JP6901664B2 - Cryptographic Multiple Securities Asset Creation and Redemption Platform - Google Patents

Description

Cross-reference of related applications
[0001] The benefit of US Provisional Patent Application No. 62/273, 848, filed December 31, 2015, entitled "CRYPTO ETF CREATION AND REDEMPTION PLATFORM," which is incorporated herein by reference. Is to insist.

[0002] U.S. Pat. U.S. Patent Application No. 62/246, Prob. All of these applications are a partial continuation of the US Patent Application Nos. 15/141, 582, entitled "DIGITALLY ENCRYPTED SECURITIES PLATFORM, ALONG WITH METHODS AND SYSTEMS FOR THE SAME" filed on April 28. Incorporated by reference in the specification.

[0003] Various embodiments of the disclosure of the present invention generally relate to transactions. More specifically, the various embodiments of the disclosure of the present invention use listed mutual funds (“ETF”), mutual funds, index funds, open-end funds, closed-end funds, using decentralized and crypto (“cript”) techniques. Funds, high-yield funds, corporate bond funds, local bond funds, government bond funds, public bond funds, financial market funds, balance funds, equity funds, defined interest funds, global funds, international funds, specialty funds, index funds, commodity funds, currency funds, And / or the systems and methods for creating, redeeming, and trading multiple securities assets, including various types of funds, including, but not limited to, real estate funds.

[0004] The increasing adoption of cryptocurrencies (such as Bitcoin) around the world in recent years poses challenges to existing trading systems. For example, market data and ownership data are stored differently. In addition, existing trading systems use protocols for pre-trading communication and execution that are incompatible with trading systems that trade cryptocurrencies.

[0005] The disclosure of the present invention overcomes the above and other limitations of existing trading systems and provides other advantages, as will be apparent to those skilled in the art from the following description.

[0006] A request to create a digital fund token representing at least one share of a fund with multiple different assets using a decentralized ledger is (i) received and (ii) a first destination account. Electronically signed with the private key associated with (iii), when indicating the composition of at least one share of the fund, put multiple different assets represented by at least one share of the fund into an escrow account and digital fund An asset trading system configured to create tokens, digital fund tokens to show the composition of the fund's share, and to record the creation of digital fund tokens in a decentralized ledger.

[0007] The disclosed embodiments of the present invention are described and described with reference to the accompanying drawings.

[0008] FIG. 6 illustrates examples of network-based operating environments according to various embodiments of the present disclosure. [0009] It is a diagram showing a set of components of a crypto fund creation and redemption platform according to various embodiments of the present disclosure. [0010] FIG. 6 illustrates the process of directly creating crypto fund shares according to the various embodiments of the present disclosure. [0011] FIG. 6 is a flow chart showing a process of directly creating a crypto fund share according to one or more embodiments of the disclosure of the present invention. [0012] FIG. 6 illustrates the process of directly redeeming crypto fund shares according to the various embodiments of the present disclosure. [0013] FIG. 6 is a flow chart illustrating a process of directly redeeming a crypto fund share according to one or more embodiments of the disclosure of the present invention. [0014] FIG. 6 illustrates a process of indirectly creating a crypto fund share according to various embodiments of the present disclosure. [0015] FIG. 6 is a flow chart illustrating a process of indirectly creating a crypto fund share according to one or more embodiments of the disclosure of the present invention. [0016] FIG. 6 illustrates a process of indirectly redeeming crypto fund shares according to various embodiments of the present disclosure. [0017] FIG. 6 is a flow chart showing a process of indirectly redeeming a crypto fund share according to one or more embodiments of the disclosure of the present invention. [0018] A flow chart illustrating a process of creating a crypto fund share according to one or more embodiments of the disclosure of the present invention. [0019] FIG. 6 is a flow chart illustrating a process of redeeming a crypto fund share according to one or more embodiments of the disclosure of the present invention. [0020] FIG. 6 illustrates an example of a computer system in which some embodiments of the disclosure of the present invention may be used.

[0021] Various embodiments of the disclosure of the present invention generally relate to transactions. More specifically, various embodiments of the disclosure of the present invention use decentralized and cryptographic techniques, and in particular crypto fund creation and redemption platforms, listed mutual funds (“ETFs”), mutual funds, index funds, open funds. End Funds, Closed End Funds, High Yield Funds, Corporate Bond Funds, Local Bond Funds, Government Bond Funds, Public Bond Funds, Financial Market Funds, Balance Funds, Equity Funds, Defined Interest Funds, Global Funds, International Funds, Specialty Funds, Index Funds, Commodities For systems and methods for creating, redeeming, and trading multiple securities assets, including various types of funds, including, but not limited to, funds, currency funds, and / or real estate funds.

A mutual fund is a professionally managed investment fund that pools funds from multiple inventors to purchase a group of securities or other assets. Index funds, (S & P 5 00 stock index, or such as by tracking the major indexes such as the Dow Jones Industrial Average) to follow in particular pre-configured rules, fund securities and / or a specific group of assets It is a mutual fund designed to track. ETFs are marketable securities that track a group of assets such as indexes, commodities, public and corporate bonds, or mutual funds or index funds. ETFs have two levels of trading activity: primary and secondary. In the primary market, ETF-designated providers exchange public groups and public cash components of cash securities in exchange for ETF shares. These groups are generally very large, with one creation or redemption unit equal to a fixed number of ETF shares. The ratio varies depending on the product, but is usually 50,000 ETF share per unit, and the fund manager shares the share with institutional investors (such as Brocadilla) in large blocks (such as 50,000 shares) called creation units. It can be issued or redeemed for shares from institutional investors. A creation unit transaction may be performed in exchange for a substantial replication of the security in kind and / or the security contained in the ETF's benchmark index, that is, the deposit or delivery of a specified portfolio of cash that constitutes the representation. Generally, individual shares of ETFs may be purchased and sold at market prices only on national stock exchanges, electronic crossing networks, or other alternative trading systems through Brocadilla. Many institutions and individual clients trade ETF shares in the secondary market. In an exemplary embodiment, ETF share creation and redemption can occur in two ways: (1) ETF share in-kind creation and (2) ETF share cash creation. In an exemplary embodiment of physical creation of an ETF share, a basket / group of securities is exchanged for a block of ETF shares (“creation unit”), and the ability to create / redeem an ETF share has always been a promising property. Welcomed as. In an exemplary embodiment of ETF share caching, the market maker (MM) or designated provider (AP) may not be able to trade a particular ETF component for delivery to the originator, and the cash equivalent will be sent to the originator. Will be substituted. Not all ETFs allow cache creation.

[0023] ETFs, mutual funds, index funds, other funds and / or other securities assets are unique in that they are composed of individual securities. The current system does not address the creation or redemption of ETFs, mutual funds, index funds, other funds and / or other multiple securities shares in crypto trading systems. It will be appreciated that any of these funds and / or other securities shares (ETFs, mutual funds, index funds, etc.) can be created and redeemed using the cryptocurrency trading system described herein.

[0024] The disclosed embodiments of the present invention provide methods and systems for fund creation and redemption using a crypto fund creation and redemption platform. Cryptocurrency fund creation and redemption platforms use decentralized ledgers / crypto ledgers (such as blockchain) to (1) create crypto fund shares (referred to herein as "digital fund tokens"). Digital representation of the securities used (referred to herein as "digital tokens"), and (2) fund and / or other multiple securities shares (referred to herein as "digital fund tokens"). Document and verify the ownership and availability of the digital representation of the fund itself. Digital tokens and digital fund tokens are associated with various digital accounts called destination accounts or wallets. The decentralized ledger records changes in ownership of digital tokens and digital fund tokens from one digital account to another.

[0025] The methods by which digital fund tokens can be created and redeemed include: (1) Direct creation and redemption of digital fund tokens based on multiple underlying securities and / or other assets stored in an escrow account. And (2) Indirectly create and redeem digital fund tokens by digitally tokenizing individual securities and / or other assets before creating digital fund tokens based on the digital tokens of individual securities. There are various methods, including, but not limited to. In the first type of exemplary embodiment, the digital fund token is created directly on the basis of the underlying security stored in the escrow account. In these second types of exemplary embodiments, digital fund tokens may be redeemed directly against the underlying securities stored in the escrow account. In the second type of exemplary embodiment, digital tokens for individual securities and / or other assets are first created for the securities stored in the escrow account and then based on the digital tokens for the individual securities. Digital fund token is created. In these second types of exemplary embodiments, digital fund tokens are redeemed first for the digital tokens of the individual securities, then the digital tokens of the individual securities are redeemed for the individual underlying securities. ..

