Tokenization platform

Patent metadata

Field	Value
Publication number	US-12271876-B2
Application number	US-202117521082-A
Country	US
Kind code	B2
Filing date	Nov 8, 2021
Priority date	Nov 2, 2018
Publication date	Apr 8, 2025
Grant date	Apr 8, 2025

Abstract

A tokenization platform that utilizes smart contracts for facilitating token-based transactions for items is disclosed. The system includes an item management system that generates a virtual representation of an item based on item attributes thereof and that generates a smart contract that defines conditions for self-executing a transaction relating to the item. The system includes a tokenization system that generates a digital token that corresponds to the item that is cryptographically linked to the virtual representation thereof. The system also includes a ledger update system that updates a cryptographic ledger with the virtual representation, the digital token, and the smart contract corresponding to the virtual representation, wherein in response to determining that the set of verifiable conditions are satisfied, the smart contract instructs the ledger update system to transfer the digital token to an account of a user that transacted for the item.

First claim

What is claimed is:

1. A system for facilitating token-based transactions of items comprising:
an item management system that is configured to:
provide an interface that receives a set of item attributes of an item, including a classification of the item and a number of units of the item;
generate a virtual representation of the item based on the set of item attributes, the virtual representation being a data structure that includes the set of item attributes;
generate a smart contract that defines a set of verifiable conditions that must be satisfied in order to self-execute a transaction relating to the item represented by the virtual representation;

a token generation system configured to:
generate, for each respective unit of the item, a respective digital token that has a set of digital attributes that correspond to the set of item attributes, wherein the digital token is cryptographically secure; and
generate, for each respective digital token, a cryptographically secure, one-to-at-least-one link between the respective digital token and an instance of the virtual representation of the item, such that the respective digital token provides a unique digital representation of a corresponding unit of the item; and

a ledger update system configured to update a cryptographic ledger with the virtual representation, the digital token, and the smart contract corresponding to the virtual representation, wherein in response to determining that the set of verifiable conditions are satisfied, the smart contract instructs the ledger update system to transfer the digital token to an account of a user that transacted for the item.

2. The system of claim 1 , wherein the smart contract is executed by one or more devices that maintain the cryptographic ledger.

3. The system of claim 1 , wherein the set of verifiable conditions of the smart contract include one or more conditions that must be verified to mint the digital token.

4. The system of claim 1 , wherein the set of verifiable conditions of the smart contract include one or more conditions that must be verified to transfer ownership of the digital token.

5. The system of claim 1 , wherein the set of verifiable conditions of the smart contract include one or more conditions that must be verified to mint the digital token.

6. The system of claim 1 , further comprising a digital marketplace system that provides a user interface that allows users to transact for respective units of items, wherein the digital marketplace system is configured to facilitate transactions for the units of items using digital tokens that are cryptographically linked with virtual representations of the units of items, wherein the digital tokens include the digital token that is cryptographically linked to the virtual representations.

7. The system of claim 6 , wherein the item is a consumer product that was initially purchased by the user via the digital marketplace system.

8. The system of claim 6 , wherein the smart contract initiated a transfer of the digital token to an account of the user on the cryptographic ledger in response to the user successfully transacting for the consumer product via the digital marketplace system.

9. The system of claim 8 , wherein the consumer product was already in existence.

10. The system of claim 8 , wherein the consumer product has a defined type and a defined set of characteristics but was not yet in existence at the time of the user transacting for the consumer product.

11. The system of claim 1 , wherein the virtual representation is a digital representation of a unique unit of the consumer product and the digital token is a non-fungible token that is cryptographically linked with virtual representation of the unique unit of the consumer product.

12. The system of claim 1 , wherein the virtual representation is a digital representation of a fungible consumer product and the digital token is a copy of a fungible token that is cryptographically linked with the virtual representation of the fungible consumer product.

13. The system of claim 1 , wherein the item is a respective unique instance of a digital asset and the digital token is a non-fungible token that is cryptographically linked with the unique instance of the digital asset.

14. The system of claim 1 , wherein the item is a unique instance of a gift card and the digital token is a non-fungible token that is cryptographically linked to the unique instance of the gift card.

15. The system of claim 1 , wherein the item is a fungible consumer product and the digital token is a copy of a fungible token that is cryptographically linked with the virtual representation of the fungible consumer product.

16. The system of claim 1 , wherein the cryptographic ledger is a distributed ledger.

17. The system of claim 16 , wherein the distributed ledger is a blockchain.

18. The system of claim 17 , wherein the blockchain is a public blockchain.

19. The system of claim 17 , wherein the blockchain is a private blockchain.

Assignees

• Verona Holdings Sezc

Inventors

• Yantis Jonathan
• Quigley William Edward
• Sliwka Lukasz Jakub

Classifications

• G06Q2220/00

  Business processing using cryptography · CPC title

• G06Q20/40

  Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists · CPC title

• G06Q30/0185

  Product, service or business identity fraud · CPC title

• G06Q20/38215

  Use of certificates or encrypted proofs of transaction rights · CPC title

• G06Q20/3672

  initialising or reloading thereof · CPC title