Application US20170024818

Device, System, and Method for Transfer of Commodities
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US20170024818

1. A method, comprising: (6) (4)

(A) receiving, by a computer of a first entity, a first request from a computer of a second entity to transfer tokens from the second entity to a third entity, the tokens including data representing an ownership position of a commodity by the second entity, at least a portion of the commodity being in a physical possession of the first entity;

(B) receiving, by the first entity computer, a second request from a computer of the third entity to transfer the tokens from the second entity to the third entity;

(C) when the first request matches the second request, verifying, by the first entity computer, the ownership position of the tokens by the second entity; and

(D) upon the successful verification of the ownership position of the tokens, updating, by the first entity computer, the ownership position of the tokens from the second entity to the third entity.

2. The method of claim 1, wherein the step (D) comprises the following substeps: (2) (2)

(I) temporarily preventing, by the first entity computer, an update to the ownership position of the tokens; and

(II) transmitting, by the first entity computer, instructions to transfer funds from the third entity to the second entity.

3. The method of claim 2, further comprising: (0) (1)

13. The device of claim 2, wherein the processor performs further operations comprising: (0) (1)

4. The method of claim 1, wherein the step (b) further comprises: (1) (2)

6. The method of claim 1, wherein the successful verification of the ownership position of the tokens is performed using a consensus operation. (0)

7. The method of claim 1, further comprising: (1) (1)

upon a failed verification of the ownership position of the tokens, removing, by the first entity computer, the first and second requests to an exception pool.

8. The method of claim 7, further comprising: (0) (2)

9. The method of claim 1, wherein the first entity is a chartered trust company, wherein the second entity is a commodity dealer, and wherein the third entity is a further commodity dealer. (0)

10. The method of claim 1, wherein the commodity is gold. (0)

11. A device, comprising: (6) (6)

a non-transitory memory having a program stored thereon; and

a processor executing the program, wherein the execution of the program causes the processor to perform operations comprising:

(B) receiving, by the first entity computer, a second request from a computer of the third entity to transfer the tokens from the second entity to the third entity;

(C) when the first request matches the second request, verifying, by the first entity computer, the ownership position of the tokens by the second entity; and

(D) upon the successful verification of the ownership position of the tokens, updating, by the first entity computer, the ownership position of the tokens from the second entity to the third entity.

12. The device of claim 11, wherein the step (D) comprises the following substeps: (0) (2)

14. The device of claim 11, wherein the step (b) further comprises: (1) (2)

16. The device of claim 11, wherein the successful verification of the ownership position of the tokens is performed using a consensus operation. (0)

17. The device of claim 11, wherein the processor performs further operations comprising: (1) (1)

upon a failed verification of the ownership position of the tokens, removing, by the first entity computer, the first and second requests to an exception pool.

18. The device of claim 17, wherein the processor performs further operations comprising: (0) (2)

19. The device of claim 11, wherein the first entity is a chartered trust company, wherein the second entity is a commodity dealer, and wherein the third entity is a further commodity dealer. (0)

20. The device of claim 11, wherein the commodity is gold. (0)

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Application US20170024818

Device, System, and Method for Transfer of Commodities

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