[0026] In an exemplary embodiment, cache creation may be required when physical creation is difficult. Friction that makes in-kind production and redemption difficult may occur. The liquidity of the primary market depends on the ability of the designated provider (AP) to trade in the basket / group of securities. In certain cases, like ETFs that track non-US benchmark indexes when the constituent securities are restricted in foreign ownership, or when currency transaction taxes are high, this is difficult or nearly impossible. It is possible. Caching ETF shares is a workaround. In addition, for leveraged ETFs where leverage is acquired through the use of gross yield swaps, cashing is the only option as fund ownership is a contract for over-the-counter financial derivatives. Unfortunately, cashing ETF shares will allow a large number of cashing orders before the market closes, creating a significant difference in net asset value (NAV) between ETF shares and stocks. It can lead to serious technical problems such as. When the fund contains a considerable amount of cash, such as when trading of the target indicator is suspended at the end of the trading day and the market rises slightly, the equivalent of what the fund contained at the price of the original stock The increase in the fund can be much smaller if it is included in the cash and the cash itself does not increase even if the stock price suddenly rises in the transaction.

[0027] In any of these situations, ETF digital tokens provide the following technical solutions: First, in the case of an ETF that experiences some illiquidity in one or more of its component assets but does not allow caching, the digital token may be substituted for the missing component, the digital token. Represents a component share held in escrow (or some other isolated form). Liquidity can be caused by a number of factors, including closed foreign markets, temporary suspension of transactions, and restrictions on ownership. Second, in the case of ETFs that allow cashing but have suspended trading of underlying component stocks, digital tokens can represent some or all of the individual component shares and have a net asset value (NAV). Allows trading in the secondary market to avoid huge differences in.

[0028] Therefore, the systems and methods described herein will (1) increase liquidity, transparency, efficiency, and accountability, and (2) reduce the investor risk of ETF general investors. And (3) address ETF-related issues by reducing market / system risks resulting from ETF liquidity issues. In addition, the systems and methods described herein use decentralized ledgers and digital fund tokens to track transactions for funds or other securities assets for double payment and long settlement transaction times. Addresses issues generally related to funds and other multiple securities assets, such as.

[0029] As mentioned above, in an exemplary embodiment, digital fund tokens are created and redeemed directly (without using intermediate digital tokens for individual securities and / or other assets). In these embodiments, to create a crypto fund share, a clearing house bank, fund manager, or other authoritative institution creates a digital fund token on behalf of the owner of the non-digital securities to generate the digital fund token. It can be associated with a fund manager's digital account (for example, a "manager wallet"). In an exemplary embodiment, the fund manager manages at least one fund that includes multiple securities and / or other assets. In an exemplary embodiment, the underlying securities and / or other assets that make up the fund have any purpose other than as collateral to ensure that the digital fund tokens created are supported by the actual underlying securities and / or assets. It is first acquired and separated into an escrow-type account in a way that cannot be used for. Once the securities and / or other assets that make up the fund have been separated into escrow accounts, the fund manager can then call on the creation of one or more digital fund tokens for a particular fund. In an exemplary embodiment, a single digital fund token represents a digital fund token for an escrow account and / or multiple underlying securities and / or other assets that are collateral thereof. In an exemplary embodiment, one or more digital fund tokens are then created and their creation is recorded in a decentralized ledger.

[0030] In these embodiments where digital fund tokens are created and redeemed directly (without using intermediate digital tokens for individual securities and / or other assets), a clearing partnership to redeem crypto fund shares. A bank, fund manager, or other authoritative institution may redeem at least one digital fund token on behalf of the owner of the non-digital securities and destroy the digital fund token. In an exemplary embodiment, a clearing house bank, fund manager, or other authoritative institution receives a request from an investor to redeem at least one digital fund token and into at least one digital fund token. Respond by transferring some of the corresponding actual securities and / or other assets from the escrow account to the owner's account and destroy at least one redeemed digital fund token. In an exemplary embodiment, the redemption and / or destruction of one or more digital fund tokens is recorded in a decentralized ledger.

[0031] As mentioned above, in exemplary embodiments, digital fund tokens are indirectly created and redeemed (using intermediate digital tokens for individual securities and / or other assets). In these embodiments, to create a crypto fund share, a clearing house bank, fund manager, or other authoritative institution first creates digital tokens for multiple individual securities and / or other assets. Generate digital fund tokens on behalf of owners of non-digital securities by creating digital fund tokens from digital tokens of multiple individual securities and / or other assets, and digitally fund digital fund tokens to fund managers. It can be associated with an account (for example, a "manager wallet"). In an exemplary embodiment, the fund manager manages at least one fund that includes multiple securities and / or other assets.

In an exemplary embodiment, the underlying securities and / or other assets that make up the fund are other than as collateral that guarantees that the digital tokens and digital fund tokens created are supported by the actual underlying securities and / or assets. First acquired and separated into escrow accounts on a securities / other asset basis in a manner that cannot be used for any purpose. Once the securities and / or other assets that make up the fund have been separated into escrow accounts, the fund manager can then call on the creation of one or more digital fund tokens for a particular fund. In an exemplary embodiment, multiple digital tokens representing different securities and / or other assets are created and their creation is recorded in a decentralized ledger. In an exemplary embodiment, at least one digital fund token is generated based on a plurality of digital tokens, and the digital tokens are placed in an escrow account. In other embodiments, if at least one digital fund token is generated based on a plurality of digital tokens, the digital token will be destroyed. In an exemplary embodiment, a digital fund token represents multiple digital tokens, where the underlying security or other asset represents each of the multiple digital tokens of an escrow account and / or is collateral thereof. In an exemplary embodiment, the creation of one or more digital fund tokens is recorded in a decentralized ledger.

[0032] Bill exchange to redeem crypto fund shares in these embodiments where digital fund tokens are created (using intermediate digital tokens of individual securities and / or other assets) and indirectly redeemed. Union banks, fund managers, or other authoritative institutions may redeem at least one digital fund token on behalf of the owner of the non-digital securities and destroy the digital fund token. In an exemplary embodiment, a clearing house bank, fund manager, or other authoritative institution receives a request from an investor to redeem at least one digital fund token and by at least one digital fund token. Respond by moving the represented digital token from the escrow account and destroying at least one digital fund token. In other embodiments where the digital token represented by at least one digital fund token has been previously destroyed, a new digital token represented by at least one digital fund token is created and at least one digital fund token is destroyed. To. The actual securities and / or other assets corresponding to the digital token representing the redeemed digital fund token are then transferred from the escrow account to the owner's account and at least one digital fund token and redemption redeemed. A digital token representing at least one digital fund token to be created will be destroyed if it was not previously done. In an exemplary embodiment, the redemption and / or destruction of one or more digital fund tokens and / or digital tokens represented by digital fund tokens is recorded in a decentralized ledger.

[0033] The fund manager can create a transaction to transfer the digital token to the create wallet, where a new fund share is created from the digital token. The transaction can specify the quantity and type of each security used to create a fund share (50 shares of security A, 100 shares of security B, 40 shares of security C, etc.). Once the digital token is associated with the creation wallet, the crypto fund creation and redemption platform can generate one or more new digital fund tokens.

[0034] Each digital fund token comprises a specified type and quantity of securities of a fund (such as an ETF, mutual fund, index fund, etc.). The creation of digital fund tokens is recorded in a decentralized ledger. Cryptographic fund creation and redemption platforms can create transactions to transfer newly created digital fund tokens to the manager wallet. Once the digital fund token is associated with the manager wallet, the manager can then place a sell order on behalf of the owner to trade the digital fund token in the secondary market (eg, on the crypto exchange).

[0035] The disclosed embodiments of the present invention also provide methods and systems for fund redemption (such as redemption of underlying securities such as ETFs, mutual funds, index funds, etc.). In some embodiments, the holder of the digital fund token may make a request for redemption of the digital fund token and / or the original non-digital securities to the manager controlling the manager wallet associated with the digital fund token. ..

