JP2019500699A - Cryptographic multiple securities asset creation and redemption platform - Google Patents

Abstract

A creation request to create a digital fund token that represents at least one share of a fund having a plurality of different assets using a distributed ledger is (i) received and (ii) associated with a first destination account Digitally signed with a private key, and (iii) creating a digital fund token by placing multiple different assets represented by at least one share of the fund into an escrow account when showing the composition of at least one share of the fund An asset trading system that is configured to show digital fund token composition in a fund and to record the creation of digital fund tokens in a distributed ledger.

Description

Cross-reference of related applications
[0001] This application is a benefit of US Provisional Patent Application No. 62 / 273,848, filed Dec. 31, 2015, entitled "CRYPTO ETF Creation and Redemption Platform", which is incorporated herein by reference. Is an insistence.

  [0002] This application is also a US patent application No. 7 entitled "DIGITALLY ENCRYPTED CUSTODIAL REGISTRY FOR SECURITIES LENDING, BORROWING AND TRADING USING A DISTRIBUTED LEDGER", filed May 1, 2015, 62 US Provisional Application No. 62/246, entitled “DIGITALLY ENCRYPTED CUSTODIAL REGISTRY FOR SECURITIES LENDING, BORROWING AND TRADING USING A DISTRIBUTED LEDGER”, filed Oct. 27, 2015; April 28th US Patent Application No. 15 / 141,582, entitled “DIGITALLY ENCRYPTED SECURITES PLATFORM, ALONG WITH METHODS AND SYSTEMS FOR THE SAME”, all of which are incorporated herein by reference. It is done.

  [0003] Various embodiments of the present disclosure generally relate to transactions. More particularly, the various embodiments of the present disclosure can be described as listed investment trusts (“ETFs”), mutual funds, index funds, open-end funds, closed-end using distributed and cryptographic (“crypto”) techniques. Fund, High Yield Fund, Corporate Bond Fund, Municipal Bond Fund, Government Bond Fund, Public Bond Fund, Financial Market Fund, Balance Fund, Equity Fund, Fixed Income Fund, Global Fund, International Fund, Specialty Fund, Index Fund, Commodity Fund, Currency Fund, And / or systems and methods for creating, redeeming, and trading multiple securities assets, such as various types of funds including, but not limited to, real estate funds.

  [0004] The adoption of cryptocurrencies (such as bitcoin), which has increased in recent years around the world, presents challenges for existing trading systems. For example, market data and ownership data are stored differently. In addition, existing trading systems use pre-trade communication and execution protocols that are not compatible with trading systems that trade cryptocurrencies.

  [0005] The present disclosure overcomes these 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 creation request to create a digital fund token representing at least one share of a fund having a plurality of different assets using a distributed ledger is received (ii) and (ii) a first destination account Digitally signed with a private key associated with the account, and (iii) when presenting the composition of at least one share of the fund, put a plurality of different assets represented by the at least one share of the fund into an escrow account, An asset trading system configured to create tokens, where the digital fund token indicates the share structure of the fund and is further configured to record the creation of digital fund tokens in a distributed ledger.

  [0007] The disclosed embodiments of the present invention will be described and explained with reference to the accompanying drawings, in which:

[0008] FIG. 2 illustrates an example network-based operating environment in accordance with various embodiments of the present disclosure. [0009] FIG. 2 illustrates a set of components of a crypto fund creation and redemption platform according to various embodiments of the present disclosure. [0010] FIG. 4 illustrates a process for directly creating a crypto fund share in accordance with various embodiments of the present disclosure. [0011] FIG. 5 is a flow diagram illustrating a process for creating a crypto fund share directly in accordance with one or more embodiments of the present disclosure. [0012] FIG. 6 illustrates a process for directly redeeming crypto fund shares according to various embodiments of the present disclosure. [0013] FIG. 5 is a flow diagram illustrating a process for directly redeeming a crypto fund share according to one or more embodiments of the present disclosure. [0014] FIG. 6 illustrates a process for indirectly creating a crypto fund share in accordance with various embodiments of the present disclosure. [0015] FIG. 5 is a flow diagram illustrating a process for indirectly creating a crypto fund share in accordance with one or more embodiments of the present disclosure. [0016] FIG. 6 illustrates a process for indirectly redeeming crypto fund shares in accordance with various embodiments of the present disclosure. [0017] FIG. 6 is a flow diagram illustrating a process for indirectly redeeming crypto fund shares according to one or more embodiments of the present disclosure. [0018] FIG. 7 is a flow diagram illustrating a process for creating a crypto fund share in accordance with one or more embodiments of the present disclosure. [0019] FIG. 6 is a flow diagram illustrating a process for redeeming a crypto fund share in accordance with one or more embodiments of the present disclosure. [0020] FIG. 6 illustrates an example of a computer system in which some embodiments of the present disclosure may be used.

  [0021] Various embodiments of the present disclosure generally relate to transactions. More particularly, the various embodiments of the present disclosure include listed investment trusts (“ETFs”), mutual funds, index funds, open, using decentralized and cryptographic techniques and, in particular, cryptographic fund creation and redemption platforms. End Fund, Closed End Fund, High Yield Fund, Corporate Bond Fund, Municipal Bond Fund, Government Bond Fund, Public Bond Fund, Financial Market Fund, Balance Fund, Equity Fund, Fixed Interest Fund, Global Fund, International Fund, Specialty Fund, Index Fund, Product In 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 To.

  [0022] A mutual fund is a professionally managed investment fund that pools funds from multiple inventors and purchases a group of securities or other assets. Index funds follow specific pre-set rules (such as by tracking key indexes such as the S & P 900 Stock Index or the Dow Industry 30 Average), and the fund tracks a specific group of securities and / or assets It is a mutual fund designed to be able to. An ETF is a marketable security that tracks a group of assets such as an index, commodity, public or corporate bond, or mutual fund or index fund. ETF has two levels of trading activity: primary and secondary. In the primary market, ETF-designated providers exchange public securities public groups and public cash components in exchange for ETF shares. These groups are generally very large and one creation or redemption unit is equal to a fixed number of ETF shares. The ratio varies depending on the product, but is usually 50,000 ETF share per unit. Fund managers share shares with institutional investors in large blocks (such as 50,000 shares) called creation units (such as broker dealers). Shares can be issued or redeemed from institutional investors. The creation unit transaction may be performed in exchange for depositing or delivering a specified portfolio of cash, which constitutes a substantive replication, ie, a representation, of the securities included in the cash and / or ETF benchmark index. In general, individual shares of ETFs may only be purchased and sold through brokeragers at market prices and on national securities exchanges, electronic crossing networks, or other alternative trading systems. 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 creation, and (2) ETF share cash creation. In an exemplary embodiment of ETF share physical creation, a basket / group of securities is exchanged for a block of ETF shares ("creation unit"), and the ability to create / redeem ETF shares is always a promising feature. As welcomed. In an exemplary embodiment of ETF share cashing, a market maker (MM) or designated provider (AP) cannot trade a specific ETF component for delivery to the originator, and a cash equivalent to the originator Is 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 consist of individual securities. Current systems do 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 multiple securities shares (such as ETFs, mutual funds, index funds, etc.) can be created and redeemed using the crypto trading system described herein.

