WO2023132762A1

WO2023132762A1 - System for trading commodities

Info

Publication number: WO2023132762A1
Application number: PCT/SA2023/050001
Authority: WO
Inventors: Sultan MOHAMMED BIN SALEH ALJASSER
Original assignee: Manassat Alsila International Company
Priority date: 2022-01-10
Filing date: 2023-01-05
Publication date: 2023-07-13

Abstract

A method (100) for converting physical commodities into digital assets, implemented through a stable medium readable by a computer with one or more computer programs to transfer the contents of data related to commercial transactions between more than one party within networks configured to provide different levels of network protection ensuring the realization of cash flow and commodities trading within the sales channel, so that the movement of the commodity is documented from the date of its commercial movement, through its trading, until reaches the final consumption stage, in a manner that achieves the possibility of measuring the price level of the commodity and the shelf life of its trading and consumption.

Description

System for trading commodities

The present invention generally relates to a computer-implemented method, system, and non- transitory computer-readable medium for transmitting data contents related to business transactions. More specifically, the present invention relates to a system, mechanism, and computer medium for converting physical commodities into digital assets, and trading them via the Internet.

It is known that the successful trading of commodities is closely related to the storage and distribution processes in what is known as the logistics process, and the difficulty of commodities trading varies according to the nature of the commodity, for example perishable commodities are more difficult to trade than non-perishable commodities. It is well known by those skilled in the art that logistical progress is related to warehousing, and also to distribution, and any deficiency in either the warehousing or distribution operations has the inevitable consequence of the stagnation of commodity trading .

The traditional logistics system relies on distributors. Distributors purchase commodities in advance and store the commodities in their own warehouse. When a certain merchant orders a certain commodity, the respective distributors sell and distribute the corresponding commodities in their own warehouse to stores using their own shipping equipment.

However, this traditional system is not without obstacles, which may be poor distribution and lack of logistical resources. Therefore, we find attempts in the previous technology to solve some of the problems of this system by improving the rate of delivery of the commercial transaction and trying to optimize the utilization of logistical resources, for example, the Chinese patent application No. Merchandise data, on the basis of which sales and trading information is generated.

The sale and trading information is validated and then sent to the end user. The end user sends a purchase order. The purchase order includes specifying the commodities data and sending the geographical location information. According to the data bank of controllable storage resources and the geographical location information sent, the first controllable warehouse information group is generated. The commodities data and the first warehouse information group are selected, the warehouses are divided according to the purchase order, and then the commodities transportation information is grouped. According to the pending purchase order

SUBSTITUTE SHEET (RULE 26) and commodities transportation information, the target warehouse and the target commodities transportation means are determined. The commodities transfer order is generated and the transfer order is sent to the target commodities carrier, so that the target commodities carrier distributes the commodities to the user to the appropriate warehouse, according to the data.

The above method solves some problems related to the inefficiency of transportation and distribution, in order to avoid the problems resulting from the lack of sufficient warehouses in the event of an increase in demand, and of course, the poor distribution of commodities and the lack of sufficient warehouses requires repackaging and re-shipment of the product to different geographical locations or different commercial channels. Often, there is additional paperwork and accounting procedures that need to be done in parallel with the decision-making and conversion process. Inevitably, some sales are lost, and some consumers become frustrated during these reallocations or redistributions.

US Patent No. 7,136,830 discloses a dynamic online order collection system that enables sellers to offer a single good or group of commodities whose availability (production and/or shipment) may be economically related in some respects to other items facilitating order grouping across related items so as to enable The ability to reach the critical mass of demand for related commodities by more efficient means, and the method of selling commodities via a distributed data processing system includes identifying the commodity using the said distributed data processing system, soliciting purchase commitments from potential buyers via said DDP, accepting conditional offers that are dependent on obtaining a predetermined minimum number of offers before accepting these Displays, using at least one visual representation of available cargo space within a standardized freight volume.

However, in light of the digital transformation that we are witnessing in recent times, there is still a need for more advanced technical methods for trading commodities, especially with regard to procedures for following up the quantities traded, and identifying and documenting the movement of the commodity from the date of its listing through its trading until its arrival to the final delivery stage, until The possibility of tracking commodities and facilitating procedures for transferring ownership is achieved without the need to move the commodities from one place to another

Recently, assets such as bonds, stocks, and the like can be converted into digital assets and traded on online platforms. However, the current traditional digital asset trading platforms do not provide sufficient flexibility in commercial transactions, as the registered assets and trading

SUBSTITUTE SHEET (RULE 26) patterns are often static and difficult to adjust dynamically, for example, the stock can only trade securities. It is not easy to trade futures contracts, or digital assets corresponding to commodities.