[0036] The manager may request that the digital fund token be exchanged for its underlying securities by creating a transaction to transfer the digital fund token from the manager wallet to the redemption wallet, along with a redemption transaction request. When associated with a redemption wallet, a digital fund token may be redeemed against its underlying security in the form of a digital token. After the component is exchanged for a digital fund token, the digital fund token is destroyed so that it no longer exists. The conversion of digital fund tokens to that component may be recorded in a decentralized ledger. Cryptographic fund creation and redemption platforms can create transactions to transfer digital tokens from the redemption wallet to the manager wallet. Once the digital token is associated with the manager wallet, the digital token may be redeemed against the non-digital security and provided to its owner.

[0037] As described above, crypto fund creation and redemption platforms use decentralized / crypto ledgers (such as blockchain) to create digital fund tokens and digital fund tokens. Document and verify token ownership and availability. Cryptography techniques may be used to transfer digital tokens and digital fund tokens from one digital account to another. For example, digital fund tokens may be transferred to other owners using public key cryptography and two-way cryptography. Public key cryptography requires a key pair, and the two keys are mathematically linked. One key is a public key that is freely shared between nodes in a peer-to-peer network. The other key is a private key that is not shared with the general public. Public keys are used to encrypt plaintext and to verify digital signatures. The private key is used to decrypt the encrypted text and to digitally sign the transaction. Each digital account can have an associated key pair. The transaction message may be digitally signed with the sender's private key to authenticate the sender's identity. The sender's digitally signed transaction message may then be decrypted using the sender's public key to verify that the sender originated the transaction.

[0038] Ownership of digital tokens and digital fund tokens may be based on ownership entries in the distributed ledger held by the network node. A decentralized ledger (such as the Bitcoin blockchain) may record an entry for each change in ownership of each digital token and digital fund token and be mathematically linked to a key pair. For example, to transfer a digital fund token from one owner to another (for example, from one destination account to another), transactional messages (such as in packets or other data structures) are sent on a peer-to-peer network. May be broadcast to the node of. In the example, if the digital fund token is being transferred from the creation wallet to the manager wallet, the transaction message may be signed with the creation wallet's private key and the chain history of the titles of the digital fund token and / or its components, It may contain information such as the number of shares being transferred and the public key-based address of the manager wallet. If the majority of the nodes in the network agree that the sender has the proper chain of titles, ownership is changed to the owner of the creation wallet and the ledger is updated to indicate the transaction.

[0039] In the following description, a number of specific details are provided for the purposes of description in order to provide a deeper understanding of the embodiments of the present invention. However, reading the disclosure will make it clear to those skilled in the art that embodiments may be implemented without some of these specific details. In addition, ETFs, mutual funds, and / or index funds are used as examples, but the methods and systems described herein may be used in conjunction with other assets, including multiple securities, or other assets. Good.

[0040] The advantages of crypto fund creation and redemption platforms are transparency of ownership, ease of composition of multiple securities assets (such as, but not limited to, any type of fund, including, but not limited to, the funds described herein). Includes recognition, as well as creation and redemption of crypto fund shares. Cryptographically signing a transaction guarantees authentication, authorization, and origin.

[0041] The techniques presented herein may also be embodied as programmable circuits properly programmed by special purpose hardware, software and / or firmware (such as circuits), or as a combination of special purpose and programmable circuits. Good. Thus, embodiments can include machine-readable media that store instructions that can be used to program a computer (or other electronic device) to perform a process. Machine-readable media include, for example, floppy disks, optical disks, compact disc read-only memory (CD-ROM), magnetic optical disks, read-only memory (ROM), random access memory (RAM), and erasable programmable read-only memory (EPROM). , Electrically erasable programmable read-only memory (EEPROM), magnetic or optical cards, flash memory, or other types of media / machine readable media suitable for storing electronic instructions.

[0042] FIG. 1 shows an example of a network-based operating environment 100 in which some embodiments of the disclosure of the present invention may be used. As shown in FIG. 1, the operating environment 100 is (mobile device, mobile phone, tablet computer, mobile media device, mobile game device, vehicle-based computer, dedicated terminal, public terminal, kiosk, or desktop or laptop computer. Etc.) Includes applications 105A-105N running on one or more computing devices 110A-110M. In some embodiments, applications 105A-105N for performing operations such as generating orders (such as orders to purchase digital fund shares) and checking account balance are stored on a computing device. It may be stored or stored remotely.

[0043] Computing devices 110A-110M for receiving and transmitting traffic by connecting to crypto fund creation and redemption platforms 125, broker dealer 115, fund manager 130, and clearing partnership bank 135 through network 120. Mechanisms can be included. In some embodiments, computing devices 110A-110M can retrieve or submit information to and from crypto fund creation and redemption platforms 125, crypto fund creation and redemption platforms 125, bankadilla 115, funds. One or more applications can be run with customized content retrieved by Manager 130, and Bill Exchange Bank 135. For example, computing devices 110A-110M run browser applications or customized clients, respectively, with computing devices 110A-110M and crypto fund creation and redemption platforms 125, fund managers 130, clearing partnership banks 135, and brokers. Dialogue between dealers 115 can be enabled.

[0044] Brocadilla 115 is an entity engaged in the business of trading transaction items in its own account or on behalf of its customers (such as ETFs, mutual funds, index fund shares, currencies, and other types of securities). (For example, a natural person, a company, or other organization). When executing a transaction order on behalf of a customer, the entity acts as a broker. The entity acts as a dealer when conducting transactions in its own account. The broker dealer 115 can receive orders from computing devices 110A-110M, fund manager 130, or the broker dealer 115 can create their own orders. The broker dealer 115 can communicate the order to the fund manager 130 and the crypto fund creation and redemption platform 125 via the network 120.

[0045] The crypto fund creation and redemption platform 125 can be run on one or more servers and may be used to create, redeem, and trade digital fund tokens. In some embodiments, as shown, the crypto fund creation and redemption platform 125 includes a fund creation module 215 and a fund redemption module 220 (both described in more detail later with reference to FIG. 1). ).

[0046] In an exemplary embodiment of performing the direct creation of a digital fund token, the fund creation module 215 can directly generate a digital fund token once the underlying asset is separated into an escrow account. In an exemplary embodiment of performing indirect creation of a digital fund token, the fund creation module 215 receives a digital token that is a digital representation of a security (such as public and corporate bonds, stocks, assets, liabilities, currencies, commodities, etc.). Can be placed in a related creation wallet and can create digital fund tokens from an assigned mixture of digital tokens. Digital fund tokens represent the share of a fund (such as ETFs, mutual funds, and / or index funds) and thus include digital tokens of two or more securities, including new ones. Digital fund tokens may then be traded through crypto exchanges or ATS. Each transaction may be recorded in a distributed ledger, such as cryptographic ledger 155.

[0047] In an exemplary embodiment of direct redemption of a digital fund token, the fund redemption module 220 releases the underlying asset from a separate escrow account to release the digital fund token. Redeem digital fund tokens directly by destroying them. In an exemplary embodiment in which the indirect creation of a digital fund token is carried out, the fund redemption module 220 redeems the digital fund token and converts the digital fund token into the original security digital token of the digital fund token (eg, a digital representation of the security). Divide into. The owner of the fund share may request such a transaction. However, the transaction may be initiated by the fund manager.

[0048] The fund manager 130 may be a manager of an ETF, a mutual fund, an index fund, or the like. Fund Manager 130 may agree to receive a security from the owner of such security and initiate the process of creating one or more fund shares. In an embodiment that implements the indirect creation of a digital fund token, when the clearing partnership bank 135 (or other entity) digitizes the security, the digital token may be associated with the wallet of fund manager 130. The fund manager 130 can transfer the digital token to the crypto fund creation and redemption platform 125 in order to create the digital fund token. Once the digital fund tokens have been created and transferred to the wallet of fund manager 130, the digital fund tokens may be traded at one or more crypto exchanges 150 or crypto ledgers 155.

[0049] The clearing house bank 135 may hold non-digital securities in the account of fund manager 130 to create digital tokens (digital representations of non-digital securities). Digital tokens may be in a one-to-one relationship of securities (such as each digital token represents one share of a security), or digital tokens may be (each digital token represents 100 shares of a security). It can represent various quantities of securities.

[0050] The crypto fund creation and redemption platform 125 is communicably coupled to one or more alternative trading systems (ATS) 145, crypto exchange 150, and crypto ledger 155 through network 140.