  [0024] The disclosed embodiments of the present invention provide a method and system for fund creation and redemption using a crypto fund creation and redemption platform. Cryptographic Fund Creation and Redemption Platform uses a distributed ledger / cryptographic ledger (such as a blockchain) to (1) create a crypto fund share (referred to herein as a “digital fund token”) A digital representation of the securities used (referred to herein as “digital tokens”), and (2) funds (referred to herein as “digital fund tokens”) and / or other multiple securities shares. Document and verify the ownership and availability of the digital representation of itself. Digital tokens and digital fund tokens are associated with various digital accounts called destination accounts or wallets. A distributed ledger records changes in ownership of digital tokens and digital fund tokens from one digital account to another.

  [0025] The manner in which a digital fund token can be created and redeemed includes (1) creating and redeeming the digital fund token directly based on multiple underlying securities and / or other assets stored in an escrow-type account; And (2) indirectly create and redeem digital fund tokens by digitalizing 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 based on the underlying securities stored in the escrow-type account. In these second types of exemplary embodiments, the digital fund token may be redeemed directly against the underlying securities stored in the escrow-type account. In a second type of exemplary embodiment, individual securities and / or other asset digital tokens are created for the securities initially stored in the escrow-type account, and then based on the individual securities digital tokens. A digital fund token is created. In these second types of exemplary embodiments, the digital fund token is redeemed first for the digital token of the individual security, but then the digital token of the individual security is redeemed for the individual underlying security .

  [0026] In an exemplary embodiment, cache creation may be necessary when in-kind creation is difficult. There may be friction that makes it difficult to create and redeem the product. Primary market liquidity depends on the ability of a designated provider (AP) to transact in a basket / group of securities. In certain cases, this may be difficult or nearly impossible, such as ETF tracking non-US benchmark indexes, when the securities that make up are restricted from foreign ownership or when currency transaction taxes are significant. Is possible. Creating a ETF share cache is a workaround. In addition, for leveraged ETFs where leverage is acquired through the use of gross yield swaps, cash creation is the only option because fund ownership is an over-the-counter financial derivative contract. Unfortunately, ETF share cashing will result in a significant difference in net asset value (NAV) between the ETF share and the underlying stock, allowing a large amount of cash creation orders before the market closes. Can lead to serious technical problems. When the target index is suspended at the end of the trading day and the market slightly increases, when the fund contains a substantial amount of cash, In the case where cash is included and the stock price is traded and the cash itself does not increase even if the price rises suddenly, the increase in funds can be much smaller.

  [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 the component assets, but does not allow cash creation, the digital token may be substituted for the missing component, Represents the component share held in escrow (or some other isolated form). The illiquidity can be caused by a number of factors, including closed overseas markets, temporary suspension of trade, and ownership restrictions. Second, in the case of ETFs that allow cash creation but the trading of the underlying component shares is suspended, the digital token can represent some or all of the individual component shares, and the net asset value (NAV) To be able to trade in the secondary market to avoid huge gaps.

  [0028] Thus, the systems and methods described herein (1) increase liquidity, transparency, efficiency, and accountability, and (2) reduce the investor risk of ETF general investors And (3) address issues related to ETFs by reducing market / systemic risks due to ETF liquidity issues. In addition, the systems and methods described herein provide for double payment and long settlement transaction times by using a distributed ledger and digital fund token to track transactions of funds or other multiple securities assets. Address issues related to funds and other multiple securities assets in general.

  [0029] As described above, in the 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 bill exchange association bank, fund manager, or other authoritative institution creates a digital fund token on behalf of a non-digital securities owner, Can be associated with a fund manager's digital account (eg, 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 for any purpose other than as collateral to ensure that the created digital fund token is supported by the actual underlying securities and / or assets. It is first obtained and separated into an escrow-type account, in a way that cannot be used in any way. Once the securities and / or other assets that make up the fund are segregated into escrow-type accounts, the fund manager can then invoke the creation of one or more digital fund tokens for the particular fund. In an exemplary embodiment, a single digital fund token represents a digital fund token of an escrow account and / or represents a plurality of underlying securities and / or other assets that are collateral. In an exemplary embodiment, one or more digital fund tokens are then created and their creation is recorded in a distributed ledger.

  [0030] In these embodiments where digital fund tokens are created and redeemed directly (without using intermediate digital tokens of individual securities and / or other assets), a bill exchange association to redeem crypto fund shares A bank, fund manager, or other authoritative institution can 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 bill exchange union bank, fund manager, or other authoritative institution receives a request from an investor to redeem at least one digital fund token and sends it to at least one digital fund token. Respond by transferring a portion of the corresponding actual securities and / or other assets from the escrow-type account to the owner's account and destroy the redeemed at least one digital fund token. In an exemplary embodiment, redemption and / or destruction of one or more digital fund tokens is recorded in a distributed ledger.

  [0031] As described above, in the exemplary embodiment, digital fund tokens are created and redeemed indirectly (using intermediate digital tokens for individual securities and / or other assets). In these embodiments, to create a crypto fund share, a bill exchange association bank, fund manager, or other authoritative institution first creates digital tokens for multiple individual securities and / or other assets. Then generate a digital fund token on behalf of the owner of the non-digital security by creating a digital fund token from the digital tokens of multiple individual securities and / or other assets, Can be associated with an account (eg, “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 not as collateral to ensure that the created digital tokens and digital fund tokens are supported by the actual underlying securities and / or assets. Is initially acquired and segregated into escrow-type 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 are segregated into escrow-type accounts, the fund manager can then invoke the creation of one or more digital fund tokens for the particular fund. In the exemplary embodiment, a plurality of digital tokens representing a plurality of different securities and / or other assets are created and recorded in a distributed ledger. In an exemplary embodiment, at least one digital fund token is generated based on a plurality of digital tokens and the digital token is placed in an escrow-type account. In other embodiments, if at least one digital fund token is generated based on multiple digital tokens, the digital token is discarded. In the exemplary embodiment, the digital fund token represents a plurality of digital tokens, where the underlying securities or other assets represent and / or are collateral of each of the plurality of digital tokens of the escrow-type account. In the exemplary embodiment, the creation of one or more digital fund tokens is recorded in a distributed ledger.