In view of the aforementioned technical problems, it is clear that there is still a need for a system to convert physical commodities into digital assets to facilitate the trading of commodities on the one hand, and to improve the efficiency of digital asset classification on the other hand.

Summary of the invention

The present invention relates to embodiments of a method for converting physical commodities into digital assets, a computer-implemented method, system, and non-transitory computer-readable medium with one or more computer programs chosen to convey the contents of transaction-related data. Commercial between more than one party within the networks that are equipped to provide different levels of network protection to ensure the achievement of cash flow and commodity trading between traders according to the sale system available within the sales channel (urgent sale or forward sale), so that the movement of the commodity is documented from the date of its commercial movement, through its trading , until it reaches the final consumption stage, in a way that achieves the possibility of measuring the price level of the commodity and the life span of its trading and consumption movement.

According to the current invention, the actual commodities are converted into digital assets that give their owner the direct right of action of the commodities he owns according to agreements that are signed with the concerned parties, and these digital assets derive their value from what they represent from the actual stored commodities. The system also records all transactions executed on those commodities and transfers Its ownership is between the parties, reflecting the reality of the commercial transaction, and this service is provided to multiple segments of dealers, in particular to Islamic financial institutions that wish to finance their customers through future sales of commodities; wherein the system connects all parties to the transaction within a single platform, which acts as a mediator between the parties, which facilitates the procedures for following up the traded quantities in addition to identifying and documenting the movement of the commodity from the date of its inclusion through its trading until its arrival to the final delivery stage, in a way that achieves the possibility of tracking the commodities and facilitates the procedures Transfer of ownership without the need to move the commodity from one place to another.

SUBSTITUTE SHEET (RULE 26) Brief Description of Drawings:

Figure (1): It represents a diagram of the main steps for listing and trading commodities through a digital platform that is managed through a computer, according to an example.

Figure (2): It represents a detailed diagram of the sub-steps of step (10), which includes the supplier submitting a request on the platform to list a group of commodities.

Figure (3): It represents a detailed chart of the sub-steps of step (20), which includes approving data matching by the supervisor .

Figure (4): It represents a detailed diagram of the sub-steps of step (30), which includes the contract between the platform and the supplier.

Figure (5): It represents a detailed diagram of the sub-steps of step (40), which includes offering commodities for trading on the platform

Figure (6): It represents a detailed diagram of steps (50), (60), and (70), which include details of the contract with the new owner, and options for disposing of the commodities.

Full Specification:

The figures described below are intended for illustrative purposes only and should not be construed in any way as limiting the scope of the invention. Those skilled in the technique will recognize that the principles of the present invention can be implemented in any kind of suitably arranged apparatus or system.

Some of the terms are defined as follows by what they refer to by the present invention:

Supplier: The user/person who wishes to list commodities on the platform for trading.

Supervisor : The person who carries out the process of monitoring and verifying the data, nature and quantity of commodities available at the supplier.

Owner: The person to whom a certificate of ownership of certain commodities on the platform has been issued.

Referring to Figures (1-6), a method (100) for converting physical commodities into digital assets is shown, which is implemented through a non-transitory computer-readable medium with one or more computer programs stored in it to transfer the contents of Data related to commercial transactions between more than one party within the networks that are equipped to provide different levels of network protection to ensure the achievement of cash flow and

SUBSTITUTE SHEET (RULE 26) commodity trading between traders according to the sale system available within the sales channel (urgent sale or forward sale), so that the movement of the commodity is documented from the date of its commercial movement, through its trading , until it reaches the final consumption stage, in a way that achieves the possibility of measuring the price level of the commodity and the life span of its trading and consumption movement.

According to the current invention, as shown by Figure (2), the actual commodities are converted into digital assets that give their owner the direct right of action of the commodities he owns according to agreements signed with the concerned parties, and these digital assets derive their value from what they represent from the actual stored commodities, as The system records all transactions carried out on those commodities and transfers their ownership between the parties, reflecting the reality of the commercial transaction. This service is provided to multiple segments of customers, especially to Islamic financial institutions that wish to finance their customers through future sales of commodities, as the system links all parties to the transaction within one platform, which acts as a mediator between the parties, which facilitates the procedures for following up the traded quantities in addition to determining And documenting the movement of the commodity from the date of its listing, through its trading , until its arrival to the final delivery stage, in a way that achieves the possibility of tracking the commodities and facilitates the procedures for transferring ownership without the need to move the commodity from one place to another.

