Item market place in blockchain environment
AssigneeGET IT FIRST, Inc.
InventorsBernhard Fritsch, Seyedmohammadreza Hashemifesharaki
Life of this patent
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Abstract
Embodiments of the present inventions include a computer system that involves a blockchain exchange, wherein an operator of the blockchain exchange lists a token that is exchangeable for value on the blockchain exchange such that a user of the blockchain exchange has the ability to obtain ownership of the token in exchange for value, the token representing and secured by a asset of independent value through a contract that automatically executes when the users purchases the tokens, wherein, when the contract executes it creates an obligation of the operator to properly store the asset and insure the asset.
Claims12
A computer method, comprising:
- receiving at a blockchain exchange from a product selling user, through an online computer connection, a smart contract adapted to automatically cause a transaction to be consummated based on pre-determined conditions from a second user being met, wherein the smart contract represents an item of independent value, in the possession of the product selling user, of limited availability that is expected to increase in value over time, the item being identified in the smart contract by a specific identifier;
- associating the smart contract with the blockchain exchange accessible through a token such that a participating user of the blockchain exchange can purchase the token, wherein the participating user can hold the token, causing the product selling user to hold the item, or cause the smart contract to automatically execute to cause ownership of the item to transfer to the participating user;
- and
- requiring the product selling user to store the item in accordance with the smart contract until the participating user, or subsequent buyer of the token from the participating user, requests to redeem the item, wherein the token is exchangeable on the blockchain exchange to the subsequent buyer until the redemption request is made;
- and
- causing an insurance policy for coverage of the value of the item to become effective upon the smart contract's first activation, as indicated when the participating user buys the token.
A computer system, comprising:
- a blockchain exchange, wherein an operator of the blockchain exchange lists a token that is exchangeable for value on the blockchain exchange such that a user of the blockchain exchange has the ability to obtain ownership of the token in exchange for value, the token representing and secured by a asset of independent value through a contract that automatically executes when the users purchases the tokens, wherein, when the contract executes it creates an obligation of the operator to properly store the asset and insure the asset.
Dependencies are inferred from the claim text.