[0051] Networks 120 and 140 may be identical or separate networks of local and / or wide area networks that use wired and / or wireless communication systems. It may be any combination. Network 120 or network 140 can be Ethernet, 802.11 or Wi-Fi, Worldwide Interoperability for Microwave Access (WiMAX), (3G, 4G, 5G, etc.) Cellular Communications, CDMA, Cable, Digital Subscriber Line (DSL), etc. It may be any one or more of the protocols / technologies, or one or more of them can be used. Similarly, the networking protocols used in networks 120 and 140 are multi-protocol label switching (MPLS), transmission control protocol / internet protocol (TCP / IP), user datagram protocol (UDP), hypertext transfer protocol (HTTP). ), Simple mail transfer protocol (SMTP), and file transfer protocol (FTP). Data exchanged over network 120 and network 140 may be represented using techniques, languages, and / or formats, including hypertext markup language (HTML) or XML markup language (XML). .. In addition, all or part of the link may be encrypted using standard encryption techniques such as Secure Sockets Layer (SSL), Transport Layer Security (TLS), and Internet Protocol Security (IPsec). Good.

[0052] ATS145 is a non-exchange trading system that finds a transaction counterparty by matching a seller with a buyer. ATS145 is an alternative to the traditional stock exchange. Examples of ATS145 include electronic communication networks (ECNs), crossing networks, dark pools, and call markets. ATS145 includes the status of an order book that receives digitally signed orders, such as FIX orders, finds potential sell / buy orders that match the transaction of digital assets, and records the status of the order.

[0053] Cryptocurrency exchange 150 is an exchange that trades digital transaction items such as digital fund tokens, digital shares of stocks, digital public and corporate bonds, and cryptocurrencies. The digital share of a stock may be the same type of stock as a security listed on a traditional exchange. Ownership of digital transaction items at crypto exchange 150 may be recorded in one or more distributed ledgers, such as cryptographic ledger 155. Cryptographic exchange 150 receives a digitally signed cryptographic transaction (order, revocation, etc.) to complete the transaction.

[0054] Cryptographic Ledger 155 is a decentralized ledger that records economic transactions, such as the creation of digital fund tokens from two or more digital tokens or the sale of digital transaction items at fund exchanges. The encryption ledger 155 is different for each unit. For example, Bitcoin uses a decentralized public ledger called a blockchain. If Cryptographic Ledger 155 receives a transaction signed with the correct key from Cryptographic Fund Creation and Redemption Platform 125 and the transaction is validated by a network node, Cryptographic Ledger 155 is a transaction (such as adding a blockchain to the ledger). Transfer assets to the appropriate destination account (manager wallet, creation wallet, redemption wallet, customer wallet, commit wallet, etc.) by recording.

[0055] Various data stores may be used to manage storage and to access digital tokens, digital fund tokens, user information, and other data. The data store may be a distributed data store such as cryptographic ledger 155. The data store may be a data repository of a set of integrated objects modeled using the types defined in the database schema. The data store can further include flat files that can store the data. Cryptographic fund creation and redemption platforms 125 and / or other servers can collect and / or access data from data stores.

[0056] FIG. 2 is a diagram showing a set of components within a cryptographic and reimbursement platform 125 according to one or more embodiments of the disclosure of the present invention. According to the embodiment shown in FIG. 2, the cryptographic creation and redemption platform 125 can include memory 205, one or more processors 210, fund creation module 215, and fund redemption module 220. Other embodiments, along with other modules, applications, and / or components, may include, or may not include, some, all, or all of these modules and components. However, some embodiments may incorporate two or more of these modules and components into a single module and / or associate some of the functions of one or more of these modules with different modules. it can. For example, in one embodiment, one fund creation module 215 and one fund redemption module 220 may be combined into a single component.

[0057] Memory 205 may be any device, mechanism, or captured data structure used to store information. According to some embodiments of the present disclosure, the memory 205 may or may be, for example, any type of volatile memory, non-volatile memory, and / or dynamic memory. For example, the memory 205 includes a random access memory, a memory storage device, an optical memory device, a magnetic media, a floppy disk, a magnetic tape, a hard drive, an erasable programmable read-only memory (EPROM), and an electrically erasable programmable read-only memory (EEPROM). , Compact disc, DVD, and / or similar. According to some embodiments, memory 205 is one or more disk drives, flash drives, one or more databases, one or more tables, one or more files, local cache memory, processors. It can include cache memory, relational databases, flat databases, and / or the like. In addition, one of ordinary skill in the art will understand many additional devices and techniques for storing information that can be used as memory 205.

[0058] Memory 205 may be used to store instructions for executing one or more applications or modules on processor 210. For example, memory 205 may be used in one or more embodiments to accommodate all or part of the instructions required to perform the functions of fund creation module 215 and fund redemption module 220. ..

[0059] In an exemplary embodiment of performing indirect creation of a digital fund token, the fund creation module 215 can receive the digital token in the creation wallet. The creation wallet may be controlled by the crypto fund creation and redemption platform 125. Digital tokens may have been created by the Clearing Partnership Bank 135 and placed in a manager wallet controlled by Fund Manager 130. Each manager wallet and creation wallet can have an associated key pair, and each key pair contains one private key and one public key. The two parts of each key pair are mathematically linked.

[0060] In an exemplary embodiment of performing indirect creation of a digital fund token, the transaction of transferring the digital token from the manager wallet to the creation wallet is the configuration of each fund share, the digital token, and the public key of the creation wallet. Alternatively, it can include address indications. The transaction may be signed with the private key of the manager wallet to transfer the digital token to the creation wallet. Upon receiving the digital token and fund share configuration, the fund creation module 215 creates a digital fund token from the digital token by combining the appropriate quantity and type of digital token.

[0061] When the digital fund token is created, the fund creation module 215 transfers the digital fund token from the creation wallet to the manager wallet. The transaction can include the manager wallet's public key and digital fund token, and may be signed with the created wallet's private key.

[0062] Transactions that transfer digital tokens to the creation wallet, transactions that create digital fund tokens, and transactions that transfer digital fund tokens to the manager wallet may be recorded in a decentralized ledger and ownership of the digital fund tokens. And allows transparency in composition.

[0063] The fund redemption module 220 can receive a redemption transaction request from the manager. The redemption transaction request can include a digital fund token stored in the manager wallet and the public key (eg, address) of the redemption wallet. In some embodiments, an indication of how to redeem a digital fund token or a digital security from information about the composition of the digital fund token is included in the redemption transaction request. The redemption transaction request may be signed with the private key of the manager wallet.

[0064] In an exemplary embodiment of performing indirect redemption of a digital fund token, the fund redemption module 220 may create a transaction to send the digital token to the manager wallet. Transactions can include digital tokens, manager wallet public keys, and redemption transaction instructions. The transaction may be signed with the private key of the redemption wallet. Transactions to transfer digital fund tokens to a redemption wallet, transactions to redeem digital fund tokens of digital securities (for example, record that one less fund share exists and additional digital securities currently exist), and digital tokens. Transactions that transfer to the manager wallet may be recorded in a distributed ledger.

[0065] Figure 3 shows the process of creating a crypto fund share directly from the underlying asset. The security holder sends the non-digital security to the fund manager upon request (302). A security can contain different types of stocks, commodities, public and corporate bonds, or other transaction items in different quantities (such as 10,000 shares of security A, 500 shares of security B). The fund manager may agree to create a fund share and request the manager's clearing house bank to create a digital representation of the security (304). Such agreements and requirements allow the manager's clearing house bank to hold non-digital securities in an account owned by the manager (306). The manager may request the creation of a digital representation of at least one fund (eg, a digital fund token) (308). The fund creation module can create at least one digital fund token (310) or create another digital representation of multiple securities assets.

[0066] Once created, at least one digital fund token, including ownership history, is recorded in the decentralized ledger (312). After at least one digital fund token has been created, the crypto fund creation module creates a transaction to transfer at least one digital fund token to the manager wallet (314). The transaction can include a digital fund token, a public address or key of the manager wallet, a description of the digital fund token, and / or transaction information. The transaction may be signed with the private key of the creation wallet. The digital fund token is transferred after the network node of the decentralized ledger verifies the ownership of the digital fund token and the signature of the created wallet (316). The manager wallet can hold digital fund tokens (318) or, at the request of the owner (such as a crypto exchange or other ATS), place a sell order to sell the digital fund tokens in the secondary market. Can be done (320). In some embodiments, digital fund tokens may be sold.

