Devices, System, and Method for Transfer of Commodities

Abstract

A device, system, and method transfer commodities using tokens. The method performed by a first entity includes receiving from a second entity a request for tokens, the request indicating an unallocated position of a commodity of the second entity, the unallocated position managed by a third entity. The method includes transmitting to the third entity a further request for a transfer of the unallocated position of the second entity to the first entity. The method includes receiving from the third entity an indication of the transfer of the unallocated position from the second entity to the first entity. The method includes generating the tokens for the second entity that correspond to the unallocated position of the second entity of the request. The method includes generating the transmitting data including first data corresponding to the generation of the tokens and second data corresponding to an ownership of the tokens.

1 . A method, comprising:
 receiving a request for tokens, the request indicating a predetermined amount of an unallocated position of a commodity of a selling entity;   transmitting a further request for a transfer of the unallocated position of the selling entity to a buying entity;   receiving an indication of the transfer of the unallocated position from the selling entity to the buying entity;   generating, using a blockchain-based system in which a consensus operation operating on a plurality of distributed computer nodes updates a distributed ledger in which multiple copies of the distributed ledger exist across the plurality of distributed computer nodes, the tokens to be assigned to the selling entity, the tokens corresponding to the predetermined amount of the unallocated position of the selling entity indicated in the request and the tokens being added to a block in the blockchain-base system according to the consensus operation; and   transmitting data associated with the generating of the tokens and an ownership of the tokens to the selling entity.   
     
     
         2 . The method of  claim 1 , wherein the unallocated position being managed by a third entity. 
     
     
         3 . The method of  claim 2 , wherein the generating of the data further comprises:
 encrypting the data to yield encrypted data; and   transmitting the encrypted data to predetermined recipients.   
     
     
         4 . The method of  claim 3 , wherein the predetermined recipients comprise the selling entity and the third entity. 
     
     
         5 . The method of  claim 1 , wherein the indication is further indicative of a physical transfer of the commodity from a third entity to the buying entity. 
     
     
         6 . The method of  claim 5 , wherein the physical transfer of the commodity corresponds to a first value and the predetermined amount of the unallocated position of the selling entity corresponds to a second value, the first value being greater than the second value. 
     
     
         7 . The method of  claim 6 , further comprising:
 generating further tokens to be assigned to the third entity, the further tokens corresponding to a difference between the first value and the second value; and   generating further data which comprises third data corresponding to the generating of the further tokens and fourth data corresponding to a further ownership of the further tokens.   
     
     
         8 . The method of  claim 7 , wherein the generating of the data further comprises:
 encrypting the data and the further data to yield encrypted data and encrypted further data; and   transmitting the encrypted data and the encrypted further data to predetermined recipients.   
     
     
         9 . The method of  claim 1 , wherein the buying entity is a chartered trust company, wherein the selling entity is a commodity dealer, and wherein a third entity is a clearing member. 
     
     
         10 . The method of  claim 1 , wherein the further request instructs a third entity to allocate the commodity from the third entity to the buying entity, the unallocated position of the selling entity corresponding at least partially to the allocated commodity. 
     
     
         11 . A device associated with a first entity, comprising:
 a non-transitory memory having a program stored thereon; and   a processor executing the program, wherein an execution of the program causes the processor to perform operations comprising:
 receiving a request for tokens, the request indicating a predetermined amount of an unallocated position of a commodity of a selling entity; 
 transmitting a further request for a transfer of the unallocated position of the selling entity to a buying entity; 
 receiving an indication of the transfer of the unallocated position from the selling entity to the buying entity; 
 generating, using a blockchain-based system in which a consensus operation operating on a plurality of distributed computer nodes updates a distributed ledger in which multiple copies of the distributed ledger exist across the plurality of distributed computer nodes, the tokens to be assigned to the selling entity, the tokens corresponding to the predetermined amount of the unallocated position of the selling entity indicated in the request and the tokens being added to a block in the blockchain-base system according to the consensus operation; and 
 transmitting data associated with the generating of the tokens and an ownership of the tokens to the selling entity. 
   
     
     
         12 . The device of  claim 11 , wherein the unallocated position being managed by a third entity. 
     
     
         13 . The device of  claim 12 , wherein the generating of the data further comprises:
 encrypting the data to yield encrypted data; and   transmitting the encrypted data to predetermined recipients.   
     
     
         14 . The device of  claim 13 , wherein the predetermined recipients comprise the selling entity and the third entity. 
     
     
         15 . The device of  claim 11 , wherein the indication is further indicative of a physical transfer of the commodity from a third entity to the buying entity. 
     
     
         16 . The device of  claim 15 , wherein the physical transfer of the commodity corresponds to a first value and the predetermined amount of the unallocated position of the selling entity corresponds to a second value, the first value being greater than the second value. 
     
     
         17 . The device of  claim 16 , wherein the processor performs further operations comprising:
 generating further tokens to be assigned to the third entity, the further tokens corresponding to a difference between the first value and the second value; and   generating further data which comprises third data corresponding to the generating of the further tokens and fourth data corresponding to a further ownership of the further tokens.   
     
     
         18 . The device of  claim 16 , wherein the generating of the data further comprises:
 encrypting the data and the further data to yield encrypted data and encrypted further data; and   transmitting the encrypted data and the encrypted further data to predetermined recipients.   
     
     
         19 . The device of  claim 11 , wherein the buying entity is a chartered trust company, wherein the selling entity is a commodity dealer, and wherein a third entity is a clearing member. 
     
     
         20 . The device of  claim 11 , wherein the further request instructs a third entity to allocate the commodity from the third entity to the buying entity, the unallocated position of the selling entity corresponding at least partially to the allocated commodity.