  [0032] In these embodiments where digital fund tokens are created and redeemed indirectly (using intermediate digital tokens of individual securities and / or other assets), bill exchanges are used to redeem crypto fund shares A union bank, fund manager, or other authoritative institution can redeem at least one digital fund token on behalf of a non-digital securities owner and destroy the digital fund token. In an exemplary embodiment, a bill exchange association bank, fund manager, or other authoritative institution receives a request from an investor to redeem at least one digital fund token, and the at least one digital fund token Respond by moving the represented digital token from the escrow-type account and destroying at least one digital fund token. In other embodiments where a digital token represented by at least one digital fund token was 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 The The actual securities and / or other assets corresponding to the digital token representing the redeemed digital fund token are then transferred from the escrow-type account to the owner's account and redeemed at least one digital fund token and redemption A digital token representing at least one digital fund token to be played is discarded if not previously made. In an exemplary embodiment, redemption and / or destruction of one or more digital fund tokens and / or digital tokens represented by digital fund tokens is recorded in a distributed ledger.

  [0033] The fund manager can create a transaction that transfers a digital token to a 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 for Securities A, 100 shares for Securities B, 40 shares for Securities 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 fund securities (ETF, mutual fund, index fund, etc.). Creation of digital fund tokens is recorded in a distributed ledger. The crypto fund creation and redemption platform can create a transaction to transfer the newly created digital fund token to the manager wallet. Once the digital fund token is associated with the manager wallet, the manager can then place a sell order to trade the digital fund token on the secondary market (eg, at the crypto exchange) on behalf of the owner.

  [0035] Embodiments of the present disclosure 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 owner of the digital fund token can make a request for redemption of the digital fund token and / or the original non-digital security to the manager that controls the manager wallet associated with the digital fund token. .

  [0036] The manager can 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 the redemption transaction request. When associated with a redemption wallet, a digital fund token may be redeemed for 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 discarded so that it no longer exists. The conversion of a digital fund token into its components may be recorded in a distributed ledger. The crypto fund creation and redemption platform can create a transaction to transfer the digital token from the redemption wallet to the manager wallet. When a digital token is associated with a manager wallet, the digital token may be redeemed for a non-digital security and provided to its owner.

  [0037] As described above, the crypto fund creation and redemption platform uses a decentralized / cryptographic ledger (such as a blockchain) to use digital funds tokens and digital fund tokens to create digital fund tokens. Document and verify token ownership and availability. Encryption 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 secret key that is not shared with the general public. The public key is used to encrypt the plain text and verify the digital signature. The private key is used to decrypt the cipher 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] Digital token and digital fund token ownership may be based on ownership entries in a distributed ledger maintained by the network node. A distributed ledger (such as a bitcoin blockchain) may record entries for each digital token and digital fund token ownership change and be mathematically linked to a key pair. For example, in order to transfer a digital fund token from one owner to another (eg, from one destination account to another), a transaction message (such as in a packet or other data structure) is transmitted over a peer-to-peer network. May be broadcast to other nodes. In the example, if a digital fund token has been transferred from the creation wallet to the manager wallet, the transaction message may be signed with the creation wallet's private key, and the history of the digital fund token and / or its component title chain, May include information such as the number of shares being transferred and the manager wallet's public key-based address. If the majority of nodes in the network agree that the sender has the proper chain of titles, ownership is changed to the owner of the creating wallet and the ledger is updated to show the transaction.

  [0039] In the following description, for the purposes of explanation, numerous specific details are set forth in order to provide a thorough understanding of embodiments of the present disclosure. However, after reading the disclosure, it will be apparent to one skilled in the art that the embodiments may be practiced without some of these specific details. In addition, although ETFs, mutual funds, and / or index funds are used as examples, the methods and systems described herein may be used with other assets or other assets that include multiple securities. Good.

  [0040] The benefits of a crypto fund creation and redemption platform include ownership transparency, ease of configuration of multiple securities assets (such as, but not limited to, any type of fund, including the funds described herein) Recognition and creation and redemption of crypto fund shares. Signing a transaction cryptographically ensures authentication, authorization, and origin.

  [0041] The techniques introduced herein may be embodied as special purpose hardware (such as a circuit), programmable circuitry suitably programmed by software and / or firmware, or a combination of special purpose and programmable circuitry. Good. Accordingly, embodiments can include a machine-readable medium having stored thereon instructions that can be used to program a computer (or other electronic device) to perform the process. Machine-readable media include, for example, floppy diskettes, optical disks, compact disk read only memory (CD-ROM), magneto-optical disks, read only memory (ROM), random access memory (RAM), erasable programmable read only memory (EPROM) Electrically erasable programmable read-only memory (EEPROM), magnetic or optical card, flash memory, or other type of media / machine-readable media suitable for storing electronic instructions.

  [0042] FIG. 1 illustrates an example of a network-based operating environment 100 in which some embodiments of the present disclosure may be used. As shown in FIG. 1, the operating environment 100 can be (mobile device, mobile phone, tablet computer, mobile media device, mobile gaming device, vehicle-based computer, dedicated terminal, public terminal, kiosk, or desktop or laptop computer Etc.) including applications 105A-105N executing 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. Or may be stored remotely.

  [0043] Computing devices 110A-110M for receiving and transmitting traffic by connecting to crypto fund creation and redemption platform 125, broker dealer 115, fund manager 130, and bill exchange union 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 platform 125, such as crypto fund creation and redemption platform 125, broker dealer 115, fund One or more applications can be run on the customized content retrieved by the manager 130 and the bill exchange association bank 135. For example, the computing devices 110A-110M each run a browser application or customized client to compute the computing device 110A-110M and the crypto fund creation and redemption platform 125, fund manager 130, bill exchange union bank 135, and broker Interaction between the dealers 115 can be enabled.

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

  [0045] Crypto fund creation and redemption platform 125 may 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 further detail below with reference to FIG. 1). ).

  [0046] In an exemplary embodiment that implements 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-type account. In an exemplary embodiment that performs indirect creation of a digital fund token, the fund creation module 215 receives a digital token that is a digital representation of a security (public bond, stock, asset, debt, currency, commodity, etc.). A digital fund token can be created from an assigned mix of digital tokens that can be placed in an associated creation wallet. A digital fund token comprises a digital token of two or more securities, but also including new securities, as it represents the share of the fund (such as an ETF, mutual fund, and / or index fund). The digital fund token may then be traded via a crypto exchange or ATS. Each transaction may be recorded in a distributed ledger, such as an encryption ledger 155.

  [0047] In an exemplary embodiment for performing a direct redemption of a digital fund token, the fund redemption module 220 releases the underlying asset from the separated escrow-type account and destroys the digital fund token, Redeem digital fund tokens directly. In an exemplary embodiment that implements the indirect creation of a digital fund token, the fund redemption module 220 redeems the digital fund token and converts the digital fund token into a digital fund token's underlying security digital token (eg, a digital representation of a security). Divide into The owner of the fund share can request such a transaction. However, the transaction may be initiated by the fund manager.