[0067] FIG. 4 is a flow chart showing the process 400 of directly creating a crypto fund share. The receiving operation 402 puts the underlying security in escrow. Creation operation 404 creates a digital fund token (eg, crypto fund share). Digital fund tokens may be traded through crypto exchanges or ATS. Record operation 406 records the creation of a digital fund token in a decentralized ledger. In an exemplary embodiment, a further creation operation creates a transaction to transfer a digital fund token to the manager's digital account. The transfer may be accomplished if the transaction to transfer the digital fund token is signed with the private key of the digitally created account and the network node of the distributed ledger agrees on the ownership history.

[0068] FIG. 5 shows the process for directly redeeming crypto fund shares. Cryptographic fund shares (eg digital fund tokens) are traded in the secondary market. The manager can purchase digital fund tokens by placing a buy order for at least one digital fund token (on behalf of the customer or like the fund itself) (502). When at least one digital fund token has been purchased or held by the manager, the cryptocurrency exchange system transfers at least one digital fund token to the manager's wallet (eg, a fourth destination account), and so on. Transfers are recorded in a distributed ledger (504). The manager may request the redemption of non-digital securities (506). The fund redemption module can query the decentralized ledger to ensure that the manager is the recorded owner of at least one digital fund token (508). After the decentralized ledger confirms ownership of the digital token (510), the fund redemption module can redeem the non-digital securities (512) and transfer the non-digital securities to the manager (514). When a non-digital security is redeemed and transferred, at least one digital fund token is destroyed (516) and the destruction is recorded in the decentralized ledger (518). When the manager receives the non-digital security (520), the manager can then transfer the non-digital security to the owner of the security (522). The owner of the security can collect the security in his inventory (524).

[0069] FIG. 6 is a flow chart showing the process 600 of directly redeeming the crypto fund share. In the receive operation 602, the redemption request may be received in the redemption wallet. The redemption request can transfer digital fund tokens (eg crypto fund shares) to a redemption wallet and can further include instructions on how to redeem the underlying securities. The redemption operation 604 can redeem the underlying securities constituting the digital fund token in exchange for the digital fund token. The create operation 606 can create a transaction for releasing the underlying security from escrow. The transfer may be accomplished if the transaction to transfer the digital token is signed with the private key of the digitally created account and the network nodes in the distributed ledger agree on ownership history. The destruction operation 608 can destroy the digital fund token when the digital fund token is redeemed.

[0070] Figure 7 shows the process for indirectly creating a crypto fund share. The security holder sends the non-digital security to the fund manager upon request (702). A security can contain different types of stocks, commodities, public and corporate bonds, or other transaction items in different quantities (such as 10,000 shares of security A, 500 shares of security B). The fund manager may agree to create a fund share and request the manager's clearing house bank to create a digital representation of the security (704). Such agreements and requirements allow the manager's clearing house bank to hold non-digital securities in an account owned by the manager (706). The manager can request the creation of a digital representation of the security (eg, a digital token) (708). The manager clearing house bank can create a digital token (710). The digital representation of a security may be a digital token, each of which represents one or more shares of a particular security. Once created, the digital token, including the ownership history, is recorded in the distributed ledger (712). The manager bill exchange union bank can associate the digital token with the manager wallet, which may be referred to as the first destination account (714).

[0071] The manager creates a transaction that transfers the digital token to the creation wallet (eg, a second destination account), where the digital token is committed to the fund (716). The transaction can include a digital token, the public key and address of the created wallet, and an indication of the fund share configuration, and the transaction may be signed with the private key of the manager wallet. After the network node of the distributed ledger verifies the transaction by inspecting the ownership history and verifies that the transaction was signed with the private key of the manager wallet, the digital token is transferred to the creation wallet and the distributed ledger. Records the transfer (718). Before the commit transaction takes place, the crypto fund creation module uses the manager wallet's public key to inspect the ownership recorded in the distributed ledger to ensure that the digital token is associated with the manager wallet. Can be verified.

The crypto fund creation module can then create a digital fund token consisting of a specified type and quantity of digital tokens (720). Therefore, each digital fund token represents the share of a fund (ETF, mutual fund, index fund, etc.). For example, a digital fund token can include 50 digital tokens representing 50 shares of security A and 100 digital tokens representing 200 shares of security B. Creation of digital fund tokens from digital tokens is recorded in a decentralized ledger (722).

[0073] After the digital fund token is created, the crypto fund creation module creates a transaction to transfer the digital fund token from the creation wallet to the manager wallet (724). The transaction can include a digital fund token, a public address or key of the manager wallet, a description of the digital fund token, and / or transaction information. The transaction may be signed with the private key of the creation wallet. The digital fund token is transferred after the network node of the decentralized ledger verifies the ownership of the digital fund token and the signature of the created wallet (726). In some embodiments, prior to a transaction, the manager uses the public key of the created wallet to inspect the ownership recorded in the distributed ledger so that the digital token is associated with the created wallet. Can be verified. The manager wallet can hold digital fund tokens (728) or, at the request of the owner (such as a crypto exchange or other ATS), place a sell order to sell the digital fund tokens in the secondary market. Can be done (730). In some embodiments, digital fund tokens may be sold.

[0074] FIG. 8 is a flow chart showing the process 800 of indirectly creating a crypto fund share. The reception operation 802 receives the digital token from the manager wallet into the creation wallet. A digital token may be a digital representation of a security owned or controlled by a manager. If the digital token is received in the creation wallet, additional information regarding the composition of the fund share, including the quantity and type of securities with each fund share, may also be received. Creation operation 804 creates a digital fund token (eg, crypto fund share) by combining digital tokens according to the assigned configuration. Digital fund tokens may be traded through crypto exchanges or ATS. The create operation 806 creates a transaction for transferring the digital fund token to the manager's digital account. The transfer may be accomplished if the transaction to transfer the digital fund token is signed with the private key of the digitally created account and the network node of the distributed ledger agrees on the ownership history.

[0075] FIG. 9 shows the process for indirectly redeeming crypto fund shares. Cryptographic fund shares (eg digital fund tokens) are traded in the secondary market. Managers can purchase digital fund tokens by placing buy orders for digital fund tokens (on behalf of customers or like the fund itself) (902). When a digital fund token is purchased or held by the manager, the cryptocurrency exchange system transfers the digital fund token to the manager's wallet (eg, a fourth destination account), and such transfer is decentralized. Recorded in the ledger (904). The manager can create a transaction to redeem an individual digital security (eg, a digital token) from a digital fund token (906). A redemption transaction request can include a digital fund token, a public address of the redemption wallet (eg, a third destination account), and an order to complete the redemption transaction. The redemption transaction request may be signed with the manager wallet's private key and transfers the digital fund token to the redemption wallet. After the network node verifies ownership and signature, the digital fund token is transferred from the manager's wallet to the redemption wallet, and the transfer is recorded in the decentralized ledger (908). In some embodiments, the manager wallet of FIG. 7 is the same as the manager wallet of FIG. In some embodiments, the creation wallet and the redemption wallet are the same wallet.

[0076] The crypto fund redemption module then redeems the digital token from the digital fund token, thereby removing the digital fund token from the fund and converting the digital fund token into individual securities consisting of fund shares. (910). Redemption transactions may be recorded in a decentralized ledger and therefore have a history of when the digital token was redeemed from the digital fund token, including ownership history (912). The crypto fund redemption module can create a transaction to transfer a digital token to a manager wallet (914). Such transactions can include digital tokens, the public key of the manager wallet, and notice that the digital token fund has been redeemed against the digital securities. The transaction may be signed with the private key of the redemption wallet. Once the network node validates the ownership history and signature, the digital token may be transferred to the manager's wallet and recorded in the distributed ledger (916).

[0077] When a digital security enters the manager's wallet, or upon request from the manager, the manager may request redemption of the non-digital security (918). The manager's clearing house bank can query the decentralized ledger to ensure that the manager is the recorded owner of the digital token (920). After the decentralized ledger confirms ownership of the digital token (922), the manager's clearing house bank can redeem the non-digital securities (924) and transfer the non-digital securities to the manager (). 926). When a non-digital security is redeemed and transferred, at least one digital fund token is destroyed (928) and the destruction is recorded in the decentralized ledger (930). When the manager receives the non-digital security (932), the manager can then transfer the non-digital security to the owner of the security (934). The owner of the security can collect the security in his inventory (936).

