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US 2021/0201310 A1Published application
System and method for decentralized title recordation and authentication
AssigneeBitmark, Inc.
InventorsSean MOSS-PULTZ, Casey ALT, Christopher HALL, Le Quy Quoc CUONG, Yu-Chiang Frank WANG, Tzu-Yun Eddie LIN
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Abstract
A decentralized property system and method allow ownership rights to be transferred directly from one party to another without requiring a central authority to operate or secure the system. Digital signatures provide a method to issue and transfer titles (“bitmarks”) within the system. Using a blockchain algorithm, distributed consensus on asset ownership can be achieved.
Claims15
A computerized method for creating and maintaining a decentralized record of ownership rights in an asset, the method comprising:
- providing a peer-to-peer network comprising a plurality of miners, a node server, and a Stratum server;
- providing at least one user interface to a one node server, wherein the at least one user interface is configured for generating an asset record having a fingerprint comprising a hash of a digital representation of the asset, a public key of a creating client who creates the asset record, and a digital signature comprising a private key of the creating client;
- submitting the assert record to the node server to generate an entry in a public ledger by performing the steps of:
- generating at least one issue record comprising a double hash of the fingerprint, the public key of the creating client, and an owner signature comprising a hash of the digital signature of the creating client with the double hashed fingerprint and the public key of the creating client;
- entering the at least one issue record into the public ledger, wherein the public ledger comprises a crypto-currency-independent blockchain, and wherein the public ledger comprises a searchable list of assets accessible via the network;
- and
- providing public access to the public ledger via the network, wherein a query received from a requester's user interface generates a response to the requester's user interface, the response comprising at least a provenance of the asset and an identity of a current owner.
4 more elements
Dependencies are inferred from the claim text.