  [0048] The fund manager 130 may be a manager such as an ETF, a mutual fund, an index fund or the like. The fund manager 130 can agree to receive a security from such a security owner and initiate the process of creating one or more fund shares. In embodiments that implement indirect creation of a digital fund token, the digital token may be associated with a fund manager 130 wallet when the bill exchange association bank 135 (or other entity) digitizes the security. The fund manager 130 can transfer the digital token to the crypto fund creation and redemption platform 125 to create a digital fund token. Once the digital fund token is created and transferred to the fund manager 130 wallet, the digital fund token may be traded in one or more crypto exchanges 150 or crypto ledgers 155.

  [0049] The bill exchange association bank 135 can hold the non-digital securities in the account of the fund manager 130 and create a digital token (a digital representation of the non-digital securities). A digital token may be a one-to-one relationship of securities (such that each digital token represents one share of a security), or a digital token (such that each digital token represents 100 shares of a security) N) Can represent various quantities of securities.

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

  [0051] Network 120 and network 140 may be the same network, or may be separate networks, for local and / or wide area networks that use wired and / or wireless communication systems. Any combination may be used. Network 120 or network 140 can be Ethernet, IEEE 802.11 or Wi-Fi, Worldwide Interoperability for Microwave Access (WiMAX), (3G, 4G, 5G, etc.) cellular communications, CDMA, cable, digital subscriber line (DSL), etc. Any one or more of the protocols / technologies may be used, or one or more of them may be used. Similarly, networking protocols used in network 120 and network 140 are Multiprotocol 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 technologies, languages, and / or formats, including hypertext markup language (HTML) or extensible 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] ATS 145 is a non-exchange trading system that finds the other party of a transaction by matching sellers and buyers. ATS 145 is an alternative to traditional stock exchanges. Examples of ATS 145 include private communication systems (ECN), crossing networks, dark pools, and call markets. The ATS 145 receives a digitally signed order, such as a FIX order, finds a potential sell / buy order that matches a digital asset transaction, and includes an order book status that records the status of the order.

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

  [0054] The cryptographic ledger 155 is a distributed ledger that records economic transactions, such as the creation of a digital fund token from two or more digital tokens or the sale of digital transaction items at a fund exchange. The encryption ledger 155 is different for each unit. For example, Bitcoin uses a distributed public ledger called a block chain. If the crypto ledger 155 receives a transaction signed with the proper key from the crypto fund creation and redemption platform 125, and the transaction is verified by the network node, the crypto ledger 155 is responsible for the transaction (such as adding a blockchain to the ledger). By moving the asset to the correct destination account (manager wallet, creation wallet, redemption wallet, customer wallet, commit wallet, etc.).

  [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 an encryption ledger 155. The data store may be a data repository of an integrated set of objects that are modeled using the types defined in the database schema. The data store can further include a flat file that can store data. The crypto fund creation and redemption platform 125 and / or other servers can collect and / or access data from the data store.

  [0056] FIG. 2 is a diagram illustrating a set of components within a cryptographic creation and redemption platform 125 in accordance with one or more embodiments of the present disclosure. According to the embodiment shown in FIG. 2, the crypto creation and redemption platform 125 may include a memory 205, one or more processors 210, a fund creation module 215, and a fund redemption module 220. Other embodiments may include some, all, or none of these modules and components, along with other modules, applications, and / or 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 fund redemption module 220 may be combined into a single component.

  [0057] The 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 be or include any type of volatile memory, non-volatile memory, and / or dynamic memory, for example. For example, the memory 205 may be random access memory, memory storage device, optical memory device, magnetic media, floppy disk, magnetic tape, hard drive, erasable programmable read only memory (EPROM), electrically erasable programmable read only memory (EEPROM). , A compact disc, a DVD, and / or the like. According to some embodiments, the memory 205 includes one or more disk drives, flash drives, one or more databases, one or more tables, one or more files, a local cache memory, a processor Cache memory, relational databases, flat databases, and / or the like can be included. In addition, those skilled in the art will appreciate many additional devices and techniques for storing information that may be used as memory 205.

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

  [0059] In an exemplary embodiment that performs indirect creation of a digital fund token, the fund creation module 215 may receive the digital token in a creation wallet. The creation wallet may be controlled by the crypto fund creation and redemption platform 125. The digital token may have been created by the bill exchange association bank 135 and placed in a manager wallet controlled by the fund manager 130. Each manager wallet and creation wallet may have an associated key pair, each key pair including one private key and one public key. The two parts of each key pair are mathematically linked.

  [0060] In an exemplary embodiment that performs indirect creation of a digital fund token, the transaction of transferring a digital token from a manager wallet to the creation wallet includes the configuration of each fund share, the digital token, and the creation wallet's public key Or it can include an indication of an address. The transaction may be signed with the manager wallet's private key 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 tokens.

  [0061] Once 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 secret key of the creation wallet.

  [0062] Transactions that transfer digital tokens to a creation wallet, transactions that create digital fund tokens, and transactions that transfer digital fund tokens to a manager wallet may be recorded in a distributed ledger and are owned by the digital fund token. And allows transparency in composition.

  [0063] Fund redemption module 220 may receive a redemption transaction request from a manager. The redemption transaction request may 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 on how to redeem a digital security from information regarding a digital fund token or digital fund token configuration is included in the redemption transaction request. The redemption transaction request may be signed by the manager wallet private key.

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

  [0065] FIG. 3 illustrates a process for creating a crypto fund share directly from an underlying asset. The security owner sends the non-digital security to the fund manager upon request (302). A security may include different types of stocks, commodities, government bonds, or other transaction items in different quantities (such as 10,000 shares for Securities A, 500 shares for Securities B, etc.). The fund manager may agree to create a fund share and request the manager bill exchange association bank to create a digital representation of the security (304). Such an agreement and request allows the manager's bill exchange association bank to hold the non-digital securities in an account owned by the manager (306). The manager may request 308 creation of a digital representation (eg, a digital fund token) of at least one fund. The fund creation module may create at least one digital fund token (310) or create another digital representation of the multiple securities asset.

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

  [0067] FIG. 4 is a flow diagram illustrating a process 400 for directly creating a crypto fund share. Receive operation 402 places the underlying security into an escrow. A create operation 404 creates a digital fund token (eg, crypto fund share). Digital fund tokens may be traded via a crypto exchange or ATS. A record operation 406 records the creation of a digital fund token in a distributed ledger. In an exemplary embodiment, the further create operation creates a transaction to transfer the digital fund token to the manager's digital account. The transfer may be accomplished when the transaction that moves the digital fund token is signed with the digitally created account's private key and the network node of the distributed ledger agrees to the ownership history.

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

  [0069] FIG. 6 is a flow diagram illustrating a process 600 for directly redeeming crypto fund shares. In receive operation 602, the redemption request may be received at a redemption wallet. The redemption request can transfer a digital fund token (eg, crypto fund share) to a redemption wallet and can further include instructions on how to redeem the underlying security. The redemption operation 604 can redeem the underlying securities constituting the digital fund token in exchange for the digital fund token. A create operation 606 can create a transaction to release the underlying security from the escrow. The transfer may be accomplished when the transaction that moves the digital token is signed with the digitally created account's private key and the network node of the distributed ledger agrees to the ownership history. A destroy operation 608 can destroy the digital fund token once the digital fund token is redeemed.