Referring to Figure (1), the method of managing the process of (100) listing and trading commodities through a digital platform is illustrated by a computer, according to one of the examples of the present invention, wherein the steps (H10 - H70) represent the working mechanism as shown below :

Step (10): Submit a request to list the commodities and open an account on the platform:

As shown in Figure (2), the supplier submits an application on the platform by listing a group of commodities (11), then the supplier enters his data and identification documents (12), then enters the commodities data on the system, and papers proving his ownership of the commodities in a form Legal (13). The system checks the data and documents submitted (14). In the event that the system accepts the data entered in form (15), an account will be opened for the supplier (16). In the event that the system rejects the data entered in form (17), the supplier’s request (18) is rejected.

Step (20): Approval of data matching through the supervisor :

SUBSTITUTE SHEET (RULE 26) After opening the account for the supplier (15), a date is set by the system to send a group of supervisor s to check the commodities on site (21), as shown in Figure (3). The supervisor checks and sorts the existing commodities (22). In the event that the supervisor approves of matching the data, the supervisor confirms the quality and quantity of the commodities listed on the system (23). Commodities are marked with a set of numbers and codes (24). Commodities are priced and their value is transferred into corresponding digital assets of the same value (25). In the event that the supervisor does not agree to match the data, the supplier’ s request will be canceled (26), and his account will be closed (27).

Step (30): Contracting between the platform and the supplier:

As shown in Figure (4), upon completion of the data conformity approval, a contract is concluded between the platform and the supplier (31), to establish the secondary relationship according to which the commodities are listed for the supplier for trading on the platform, and a certificate of possession of commodities with a specific value with a specific number (32) is issued to him. . And the commodities specified in it are listed through the platform for trading (33). The actual commodities are transferred to an intermediate warehouse managed by the platform operators (34).

Step (40): Offering commodities for trading on the platform:

As shown by Figure (5), the platform displays digital assets corresponding to physical commodities with their value and quality (41). The person who wants to buy places an order on the platform to buy a specific amount of the offered commodities (42). The buyer will have options to pay through payment cards (43) or cash (44), to complete the payment process (45).

Step (50): Contracting between the new owner and the platform, and issuing a certificate of ownership to the new owner:

As shown in Figure (6), after completing the payment process (45), a contract is concluded between the platform and the new owner (51), in which it is proved that he owns the digital assets corresponding to the commodities. The digital assets corresponding to the value paid by the buyer are transferred to the buyer’s account on the platform (52), so that the ownership of the commodities is transferred from the supplier (the old owner) to the buyer (the new owner). Then he is issued a certificate of ownership with a specific number (53), according to which he can offer the digital assets for trading again, or receive the actual commodities.

SUBSTITUTE SHEET (RULE 26) The platform offers two options to the new owner, the first option is to Implementation of the delivery of commodities (60), and the second option is to offer the quantity of commodities or part of it for trading again (70).

Step (60): Executing the Delivery of Commodities:

When the Owner chooses to Implementation of the delivery of the Commodities, an authorization is issued to deliver part of the quantity of the Commodities (61a), or the entire quantity (61b), and it is delivered to the new owner, with the balance of the Certificate issued (62) reduced by the amount of the Commodities delivered to him. A shipping order is issued for the physical commodities with their codes from the intermediate warehouse to the new owner. If the entire quantity contained in the digital certificate is handed over to the new owner, the digital certificate (63) is locked.

Step (70): Offer the commodities for trading through the new owner:

When the owner chooses to offer the quantity of commodities or part of them for trading again, his commodities are offered for trading on the platform again. When another buyer becomes available, the new buyer also places an order. The process steps are repeated starting from step (5).

Although Figures 1-6 shows an example of the steps of the process of listing and trading commodities through a computerized digital platform, various changes may be made to the embodiment shown in Figures 1-6. For example, while the rendering is shown as a series of steps, the different steps in Figures 1-6 could overlap, occur in parallel, occur in a different order, or occur multiple times.