[0078] FIG. 10 is a flow chart showing the process 1000 for redeeming the crypto fund share. In receive operation 1002, the redemption request may be received in the redemption wallet. The redemption request can transfer the digital fund token (eg, crypto fund share) to the redemption wallet and can further include instructions on how to redeem the digital tokens that make up the digital fund token. The redemption operation 1004 can redeem the digital securities constituting the digital fund token in exchange for the digital fund token. The create operation 1006 can create a transaction to transfer the digital token to the manager wallet. The transfer may be accomplished if the transaction to transfer the digital token is signed with the private key of the digitally created account and the network nodes in the distributed ledger agree on ownership history.

[0079] FIG. 11 is a flow chart showing a process 1100 for creating a plurality of securities asset shares. The generation operation 1102 generates a first transaction for transferring a digital representation of a security from a first destination account such as a manager wallet to a second destination account such as a creation account. The first transaction can include an indication of the composition of the exchanged fund share (or other multi-securities asset). The signing operation 1104 electronically signs the first transaction. Creation operation 1106 creates a digital fund token using the digital representation of the security so that each digital fund token consists of a fund share (or other plurality of securities assets) traded in exchange. The communication operation 1108 communicates the creation of a digital fund token instead of the digital representation of the security to the decentralized ledger. The generation operation 1110 generates a second transaction for transferring the digital fund token from the second destination account to the first destination account. The signing operation 1112 electronically signs the second transaction with the private key of the second destination account.

[0080] FIG. 12 is a flow chart showing a process 1200 for redeeming a plurality of securities asset shares. The generation operation 1202 generates a first transaction for transferring a digital fund token from a first destination account such as a manager wallet to a second destination account such as a redemption wallet. A digital fund token consists of two or more digital representations of a security. The signing operation 1204 electronically signs the first transaction with the private key of the first destination account. The redemption operation 1206 redeems the digital representation of the security from the digital fund token. Communication operation 1208 communicates the redemption of a digital representation of a security in lieu of a digital fund token. The generation operation 1210 generates a second transaction for transferring the digital representation of the security from the second destination account to the first destination account. The signing operation 1212 electronically signs the second transaction.
Computer system overview
[0081] The disclosed embodiments of the present invention include various steps and operations, which have been described above. The various steps and operations may be performed by hardware components or embodied in machine-executable instructions and used to force a general-purpose or special-purpose processor programmed by the instruction to perform the steps. May be done. Alternatively, the steps may be performed by a combination of hardware, software, and / or firmware. As such, FIG. 13 is an example of a computer system 1300 in which the disclosed embodiments of the present invention can be used. According to the examples of the present invention, the computer system 1300 includes interconnect 1310, at least one processor 1320, at least one communication port 1330, main memory 1340, removable storage medium 1350, read-only memory 1360, and mass storage device. Includes 1370.

[0082] Processor 1320 may be any known processor. Communication port 1330 may be, or may include, for example, an RS-232 port for use in modem-based dial-up connections, a 10/100 Ethernet port, or a gigabit port using copper or fiber. .. The characteristics of the communication port 1330 may be selected depending on the network, such as a local area network (LAN), a wide area network (WAN), or any network to which the computer system 1700 connects.

[0083] The main memory 1340 may be a random access memory (RAM) or any other dynamic storage device commonly known in the art. The read-only memory 1360 may be any static storage device such as a programmable read-only memory (PROM) chip for storing static information such as instructions from the processor 1320.

[0084] Mass storage device 1370 may be used to store information and instructions. For example, hard disks such as the Adaptec family of SCSI drives, optical discs, arrays of disks such as RAID such as the Adaptec family of RAID drives, or any other high capacity storage device may be used.

[0085] Interconnection 1310 may or may be one or more bus, bridge, controller, adapter, and / or point-to-point connections. The interconnect 1310 communicatively couples the processor 1320 with other memory, storage, and communication blocks. The interconnect 1310 may be a PCI / PCI-X or SCSI-based system bus, depending on the storage device used.

[0086] The removable storage medium 1350 includes an external hard drive, a floppy drive, a compact disc-read-only memory (CD-ROM), a compact disc-rewritable (CD-RW), and a digital video disc-read-only memory (DVD-). It may be any kind of ROM).

[0087] The components described above are intended to illustrate some types of possibilities. The above examples are merely exemplary embodiments and are by no means limiting to the present disclosure.
the term
[0088] A brief definition of terms, abbreviations, and phrases used throughout this specification is given later.

[0089] The terms "connected" or "coupled" and related terms are used in an operational sense and are not necessarily limited to direct physical connections or connections. .. Thus, for example, the two devices may be directly coupled or may be coupled via one or more intermediate media or devices. As another example, devices may be coupled in such a way that information can be passed between each other but does not share any physical connection with each other. Based on the disclosures provided herein, one of ordinary skill in the art will appreciate the various ways in which a connection or bond as defined above exists.

[0090] The phrase "in some embodied", "according to some embodied", "in the embodied cognition", "in the embodied cognition", "according to some embodied cognition" In other embodiments, "in other embodiments", "embodiments", etc., generally include specific features, structures, or properties following the phrase in at least one embodiment of the disclosure of the present invention. , Means that it may be included in two or more embodiments of the disclosure of the present invention. In addition, such terms do not necessarily refer to the same or different embodiments.

[0091] A component or feature may be included or have characteristics, "may", "can", "could", or "may". As the specification states, "may", the particular component or feature need not be included or have properties.

[0092] The term "responsive" includes wholly or partially responsiveness.
[0093] The term "module" broadly refers to a software, hardware, or firmware (or any combination thereof) component. A module is usually a functional component that can produce useful data or other output using a given input. The module may or may not be built-in. An application program (also referred to as an "application") can include one or more modules, or a module can include one or more application programs.

[0094] The term "network" generally refers to a group of interconnected devices with which information can be exchanged. The network may be as small as some personal computers on a local area network (LAN), or it may be as large as the Internet, a worldwide network of computers. As used herein, "network" is intended to include any network in which information can be transmitted from one entity to another. In some cases, the network may be multiple networks, as well as one or more border networks, voice networks, broadband networks, financial networks, service provider networks, Internet Service Provider (ISP) networks, and / or public exchange telephone networks. It may consist of a plurality of heterogeneous networks interconnected via gateways that can operate to facilitate communication between various networks, such as (PSTN).

[0095] Also, for illustration purposes, various embodiments of the present disclosure have been described herein in the context of computer programs, physical components, and logical dialogue within modern computer networks. Importantly, these embodiments describe various embodiments of the disclosure of the present invention in the context of modern computer networks and programs, although the methods and devices described herein are those of skill in the art. As you will understand, it is equally applicable to other systems, devices, and networks. As such, the applications of the disclosed embodiments of the present invention are not intended to be limited and are exemplary. Other systems, devices, and networks to which the disclosed embodiments of the present invention are applicable include, for example, other types of communications and computer devices and systems. More specifically, embodiments are applicable to communication systems, services, and devices such as mobile phone networks and compatible devices. In addition, embodiments are applicable to all levels of computing, from personal computers to large network mainframes and servers.

[0096] In conclusion, the disclosure of the present invention provides state-of-the-art systems, methods, and arrangements for creating, redeeming, and trading multiple securities assets. Although detailed description of one or more embodiments of the present disclosure has been given above, those skilled in the art will appreciate various alternatives, modifications, and equivalents that do not deviate from the spirit of the present disclosure. Become. For example, the embodiments described above refer to specific features, but the scope of the present disclosure also includes embodiments having different combinations of features, and embodiments that do not include all of the features described. .. Accordingly, the scope of the disclosure of the present invention is intended to include all such alternatives, modifications, and variations, along with all their equivalents, as included in the claims. Therefore, the above description should not be construed as limiting.
Example
[0097] Example 1 includes an asset trading system that uses a distributed ledger, wherein the asset trading system is at least one processor and at least one computer-readable storage medium that stores instructions, at least one processor. When executed by, the asset trading system receives a request to create a digital fund token that represents at least one share of a fund with multiple different assets (i) and (ii) a first destination. Electronically signed with the private key associated with the account, (iii) when indicating the composition of at least one share of the fund, have multiple different assets represented by at least one share of the fund put into the escro account. It comprises at least one computer-readable storage medium that stores instructions for creating digital fund tokens, showing the composition of the fund's share, and recording the creation of digital fund tokens in a decentralized ledger.