  [0070] FIG. 7 illustrates a process for indirectly creating a crypto fund share. The security owner sends the non-digital security to the fund manager upon request (702). A security may include different types of stocks, commodities, government bonds, or other transaction items in different quantities (such as 10,000 shares for Securities A, 500 shares for Securities B, etc.). The fund manager may agree to create a fund share and request the manager's bill exchange association bank to create a digital representation of the security (704). Such an agreement and request allows the manager's bill exchange association bank to keep the non-digital securities in an account owned by the manager (706). The manager can request 708 the creation of a digital representation (eg, digital token) of the security. The manager bill exchange union bank can create a digital token (710). A digital representation of a security may be a digital token, each digital token representing one or more shares of a particular security. Once created, the digital token containing the ownership history is recorded in the distributed ledger (712). The manager bill exchange association bank may 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 a create wallet (eg, a second destination account), where the digital token is committed to the fund (716). The transaction may include an indication of the digital token, the public key and address of the creation wallet, and the configuration of the fund share, and the transaction may be signed with the manager wallet's private key. After the distributed ledger network node verifies the transaction by examining the ownership history and verifies that the transaction is signed by the manager wallet private key, 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 verifies that the digital token is associated with the manager wallet by using the manager wallet's public key to verify ownership recorded in the distributed ledger. Can be verified.

  [0072] Next, the crypto fund creation module may create a digital fund token comprised of the specified type and quantity of digital tokens (720). Thus, each digital fund token represents a share of the fund (ETF, mutual fund, index fund, etc.). For example, a digital fund token may include 50 digital tokens representing 50 shares of securities A and 100 digital tokens representing 200 shares of securities B. Creation of a digital fund token from a digital token is recorded in a distributed 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 may include a digital fund token, a manager wallet public address or key, a description of the digital fund token, and / or transaction information. The transaction may be signed with the secret key of the creation wallet. The digital fund token is transferred after the network node of the distributed ledger verifies the ownership of the digital fund token and the signature of the created wallet (726). In some embodiments, prior to the transaction, the manager associates the digital token with the creation wallet by examining the ownership recorded in the distributed ledger using the creation wallet's public key. Can be verified. The manager wallet can hold the digital fund token (728) or place a sell order to sell the digital fund token in the secondary market (such as a crypto exchange or other ATS) at the request of the owner (730). In some embodiments, the digital fund token may be sold.

  [0074] FIG. 8 is a flow diagram illustrating a process 800 for indirectly creating a crypto fund share. Receive operation 802 receives a 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 a digital token is received in the creation wallet, additional information regarding the composition of the fund shares may also be received, including the quantity and type of securities with each fund share. A create operation 804 creates a digital fund token (eg, a crypto fund share) by combining the digital tokens according to the assigned configuration. Digital fund tokens may be traded via a crypto exchange or ATS. A create operation 806 creates a transaction to transfer the digital fund token to the manager's digital account. The transfer may be accomplished when the transaction that moves the digital fund token is signed with the digitally created account's private key and the network node of the distributed ledger agrees to the ownership history.

  [0075] FIG. 9 illustrates a process for indirectly redeeming crypto fund shares. Crypto fund shares (eg, digital fund tokens) are traded in the secondary market. The manager can purchase the digital fund token (902) by placing a buy order for the digital fund token (on behalf of the customer or like the fund itself). When a digital fund token is purchased by or held by a manager, the crypto exchange system transfers the digital fund token to the manager's wallet (eg, a fourth destination account), such transfer being distributed It is recorded in the ledger (904). The manager can create a transaction to redeem individual digital securities (eg, digital tokens) from the digital fund token (906). The redemption transaction request may include a digital fund token, a redemption wallet public address (eg, a third destination account), and an instruction to complete the redemption transaction. The redemption transaction request may be signed with the manager wallet 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 distributed 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] Next, the crypto fund redemption module 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 comprised of fund shares. (910). Redemption transactions may be recorded in the distributed ledger, so there is a history of when the digital token was redeemed from the digital fund token, including ownership history (912). The crypto fund redemption module may create a transaction to transfer the digital token to the manager wallet (914). Such transactions may include a digital token, a manager wallet public key, and a notification that the digital token fund has been redeemed for the digital security. The transaction may be signed with the private key of the redemption wallet. Once the network node verifies 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 the digital security enters the manager's wallet or in response to a request from the manager, the manager may request redemption of the non-digital security (918). The manager's bill exchange association bank can query the distributed 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 bill exchange union bank can redeem the non-digital securities (924) and transfer the non-digital securities to the manager ( 926). When the non-digital security is redeemed and transferred, at least one digital fund token is discarded (928) and the destruction is recorded in the distributed 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 security owner can collect the security in his inventory (936).

  [0078] FIG. 10 is a flow diagram illustrating a process 1000 for redeeming crypto fund shares. In receive operation 1002, the redemption request may be received at a redemption wallet. The redemption request can transfer a digital fund token (eg, a crypto fund share) to a redemption wallet and can further include instructions on how to redeem the digital tokens that make up the digital fund token. Redemption operation 1004 can redeem digital securities that make up a digital fund token in exchange for a digital fund token. A create operation 1006 can create a transaction for transferring a digital token to a manager wallet. The transfer may be accomplished when the transaction that moves the digital token is signed with the digitally created account's private key and the network node of the distributed ledger agrees to the ownership history.

  [0079] FIG. 11 is a flow diagram illustrating a process 1100 for creating a multiple securities asset share. Generate 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 may include an indication of the configuration of the exchanged fund share (or other multiple securities asset). A signing operation 1104 electronically signs the first transaction. A create operation 1106 creates a digital fund token using the digital representation of the security, such that each digital fund token consists of a composition of exchanged fund shares (or other multiple asset assets). A communication operation 1108 communicates the creation of a digital fund token instead of a digital representation of a security to the distributed ledger. Generate 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 diagram illustrating a process 1200 for redeeming multiple securities asset shares. Generate 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. A signing operation 1204 electronically signs the first transaction with the private key of the first destination account. Redemption operation 1206 redeems a digital representation of a security from a digital fund token. A communication operation 1208 communicates redemption of a digital representation of a security instead of a digital fund token. A generate operation 1210 generates a second transaction for transferring the digital representation of the security from the second destination account to the first destination account. A 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. Various of these steps and operations may be performed by hardware components or may be embodied in machine-executable instructions and are used to cause a general purpose or special purpose processor programmed with the instructions to perform the steps. May be. 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 embodiments of the present disclosure may be used. In accordance with examples of the present invention, computer system 1300 includes an interconnect 1310, at least one processor 1320, at least one communication port 1330, main memory 1340, removable storage media 1350, read-only memory 1360, and mass storage device. 1370.