SUBSTITUTE SHEET (RULE 26)

Claims

8

Claims A method (100) for converting physical commodities into digital assets and trading them between networks, said method is implemented through a non-transitory computer-readable medium so that the movement of the commodity is documented from the date of its commercial movement origination, through its trading , until it reaches the final consumption stage;

Wherein the actual commodities are converted into digital assets that give their owner the direct right of action of the commodities he owns in accordance with agreements signed with the concerned parties;

These digital assets derive their value from the actual stored commodities they represent;

Wherein the system records all transactions executed on those commodities and transfers their ownership between the parties, reflecting the reality of the commercial transaction; wherein said method (100) includes:

Step (10): Submit a request to list the commodities and open an account on the platform system;

Step (20): Approval of data matching by the supervisor ;

Step (30): Contracting between the platform and the supplier;

Step (40): Offering commodities for trading on the platform;

Step (50): Contracting between the new owner and the platform, and issuing a certificate of ownership to the new owner;

Step (60): Implementation of the delivery of the commodities; or

Step (70): Offer the commodities for trading through the new owner;

SUBSTITUTE SHEET (RULE 26) Method (100) of converting physical commodities into digital assets and trading them between networks according to claim 1, wherein step (10) includes a set of sub-steps represented in the supplier submitting a request on the platform to include a group of commodities (11), then the supplier entering his data and identity documents (12), entering commodity data on the system, and papers proving legal ownership of the commodities (13); System checking of submitted data and documents (14); In the event that the system accepts the data entered in form (15), an account will be opened for the supplier (16); In the event that the system rejects the data entered in form (17), the supplier’s request (18) is rejected. Method (100) for converting physical commodities into digital assets and trading them between networks according to claim 1, wherein step (20) includes a set of sub-steps represented in setting an appointment by the system to send a group of supervisor s to verify the commodities on the ground (21); Wherein the supervisor checks and sorts the existing commodities (22); In the event that the supervisor approves the data matching, the supervisor confirms the quality and quantity of the commodities listed on the system (23); Commodities are marked with a set of numbers and codes (24); Commodities are priced and their value is converted into corresponding digital assets of the same value (25); In the event that the supervisor does not agree to match the data, the supplier’s request will be canceled (26), and his account will be closed (27). Method (100) of converting physical commodities into digital assets and trading them between networks according to claim 1, wherein step (30) includes a set of sub-steps represented in the contract between the platform and the supplier (31), to establish the secondary relationship according to which the commodities are listed for the supplier for trading on the platform; Issuance of a certificate of ownership of commodities of a specified value with a specific number (32); listing the specified commodities through the platform for trading (33); Transfer of physical commodities to an intermediate warehouse managed by the platform operators (34). Method (100) of converting physical commodities into digital assets and trading them between networks according to claim 1, wherein step (40) includes a set of sub-steps

SUBSTITUTE SHEET (RULE 26) 10 represented in presenting the platform with digital assets corresponding to actual commodities with their value and quality (41); Wherein the person who wishes to purchase submits an order on the platform to purchase a specific amount of the offered commodities (42); Wherein the buyer appears with options to pay through payment cards (43) or cash (44), to complete the payment process (45). Method (100) of converting physical commodities into digital assets and trading them between networks according to claim 1, wherein step (50) includes a set of sub-steps represented in making a contract between the platform and the new owner (51), in which it is proved that he owns the digital assets corresponding to the commodities; transfer of digital assets corresponding to the value paid by the Buyer to the Buyer’s account on the Platform (52), so that ownership of the Commodities is transferred from the Supplier to the Buyer; Issuing a certificate of ownership with a specific number (53), according to which he can offer digital assets for trading again, or receive actual commodities; Wherein the platform offers two options to the new owner, the first option is to Implementation of the delivery of commodities (60), and the second option is to offer the quantity of commodities or part of it for trading again (70);

Wherein, when the Owner chooses to Implementation of the delivery of the Commodities, an authorization is issued to deliver part of the quantity of the Commodities (61a), or the entire quantity (61b), and it is delivered to the new owner, with the balance of the Certificate issued (62) reduced by the amount of the Commodities delivered to him; A shipment order is issued for the actual commodities with their codes from the intermediate warehouse to the new owner; If the entire quantity contained in the digital certificate is handed over to the new owner, the digital certificate (63) is locked.

Wherein the Owner chooses to offer the quantity or part of the Commodities for trading again, his Commodities are offered for trading on the Platform again; When another buyer becomes available, the new buyer also places an order; The process steps are repeated starting from step (5).

SUBSTITUTE SHEET (RULE 26)