[0098] Example 2 includes the asset trading system of Example 1, which, when executed by at least one processor, further provides the asset trading system with at least one share of a fund having a plurality of different assets. A request to create a representing digital fund token is (i) received, (ii) electronically signed with the private key associated with the first destination account, and (iii) of at least one share of the fund. When presenting the configuration, prior to creating a digital fund token, a confirmation is received from the decentralized ledger that a plurality of different assets represented by at least one share of the fund are associated with the first destination account.

[0099] Example 3 includes the asset trading system of any of Examples 1-2, wherein when the instruction is executed by at least one processor, the asset trading system further has a plurality of different assets. A request to create a digital fund token representing at least one share is (i) received, (ii) electronically signed with the private key associated with the first destination account, and (iii) of the fund. When showing the composition of at least one share, before creating a digital fund token, have multiple digital tokens representing multiple different assets created, record the creation of multiple digital tokens in a decentralized ledger, and digital fund tokens. As part of the creation of, multiple digital tokens representing multiple different assets are placed in the escro state, and the escro state of multiple digital tokens representing multiple different assets is recorded in the distributed ledger.

[0100] Example 4 includes the asset trading system of any of Examples 1-3, wherein when the instruction is executed by at least one processor, the asset trading system further comprises a fund having a plurality of different assets. If a redemption request to redeem a digital fund token representing at least one share is (i) received and (ii) electronically signed with the private key associated with the first destination account, then at least the fund. Release multiple different assets represented by one share from the escrow account, destroy digital fund tokens, and record the destruction of digital fund tokens in a decentralized ledger.

[0101] Example 5 includes the asset trading system of Example 4, and when the instruction is executed by at least one processor, the asset trading system also has at least one share of a fund having a plurality of different assets. If a redemption request to redeem the represented Digital Fund Token is (i) received and (ii) electronically signed with the private key associated with the first destination account, before destroying the Digital Fund Token. , Remove multiple digital tokens representing multiple different assets from the escrow state and record the removal of the escrow state of multiple digital tokens representing multiple different assets in a distributed ledger.

[0102] Example 6 includes the asset trading system of any of Examples 1-5, of a fund having a plurality of different assets in the asset trading system when the instructions are executed by at least one processor. A digital fund token if a transfer request to transfer a digital fund token representing at least one share is (i) received and (ii) electronically signed with the private key associated with the first destination account. Is transferred from the first destination account to the second destination account, and the transfer of the digital fund token is recorded in the decentralized ledger.

[0103] Example 7 includes the asset trading system of any of Examples 1-6, wherein the fund is among exchange-traded funds, mutual funds, index funds, public and corporate bonds, commodity funds, currency funds, and real estate funds. There is one.

[0104] Example 8 includes a method of creating and redeeming a digital fund token using a decentralized ledger, the method of creating a digital fund token representing at least one share of a fund with a plurality of different assets. When a request to create a fund is (i) received, (ii) electronically signed with the private key associated with the first destination account, and (iii) indicates the composition of at least one share of the fund. A step to put multiple different assets represented by at least one share into an escrow account and a step to create a digital fund token, which is a step to show the composition of the fund's share and a step to create a digital fund token. Is provided with a step of recording in a distributed ledger.

[0105] Example 9 includes the method of Example 8, in which a creation request for creating a digital fund token representing at least one share of a fund having a plurality of different assets is (i) received. , (Ii) electronically signed with the private key associated with the first destination account and (iii) showing the composition of at least one share of the fund, at least one of the funds before creating a digital fund token. It further comprises the step of receiving confirmation from the distributed ledger that a plurality of different assets represented by one share are associated with the first destination account.

[0106] Example 10 includes the method of Example 9, in which a request to create a digital fund token representing at least one share of a fund having a plurality of different assets is received (i). , (Ii) Electronically signed with the private key associated with the first destination account, and (iii) show the composition of at least one share of the fund, when multiple different assets before creating a digital fund token. More than one that represents multiple different assets as part of the step of creating a digital fund token, further including a step of creating multiple digital tokens representing multiple digital tokens and a step of recording the creation of multiple digital tokens in a decentralized ledger. It further includes a step of putting the digital token of the above into the escro state and a step of recording the escro state of multiple digital tokens representing a plurality of different assets in a distributed ledger.

[0107] Example 11 includes any of the methods of Examples 8-10, wherein a redemption request for redeeming a digital fund token representing at least one share of a fund having a plurality of different assets. (I) The step of releasing from the escrow account multiple different assets represented by at least one share of the fund when received and (ii) electronically signed with the private key associated with the first destination account. And a step of destroying the digital fund token and a step of recording the destruction of the digital fund token in the decentralized ledger.

[0108] Example 12 includes the method of Example 11, in which a redemption request for redeeming a digital fund token representing at least one share of a fund having a plurality of different assets is (i) received. , (Ii) If digitally signed with the private key associated with the first destination account, the step of removing multiple digital tokens representing multiple different assets from the escrow state before destroying the digital fund token. And further include the step of recording the removal of the escrow state of multiple digital tokens representing multiple different assets in a decentralized ledger.

[0109] Example 13 includes any of the methods of Examples 8-12, wherein the method is a transfer request for transferring a digital fund token representing at least one share of a fund having a plurality of different assets. The step of transferring the Digital Fund Token from the first destination account to the second destination account when received and (ii) electronically signed with the private key associated with the first destination account. It also includes a step to record the transfer of digital fund tokens in a decentralized ledger.

[0110] Example 14 includes any of the methods of Examples 8-13, wherein the fund is one of an exchange traded fund, a mutual fund, an index fund, a public and corporate bond, a commodity fund, a currency fund, and a real estate fund. Is.

[0111] Example 15 includes a non-temporary computer-readable storage medium containing a set of instructions, at least of a fund having a plurality of different assets on the machine when the instructions are executed by one or more processors. A request to create a digital fund token representing one share is (i) received, (ii) electronically signed with the private key associated with the first destination account, and (iii) at least the fund. When showing the composition of one share, multiple different assets represented by at least one share of the fund are put into the escrow account and a digital fund token is created, the digital fund token shows the composition of the share of the fund, and further. , Record the creation of digital fund tokens in a decentralized ledger.

[0112] Example 16 includes the non-temporary computer-readable storage medium of Example 15, and when an instruction is executed by one or more processors, at least a fund having a plurality of different assets on the machine. A request to create a digital fund token representing one share is (i) received, (ii) electronically signed with the private key associated with the first destination account, and (iii) at least the fund. When demonstrating the composition of one share, before creating a digital fund token, make sure that multiple different assets represented by at least one share of the fund are associated with the first destination account in a decentralized ledger. Receive from.

[0113] Example 17 includes the non-temporary computer-readable storage medium of Example 16, and when an instruction is executed by one or more processors, at least a fund having a plurality of different assets on the machine. A request to create a digital fund token representing one share is (i) received, (ii) electronically signed with the private key associated with the first destination account, and (iii) at least the fund. When showing the composition of one share, before creating a digital fund token, multiple digital tokens representing multiple different assets are created, the creation of multiple digital tokens is recorded in a decentralized ledger, and the digital fund tokens are displayed. As part of the creation, multiple digital tokens representing multiple different assets are placed in the escrow state, and the escrow states of multiple digital tokens representing different different assets are recorded in the distributed ledger.

[0114] Example 18 includes a non-temporary computer-readable storage medium according to any of Examples 15-17, and when an instruction is executed by one or more processors, the machine further has a number of different assets. When a redemption request to redeem a digital fund token representing at least one share of a fund with is (i) received and (ii) electronically signed with the private key associated with the first destination account. , Release multiple different assets represented by at least one share of the fund from the escrow account, have the digital fund tokens destroyed, and record the destruction of the digital fund tokens in a decentralized ledger.

[0115] Example 19 includes the non-temporary computer-readable storage medium of Example 18, and when an instruction is executed by one or more processors, at least a fund having a plurality of different assets on the machine. If a redemption request to redeem a digital fund token representing one share is (i) received and (ii) electronically signed with the private key associated with the first destination account, the digital fund token Have multiple digital tokens representing multiple different assets removed from the escrow state and record the removal of the escrow state of multiple digital tokens representing multiple different assets in a distributed ledger before discarding.
[0116] Example 20 includes the non-temporary computer-readable storage media of Examples 15-19, wherein the fund is among exchange-traded funds, mutual funds, index funds, public and corporate bonds, commodity funds, currency funds, and real estate funds. It is one of.