  [0082] The processor 1320 may be any known processor. The communication port 1330 may be or include, for example, either an RS-232 port used for 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 is connected.

  [0083] Main memory 1340 may be random access memory (RAM), or any other dynamic storage device generally known in the art. 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 of processor 1320.

  [0084] Mass storage device 1370 may be used to store information and instructions. For example, a hard disk such as the Adaptec® family of SCSI drives, an optical disk, an array of disks such as RAID, such as the Adaptec family of RAID drives, or any other mass storage device may be used.

  [0085] Interconnect 1310 may be or may include one or more buses, bridges, controllers, adapters, and / or point-to-point connections. Interconnect 1310 communicatively couples 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] Removable storage media 1350 includes an external hard drive, floppy drive, compact disc-read only memory (CD-ROM), compact disc-rewritable (CD-RW), digital video disc-read only memory (DVD-). ROM).

[0087] The components described above are intended to illustrate some types of possibilities. The foregoing examples are merely exemplary embodiments and are not intended to limit the present disclosure in any way.
the term
[0088] A brief definition of terms, abbreviations, and phrases used throughout the specification is set forth below.

  [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 couplings. . Thus, for example, two devices may be coupled directly 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 do not share any physical connection with each other. Based on the disclosure provided herein, one of ordinary skill in the art will appreciate the various ways in which a connection or coupling according to the foregoing definitions exists.

  [0090] The phrases "in some emblems", "according to some emblems", "in the emblems shown", "in some emblems" In particular, “in other embodiments”, “embodiments” and the like generally include a particular feature, structure, or characteristic following the phrase is included in at least one embodiment of the present disclosure. Means that it may be included in more than one embodiment of the present disclosure. In addition, such phrases are not necessarily referring to the same embodiment or different embodiments.

  [0091] A component or feature may be “may”, “can”, “could”, or “may have” a property or characteristic As the specification states, the particular component or feature need not be included or have characteristics.

[0092] The term "responsive" includes fully 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 use a specified input to produce useful data or other output. 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 that can exchange information. The network can be as small as several personal computers on a local area network (LAN), or it can be as large as the Internet, a worldwide network of computers. As used herein, “network” is intended to include any network that can transmit information from one entity to another. In some cases, the network is a plurality of 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 switched telephone networks. (PSTN), etc., may consist of multiple heterogeneous networks interconnected via a gateway operable to facilitate communication between various networks.

  [0095] Also, for purposes of explanation, various embodiments of the present disclosure have been described herein in the context of computer programs, physical components, and logical interactions within modern computer networks. Importantly, while these embodiments describe various embodiments of the present disclosure in the context of modern computer networks and programs, the methods and apparatus described herein are known to those skilled in the art. As will be appreciated, other systems, devices, and networks are equally applicable. As such, the illustrated applications of the disclosed embodiments of the present invention are not intended to be limiting, but 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 computing devices and systems. More specifically, the embodiments are applicable to communication systems, services, and devices such as mobile phone networks and compatible devices. In addition, the embodiments are applicable to all levels of computing from personal computers to large network mainframes and servers.

[0096] In conclusion, the present disclosure provides state-of-the-art systems, methods, and arrangements for creating, redeeming, and trading multiple securities assets. Although a detailed description of one or more embodiments of the present disclosure has been given above, various alternatives, modifications, and equivalents will be apparent to those skilled in the art without departing from the spirit of the disclosure. Become. For example, although the embodiments described above refer to particular features, the scope of the present disclosure also includes embodiments having different combinations of features and embodiments that do not include all of the described features. . Accordingly, the scope of the disclosure of the present invention is intended to embrace all such alternatives, modifications and variations as if included in the scope of the claims, along with all equivalents thereof. Therefore, the above description should not be construed as limiting.
Example embodiment
[0097] Example 1 includes an asset trading system that uses a distributed ledger, the asset trading system being at least one processor and at least one computer-readable storage medium storing instructions, the at least one processor When executed by the asset trading system, a creation request to create a digital fund token representing at least one share of a fund having a plurality of different assets is received (ii) and (ii) a first destination (Iii) when electronically signed with the private key associated with the account and indicating the composition of at least one share of the fund, causing a plurality of different assets represented by the at least one share of the fund to be placed in the escrow account; Create a digital fund token, digital fund talk Represents the share of construction funds, further comprising at least one computer-readable storage medium storing instructions to record the creation of digital funds token distributed ledger.

  [0098] Example 2 includes the asset trading system of Example 1, wherein the instructions further execute at least one share of a fund having a plurality of different assets when executed by at least one processor. A creation request to create a digital fund token representing (i) received, (ii) electronically signed with a 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 distributed 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 instructions are executed by at least one processor, the asset trading system further includes a fund having a plurality of different assets. A creation request to create a digital fund token representing at least one share is (i) received, (ii) electronically signed with a private key associated with the first destination account, and (iii) the fund's When showing the composition of at least one share, before creating a digital fund token, make multiple digital tokens representing multiple different assets and record the creation of multiple digital tokens in a distributed ledger. As part of the creation of multiple digital tokens representing multiple different assets into escrow state It is allowed to record the escrow state of a plurality of digital tokens that represent a plurality of different assets distributed ledger.

  [0100] Example 4 includes the asset trading system of any of Examples 1-3, wherein when the instructions are executed by at least one processor, the asset trading system further includes 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 a private key associated with the first destination account, at least the fund's A plurality of different assets represented by one share are released from the escrow account, the digital fund token is destroyed, and the destruction of the digital fund token is recorded in the distributed ledger.

  [0101] Example 5 includes the asset trading system of Example 4, wherein the instructions further execute at least one share of a fund having a plurality of different assets when executed by at least one processor. If a redemption request to redeem a representing 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 Removing a plurality of digital tokens representing a plurality of different assets from the escrow state and recording the removal of the plurality of digital tokens representing a plurality of different assets in the distributed ledger.

  [0102] Example 6 includes the asset trading system of any of Examples 1-5, wherein when the instructions are executed by at least one processor, the asset trading system further includes a fund having a plurality of different assets. 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 a 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 distributed ledger.

  [0103] Example 7 includes the asset trading system of any of Examples 1-6, wherein the fund is a listed investment trust, mutual fund, index fund, public corporation bond, commodity fund, currency fund, and real estate fund. One.

  [0104] Example 8 includes a method for creating and redeeming a digital fund token using a distributed ledger, the method creating a digital fund token representing at least one share of a fund having a plurality of different assets. When a creation request for (i) is received, (ii) electronically signed with a private key associated with the first destination account, and (iii) indicates the configuration of at least one share of the fund, Placing a plurality of different assets represented by at least one share into an escrow account, creating a digital fund token, wherein the digital fund token indicates the structure of the share of the fund, and creating a digital fund token Recording in a distributed ledger.

