 | A1 |
20220058622 | Snow | Feb 2022 | A1 |
20220058623 | Snow | Feb 2022 | A1 |
20220083991 | Kemper | Mar 2022 | A1 |
20220103341 | Snow | Mar 2022 | A1 |
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Number | Date | Country |
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107392618 | Nov 2017 | CN |
110392052 | Oct 2019 | CN |
110599147 | Dec 2019 | CN |
112329041 | Feb 2021 | CN |
10128728 | Jan 2003 | DE |
3726438 | Oct 2020 | EP |
3862947 | Aug 2021 | EP |
S5383297 | Jul 1978 | JP |
2021152931 | Sep 2021 | JP |
100653512 | Dec 2006 | KR |
1747221 | May 2017 | KR |
101747221 | Jun 2017 | KR |
0049797 | Aug 2000 | WO |
2007069176 | Jun 2007 | WO |
2015077378 | May 2015 | WO |
2017190795 | Nov 2017 | WO |
2018013898 | Jan 2018 | WO |
2018109010 | Jun 2018 | WO |
2018127923 | Jul 2018 | WO |
2018127923072018 | Jul 2018 | WO |
2019180702 | Sep 2019 | WO |
2019207504 | Oct 2019 | WO |
2020125839 | Jun 2020 | WO |
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Number | Date | Country | |
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20220309479 A1 | Sep 2022 | US |
Number | Date | Country | |
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63224431 | Jul 2021 | US | |
63170006 | Apr 2021 | US | |
63166344 | Mar 2021 | US |