Claims (20)

An asset trading system that uses a decentralized ledger
With at least one processor
At least one computer-readable storage medium that stores instructions, and when executed by the at least one processor, the asset trading system.
(Ii) electronically signed with the private key associated with the first destination account to create a digital fund token representing at least one share of a fund with multiple different assets, (iii) said. indicating the at least one share structure of funds, by receiving the creation request, the configuration includes a respective number of said plurality of different asset in the at least one share of the funds,
In response to the reception of the creation request
Each quantity of each of the plurality of different assets represented by said at least one share of the fund is placed in an escrow account.
It said plurality of based on each of the number of different assets to create the digital funds token, the digital funds token of the plurality of different asset in the at least one share of the fund represented from the digital funds token By specifying each said quantity, the composition of said at least one share of said fund is further indicated.
Asset trading system and a computer-readable storage medium storing instructions to record the creation of the digital funds token to the distributed ledger. When the instruction is executed by the at least one processor, it further tells the asset trading system.
In response to receiving the creation request and before creating the digital fund token
The asset trading system according to claim 1, wherein the decentralized ledger receives confirmation that the plurality of different assets represented by the at least one share of the fund are associated with the first destination account. When the instruction is executed by the at least one processor, the instruction is further added to the at least one processor.
In response to receiving the creation request and before creating the digital fund token
Have them create multiple digital tokens that represent the multiple different assets
The creation of the plurality of digital tokens is recorded in the distributed register,
In response to receiving the creation request and as part of the creation of the digital fund token
Let me put the plurality of digital token that represents the plurality of different assets in the escrow account,
The asset trading system according to claim 1, wherein the decentralized ledger records that the plurality of digital tokens representing the plurality of different assets have been put into the escrow account. When the instruction is executed by the at least one processor, it further tells the asset trading system.
(Ii) Electronically signed with the private key associated with the first destination account to redeem the digital fund token representing the at least one share of the fund having the plurality of different assets. Received the redemption request,
In response to receiving the redemption request, the plurality of different assets represented by said at least one share of the fund are released from the escrow account.
Let the digital fund token be destroyed
Asset transactions system according to claim 1 for recording the discards of the digital funds token to the distributed ledger. When the instruction is executed by the at least one processor, it further tells the asset trading system.
Before responding to the receipt of the redemption request and destroying the digital fund token
It said plurality of different asset is removed table to multiple digital token from the escrow account,
Asset transactions system according to claim 4 for recording the divided removed by from the escrow account of the plurality of digital tokens representing said plurality of different assets to the distributed ledger. When the instruction is executed by the at least one processor, it further tells the asset trading system.
(I) for transferring the digital funds token electronically signed, then receives a transfer request with the private key associated with (ii) the first destination account,
In response to receiving the transfer request
Transfer the digital fund token from the first destination account to the second destination account.
Asset transactions system according to claim 1 for recording the transferred the digital funds token to the distributed ledger. The asset trading system according to claim 1, wherein the fund is one of an exchange-traded fund, a mutual fund, an index fund, a public and corporate bond, a commodity fund, a currency fund, and a real estate fund. A method of creating and redeeming digital fund tokens using a decentralized ledger,
(Ii) Electronically signed with the private key associated with the first destination account, and (iii) to create a digital fund token representing at least one share of a fund with multiple different assets. shows the configuration of the at least one share of the funds, the method comprising: receiving a create request, the arrangement comprising a respective number of said plurality of different assets of said at least one share of the funds, receiving When,
In response to receiving the create request
A step of putting the quantity of each of the plurality of different assets represented by the at least one share of the fund into an escrow account.
A step of creating the digital fund token based on the quantity of each of the plurality of different assets, wherein the digital fund token is the plural in the at least one share of the fund represented by the digital fund token. By specifying the quantity of each of the different assets of the fund, the steps of creating the composition of at least one of the shares of the fund.
How and a step of recording the creation of the digital funds token to the distributed ledger. In response to receiving the creation request and before creating the digital fund token
8. The eighth aspect of claim 8 further comprises the step of receiving confirmation from the decentralized ledger that the plurality of different assets represented by said at least one share of the fund are associated with said first destination account. Method. In response to the receipt of the creation request and before creating the digital fund token
The steps to create multiple digital tokens representing the multiple different assets,
And recording the creation of the plurality of digital tokens to the distributed register,
In response to receiving the creation request and as part of the steps to create the digital fund token
A step of placing a plurality of digital tokens representing said plurality of different assets to the escrow account,
9. The method of claim 9, further comprising recording in the distributed ledger that the plurality of digital tokens representing the plurality of different assets have been placed in the escrow account. (1) In order to redeem the digital fund token representing the at least one share of the fund having the plurality of different assets, (ii) electronically sign with the private key associated with the first destination account. The steps to receive the redemption request and
In response to receiving the redemption request
The step of releasing the plurality of different assets represented by the at least one share of the fund from the escrow account.
The steps to destroy the digital fund token and
The method of claim 8, further comprising the step of recording the discard of the digital funds token to the distributed ledger. In response to receiving the redemption request and before destroying the digital fund token
Said plurality of different assets and removing a table to multiple digital token from the escrow account,
The method of claim 11, the dividing removed by from the escrow account of the plurality of digital tokens, further comprising a step of recording in the distributed register representing said plurality of different assets. (I) for transferring the digital funds token representing the at least one share of the funds with the plurality of different assets, electronically signed with the private key associated with (ii) the first destination account The step of receiving the transfer request and
In response to the step of receiving the transfer request, the step of transferring the digital fund token from the first destination account to the second destination account, and
The method of claim 8, further comprising the step of recording the transferred the digital funds token to the distributed ledger. The method according to claim 8, wherein the fund is one of an exchange-traded fund, a mutual fund, an index fund, a public and corporate bond, a commodity fund, a currency fund, and a real estate fund. A non-temporary computer-readable storage medium that, when run by one or more processors, on a machine.
(Ii) Electronically signed with the private key associated with the first destination account, and (iii) to create a digital fund token representing at least one share of a fund with multiple different assets. shows the configuration of the at least one share of the funds, to receive a request to create the configuration includes a respective number of said plurality of different assets in the at least one share of the funds,
In response to the reception of the creation request
Each quantity of each of the plurality of different assets represented by said at least one share of the fund is placed in an escrow account.
The digital fund token is created based on the quantity of each of the plurality of different assets, and the digital fund token is the plurality of different assets in the at least one share of the fund represented by the digital fund token. Specifying each said quantity indicates said composition of said at least one share of said fund, and further.
Non-transitory computer-readable storage medium containing a set of instructions to record the creation of the digital funds token distributed ledger. Wherein the instructions, when executed by the one or more processors, further to said machine,
In response to the receipt of the creation request and before creating the digital fund token
15. The non-temporary computer of claim 15, which receives confirmation from the decentralized ledger that the plurality of different assets represented by said at least one share of the fund are associated with said first destination account. Readable storage medium. Wherein the instructions, when executed by the one or more processors, further to said machine,
Before creating the digital fund token in response to receiving the creation request,
Have them create multiple digital tokens that represent the multiple different assets
The creation of the plurality of digital tokens is recorded in the distributed register,
In response to the receipt of the creation request and as part of the creation of the digital fund token
Let me put the plurality of digital token that represents the plurality of different assets in the escrow account,
Non-transitory computer readable storage medium of claim 16 for recording before Symbol distributed ledger that said plurality of digital tokens representing said plurality of different assets put into the escrow account. Wherein the instructions, when executed by the one or more processors, further to said machine,
(Ii) Electronically signed with the private key associated with the first destination account to redeem the digital fund token representing the at least one share of the fund having the plurality of different assets. Received the redemption request,
In response to the receipt of the redemption request
The plurality of different assets represented by the at least one share of the fund are released from the escrow account.
Let the digital fund token be destroyed
Non-transitory computer readable storage medium of claim 15 for recording the discards of the digital funds token to the distributed ledger. Wherein the instructions, when executed by the one or more processors, further to said machine,
In response to the receipt of the redemption request and before destroying the digital fund token
It said plurality of different asset is removed table to multiple digital token from the escrow account,
The non-temporary computer-readable storage medium of claim 18, wherein the removal of the plurality of digital tokens representing the plurality of different assets from the escrow account is recorded in the distributed ledger. The non-temporary computer-readable storage medium according to claim 15, wherein the fund is one of an exchange-traded fund, a mutual fund, an index fund, a public and corporate bond, a commodity fund, a currency fund, and a real estate fund.

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