  [0105] Example 9 includes the method of Example 8, wherein the method (i) receives a creation request to create a digital fund token representing at least one share of a fund having a plurality of different assets. (Ii) electronically signed with a private key associated with the first destination account and (iii) at least one of the funds prior to creating a digital fund token when indicating the configuration of at least one share of the fund The method further comprises 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, wherein the method (i) receives a creation request to create a digital fund token representing at least one share of a fund having a plurality of different assets. , (Ii) electronically signed with a private key associated with the first destination account, and (iii) a plurality of different assets prior to creating a digital fund token when indicating the configuration of at least one share of the fund A plurality of digital tokens representing the different assets as a part of the step of creating the digital fund tokens A digital token into the escrow state and multiple digital tokens representing different assets Further comprising the step of recording the token escrow state to distributed ledger.

  [0107] Example 11 includes the method of any of Examples 8-10, wherein the method includes a redemption request to redeem a digital fund token representing at least one share of a fund having a plurality of different assets. (Ii) releasing a plurality of different assets represented by at least one share of the fund from the escrow account if received and (ii) electronically signed with a 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 distributed ledger.

  [0108] Example 12 includes the method of Example 11, where a redemption request to redeem a digital fund token representing at least one share of a fund having a plurality of different assets is received (i) (Ii) removing a plurality of digital tokens representing a plurality of different assets from the escrow state prior to destroying the digital fund token if electronically signed with a private key associated with the first destination account And recording the removal of escrow states of a plurality of digital tokens representing a plurality of different assets in a distributed ledger.

  [0109] Example 13 includes the method of any of Examples 8-12, wherein the method includes a transfer request for transferring a digital fund token representing at least one share of a fund having a plurality of different assets. Transferring the digital fund token from the first destination account to the second destination account if (i) received and (ii) electronically signed with a private key associated with the first destination account; Recording the transfer of the digital fund token in a distributed ledger.

  [0110] Example 14 includes the method of any of Examples 8-13, wherein the fund is one of a listed investment trust, a mutual fund, an index fund, a public and corporate bond, a commodity fund, a currency fund, and a real estate fund. It is.

  [0111] Example 15 includes a non-transitory computer-readable storage medium that includes a set of instructions, where the instructions, when executed by one or more processors, cause a machine to have at least a fund having a plurality of different assets. A creation request to create a digital fund token representing a share is (i) received, (ii) electronically signed with a private key associated with the first destination account, and (iii) at least the fund's When showing the composition of one share, let multiple different assets represented by at least one share of the fund be put into an escrow account, create a digital fund token, the digital fund token shows the composition of the fund's share, Record digital fund token creation in a distributed ledger.

  [0112] Example 16 includes the non-transitory computer readable storage medium of Example 15, wherein the instructions are further executed by one or more processors, further comprising at least a fund having a plurality of different assets. A creation request to create a digital fund token representing a share is (i) received, (ii) electronically signed with a private key associated with the first destination account, and (iii) at least the fund's When showing the composition of one share, before creating a digital fund token, make sure that the distributed ledger confirms that multiple different assets represented by at least one share of the fund are associated with the first destination account To receive from.

  [0113] Example 17 includes the non-transitory computer readable storage medium of Example 16, wherein the instructions are further executed by one or more processors, further comprising at least a fund having a plurality of different assets. A creation request to create a digital fund token representing a share is (i) received, (ii) electronically signed with a private key associated with the first destination account, and (iii) at least the fund's When showing the composition of a single share, before creating a digital fund token, make multiple digital tokens representing multiple different assets and record the creation of multiple digital tokens in a distributed ledger. Escrowstate multiple digital tokens representing multiple different assets as part of creation Me put to record the escrow state of a plurality of digital tokens that represent a plurality of different assets distributed ledger.

  [0114] Example 18 includes the non-transitory computer readable storage medium of any of Examples 15-17, wherein the instructions are further executed by one or more processors, further comprising a plurality of different assets. A redemption request to redeem a digital fund token representing at least one share of a fund with a (i) received and (ii) electronically signed with a private key associated with a first destination account Release a plurality of different assets represented by at least one share of the fund from the escrow account, destroy the digital fund token, and record the destruction of the digital fund token in the distributed ledger.

[0115] Example 19 includes the non-transitory computer-readable storage medium of Example 18, wherein the instructions are further executed by one or more processors, further comprising at least a fund having a plurality of different assets. 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 is Prior to destruction, have multiple digital tokens representing multiple different assets removed from the escrow state, and the removal of multiple digital tokens representing multiple different assets recorded in a distributed ledger
[0116] Example 20 includes the non-transitory computer readable storage media of Examples 15-19, wherein the fund is a listed investment trust, mutual fund, index fund, public corporation bond, commodity fund, currency fund, and real estate fund It is one of.

Claims (20)

