System for external validation of private-to-public transition protocols

Patent metadata

Field	Value
Publication number	US-10440101-B2
Application number	US-201615049865-A
Country	US
Kind code	B2
Filing date	Feb 22, 2016
Priority date	Feb 22, 2016
Publication date	Oct 8, 2019
Grant date	Oct 8, 2019

Abstract

Embodiments of the invention are directed to a system, method, or computer program product for generating and using a block chain distributed network for tracking and validating protocols and other operations associated with the transition of one or more resources from being arranged in a consolidated, privately-held structure to being arrange and/or distributed in a publicly available structure. In example implementations, the block chain database is used and updated to reflect the status degree of completion of protocols associated with the identification, characterization, and dissemination of resource characteristics and resource shares, including the fractional distribution of resource portions to effectuate the efficient transition of a resource.

First claim

What is claimed is:

1. A system for validating a private-to-public resource transition, the system comprising:
a memory device with computer-readable program code stored thereon;
a communication device;
a processing device operatively coupled to the memory device and the communication device, wherein the processing device is configured to execute the computer-readable program code to:
receive from a first source an indication that a first underwriting action has been completed, wherein the first underwriting action is associated with an initial public offering of stock of a privately-held entity;
receive information related to the first underwriting action;
identify private information in the information related to the first underwriting action;
in response to identifying the private information, generate or identify one or more tokens corresponding to the private information;
based on a set of rules, verify that the first underwriting action has been completed;
in response to verifying that the first underwriting action has been completed, store on a block chain a data record comprising the indication that the first underwriting action has been completed and verified, wherein the data record comprises the one or more tokens but does not comprise the private information, wherein the block chain is private prior to the initiation of the initial public offering;
identify initiation of the initial public offering based on tracking a time period associated with the initial public offering; and
in response to identifying initiation of the initial public offering, transition the block chain from private to public.

2. The system of claim 1 where in the processing device is further configured to execute the computer-readable program code to:
receive from a second source an indication that a second underwriting action has been completed;
verify that the second underwriting action has been completed; and
in response to verifying that the first underwriting action has been completed, store on the block chain a data record comprising the indication that the second underwriting action has been completed.

3. The system of claim 1 , wherein the processing device is further configured to execute the computer-readable program code to:
assign to a first block in the block chain a first set of shares of the stock of the privately held entity; and
assign to a second block in the block chain a second set of shares of the stock of the privately-held entity, wherein the second block is held in a reserve pending the identification of a triggering event.

4. The system of claim 3 , wherein the processing device is further configured to execute the computer-readable program code to:
receive an indication that the triggering event has occurred; and
initiate a transfer of the second set of shares of the stock of the privately-held entity.

5. The system of claim 1 , wherein receiving the information related to the first underwriting action comprises extracting the information from documentation related to the first underwriting action.

6. The system of claim 1 , wherein the processing device is further configured to execute the computer-readable program code to map the first underwriting action to the first source, wherein mapping the first underwriting action allows the block chain to identify the first source upon storing the first underwriting action to the block chain.

7. A computer program product for validating a private-to-public resource transition, wherein the computer program product is embodied on at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:
an executable portion configured for receiving from a first source an indication that a first underwriting action has been completed, wherein the first underwriting action is associated with an initial public offering of stock of a privately-held entity;
an executable portion configured for receiving information related to the first underwriting action;
an executable portion configured for identifying private information in the information related to the first underwriting action;
an executable portion configured for, in response to identifying the private information, generating or identifying one or more tokens corresponding to the private information;
an executable portion configured for, based on a set of rules, verifying that the first underwriting action has been completed;
an executable portion configured for, in response to verifying that the first underwriting action has been completed, storing on a block chain a data record comprising the indication that the first underwriting action has been completed and verified, wherein the data record comprises the one or more tokens but does not comprise the private information, wherein the block chain is private prior to the initiation of the initial public offering;
an executable portion configured for, identifying initiation of the initial public offering based on tracking a time period associated with the initial public offering; and
an executable portion configured for in response to identifying initiation of the initial public offering, transitioning the block chain from private to public.

8. The computer program product of claim 7 , wherein the computer-readable program code portions further comprise:
an executable portion configured for receiving from a second source an indication that a second underwriting action has been completed;
an executable portion configured for verifying that the second underwriting action has been completed; and
an executable portion configured for in response to verifying that the first underwriting action has been completed, storing on the block chain a data record comprising the indication that the second underwriting action has been completed.

9. The computer program product of claim 7 , wherein the computer-readable program code portions further comprise:
an executable portion configured for assigning to a first block in the block chain a first set of shares of the stock of the privately held entity; and
an executable portion configured for assigning to a second block in the block chain a second set of shares of the stock of the privately-held entity, wherein the second block is held in a reserve pending the identification of a triggering event.

10. The computer program product of claim 9 , wherein the computer-readable program code portions further comprise:
an executable portion configured for receiving an indication that the triggering event has occurred; and
an executable portion configured for initiating a transfer of the second set of shares of the stock of the privately-held entity.

11. The computer program product of claim 7 , wherein receiving the information related to the first underwriting action comprises extracting the information from documentation related to the first underwriting action.

12. The computer program product of claim 7 , wherein the computer-readable program code portions further comprise mapping the first underwriting action to the first source, wherein mapping the first underwriting action allows the block chain to identify the first source upon storing the first underwriting action to the block chain.

13. A computer-implemented method for validating a private-to-public resource transition, the method comprising:
providing a computing system comprising a computer processing device and a non-transitory computer readable medium, where the computer readable medium comprises configured computer program instruction code, such that when said instruction co

Assignees

• Bank Of America

Inventors

• Kurian Manu Jacob
• Johnsrud Darrell

Classifications

• G06Q40/06

  Asset management; Financial planning or analysis · CPC title

• H04L67/10 Primary

  in which an application is distributed across nodes in the network (software deployment G06F8/60; multiprogramming arrangements G06F9/46) · CPC title

• H04L9/3236

  using cryptographic hash functions · CPC title

• G06F21/64

  Protecting data integrity, e.g. using checksums, certificates or signatures · CPC title

• G06Q40/00

  Finance; Insurance; Tax strategies; Processing of corporate or income taxes · CPC title