Device, System, And Method For Transfer Of Commodities
A device, system, and method transfer commodities using tokens. The method performed by a first entity includes receiving a first request from 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. The method includes receiving a second request from the third entity to transfer the tokens from the second entity to the third entity. The method includes when the first request matches the second request, verifying the ownership position of the tokens by the second entity. The method includes upon the successful verification of the ownership position of the tokens, updating the ownership position of the tokens from the second entity to the third entity.
Claim CLM-00001. 1. A method, comprising:
(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.
Claim CLM-00011. 11. A device, comprising:
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: (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.