An asset trading system that uses a distributed ledger,
At least one processor;
At least one computer-readable storage medium having instructions stored thereon, wherein when executed by the at least one processor, the asset trading system includes:
A creation request to create a digital fund token representing at least one share of a fund having a plurality of different assets is (i) received and (ii) electronically with a private key associated with the first destination account When signed and (iii) indicates the composition of the at least one share of the fund;
Putting the plurality of different assets represented by the at least one share of the fund into an escrow account;
Creating the digital fund token, wherein the digital fund token indicates the configuration of the share of the fund;
An asset transaction system comprising: a computer-readable storage medium storing instructions for recording the creation of the digital fund token in a distributed ledger. The instructions are further executed to the asset trading system when executed by the at least one processor.
The creation request to create the digital fund token representing the at least one share of the fund having the plurality of different assets is received (ii) and (ii) associated with the first destination account When electronically signed with the private key and (iii) indicating the configuration of the at least one share of the fund;
Prior to creating the digital fund token, a confirmation is received from the distributed ledger that the plurality of different assets represented by the at least one share of the fund are associated with the first destination account The asset transaction system according to claim 1. The instructions are further executed to the asset trading system when executed by the at least one processor.
The creation request to create the digital fund token representing the at least one share of the fund having the plurality of different assets is received (ii) and (ii) associated with the first destination account When electronically signed with the private key and (iii) indicating the configuration of the at least one share of the fund;
Before creating the digital fund token,
Creating a plurality of digital tokens representing the plurality of different assets;
Recording the creation of the plurality of digital tokens in the distributed ledger;
As part of creating the digital fund token,
Causing the plurality of digital tokens representing the plurality of different assets to enter an escrow state;
The asset transaction system according to claim 1, wherein the escrow state of the plurality of digital tokens representing the plurality of different assets is recorded in the distributed ledger. The instructions are further executed to the asset trading system when executed by the at least one processor.
A redemption request to redeem the digital fund token representing the at least one share of the fund having the plurality of different assets is received (ii) and (ii) associated with the first destination account When electronically signed with a private key:
Releasing the plurality of different assets represented by the at least one share of the fund from the escrow account;
Destroy the digital fund token,
The asset transaction system according to claim 1, wherein the destruction of the digital fund token is recorded in the distributed ledger. The instructions are further executed to the asset trading system when executed by the at least one processor.
The redemption request to redeem the digital fund token representing the at least one share of the fund having the plurality of different assets is received (ii) and (ii) associated with the first destination account When electronically signed with the private key:
Before destroying the digital fund token,
Removing the plurality of digital tokens representing the plurality of different assets from the escrow state;
The asset transaction system according to claim 4, wherein the removal of the escrow state of the plurality of digital tokens representing the plurality of different assets is recorded in the distributed ledger. The instructions are further executed to the asset trading system when executed by the at least one processor.
A transfer request to transfer the digital fund token representing the at least one share of the fund having the plurality of different assets is received (ii) and (ii) a secret associated with the first destination account When signed electronically with a key,
Transferring the digital fund token from the first destination account to a second destination account;
The asset transaction system according to claim 1, wherein the transfer of the digital fund token is recorded in the distributed ledger.   The asset trading system according to claim 1, wherein the fund is one of a listed investment trust, a mutual fund, an index fund, a public and corporate bond, a commodity fund, a currency fund, and a real estate fund. A method for creating and redeeming a digital fund token using a distributed ledger, comprising:
A creation request to create a digital fund token representing at least one share of a fund having a plurality of different assets is (i) received and (ii) electronically with a private key associated with the first destination account When signed and (iii) indicates the composition of the at least one share of the fund;
Putting the plurality of different assets represented by the at least one share of the fund into an escrow account;
Creating the digital fund token, the digital fund token indicating the configuration of the share of the fund;
Recording the creation of the digital fund token in the distributed ledger. The creation request to create the digital fund token representing the at least one share of the fund having the plurality of different assets is received (ii) and (ii) associated with the first destination account When electronically signed with the private key and (iii) indicating the configuration of the at least one share of the fund;
Prior to creating the digital fund token, a confirmation is received from the distributed ledger that the plurality of different assets represented by the at least one share of the fund are associated with the first destination account. The method of claim 8, further comprising a step. The creation request to create the digital fund token representing the at least one share of the fund having the plurality of different assets is received (ii) and (ii) associated with the first destination account When electronically signed with the private key and (iii) indicating the configuration of the at least one share of the fund;
Before creating the digital fund token,
Creating a plurality of digital tokens representing the plurality of different assets;
Recording the creation of the plurality of digital tokens in the distributed ledger,
As part of creating the digital fund token,
Putting the plurality of digital tokens representing the plurality of different assets into an escrow state;
10. The method of claim 9, further comprising: recording the escrow state of the plurality of digital tokens representing the plurality of different assets in the distributed ledger. A redemption request to redeem the digital fund token representing the at least one share of the fund having the plurality of different assets is received (ii) and (ii) associated with the first destination account When electronically signed with a private key:
Releasing the plurality of different assets represented by the at least one share of the fund from the escrow account;
Destroying the digital fund token;
9. The method of claim 8, further comprising: recording the destruction of the digital fund token in the distributed ledger. The redemption request to redeem the digital fund token representing the at least one share of the fund having the plurality of different assets is received (ii) and (ii) associated with the first destination account When electronically signed with the private key:
Before destroying the digital fund token,
Removing the plurality of digital tokens representing the plurality of different assets from the escrow state;
12. The method of claim 11, further comprising: recording the removal of the escrow state of the plurality of digital tokens representing the plurality of different assets in the distributed ledger. A transfer request to transfer the digital fund token representing the at least one share of the fund having the plurality of different assets is received (ii) and (ii) a secret associated with the first destination account When signed electronically with a key,
Transferring the digital fund token from the first destination account to a second destination account;
9. The method of claim 8, further comprising: recording the transfer of the digital fund token in the distributed ledger.   9. The method of claim 8, wherein the fund is one of a listed investment trust, a mutual fund, an index fund, a public and corporate bond, a commodity fund, a currency fund, and a real estate fund. A non-transitory computer readable storage medium that, when executed by one or more processors,
A creation request to create a digital fund token representing at least one share of a fund having a plurality of different assets is (i) received and (ii) electronically with a private key associated with the first destination account When signed and (iii) indicates the composition of the at least one share of the fund;
Putting the plurality of different assets represented by the at least one share of the fund into an escrow account;
Creating the digital fund token, wherein the digital fund token indicates the configuration of the share of the fund;
A non-transitory computer readable storage medium comprising a set of instructions that causes the creation of the digital fund token to be recorded in a distributed ledger. When the instructions are executed by one or more processors, the machine further includes:
The creation request to create the digital fund token representing the at least one share of the fund having the plurality of different assets is received (ii) and (ii) associated with the first destination account When electronically signed with the private key and (iii) indicating the configuration of the at least one share of the fund;
Prior to creating the digital fund token, a confirmation is received from the distributed ledger that the plurality of different assets represented by the at least one share of the fund are associated with the first destination account The non-transitory computer readable storage medium of claim 15. When the instructions are executed by one or more processors, the machine further includes:
The creation request to create the digital fund token representing the at least one share of the fund having the plurality of different assets is received (ii) and (ii) associated with the first destination account When electronically signed with the private key and (iii) indicating the configuration of the at least one share of the fund;
Before creating the digital fund token,
Creating a plurality of digital tokens representing the plurality of different assets;
Recording the creation of the plurality of digital tokens in the distributed ledger;
As part of creating the digital fund token,
Causing the plurality of digital tokens representing the plurality of different assets to enter an escrow state;
The non-transitory computer-readable storage medium of claim 16, wherein the escrow state of the plurality of digital tokens representing the plurality of different assets is recorded in the distributed ledger. When the instructions are executed by one or more processors, the machine further includes:
A redemption request to redeem the digital fund token representing the at least one share of the fund having the plurality of different assets is received (ii) and (ii) associated with the first destination account When electronically signed with a private key:
Releasing the plurality of different assets represented by the at least one share of the fund from the escrow account;
Destroy the digital fund token,
The non-transitory computer-readable storage medium of claim 15, wherein the destruction of the digital fund token is recorded in the distributed ledger. When the instructions are executed by one or more processors, the machine further includes:
The redemption request to redeem the digital fund token representing the at least one share of the fund having the plurality of different assets is received (ii) and (ii) associated with the first destination account When electronically signed with the private key:
Before destroying the digital fund token,
Removing the plurality of digital tokens representing the plurality of different assets from the escrow state;
The non-transitory computer-readable storage medium of claim 18, wherein the removal of the escrow state of the plurality of digital tokens representing the plurality of different assets is recorded in the distributed ledger.   The non-transitory computer-readable storage medium of claim 15, wherein the fund is one of a listed investment trust, 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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