DETAILED ACTION
Notice of Pre-AIA or AIA Status
The present application, filed on or after March 16, 2013, is being examined under the first inventor to file provisions of the AIA .
Status of Claims
This is the office action on the merits in response to the amendment filed on 07/24/2026.
Claims 1-20 are currently pending and have been examined.
Response to Arguments
Applicants’ arguments filed 07/24/2026 with respect to the rejection(s) of claim(s) 1-20 under 35 U.S.C. 103have been fully considered and are persuasive. Therefore, the rejection has been withdrawn. However, upon further consideration, a new ground(s) of rejection is made. See remarks on page 11.
The rejection of pending claims 1-20 under 35 U.S.C. 101 as directed to an abstract idea without significantly more, is maintained in view of MPEP 2106.04(d). Applicant arguments have been fully considered but are not persuasive. The amended limitations, including the availability trigger, ownership records, asset identifiers, and smart contracts, do not improve the functioning of the computer, distributed ledger, the oracle, or smart contracts. Rather, these elements are used to determine when an asset becomes available, identify the current owners of the tokens, and distribute cryptocurrency to those owners. Thus, the additional limitations merely provide a computer implemented mechanism for carrying out the abstract idea of organizing and managing ownership of assets and distributing revenue to participants through tokenization and do not integrate the abstract idea into a practical application. See remarks on page 8-10.
Claim Rejections - 35 USC § 101
35 U.S.C. 101 reads as follows:
Whoever invents or discovers any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof, may obtain a patent therefore, subject to the conditions and requirements of this title.
Claims 1-20 are rejected under 35 U.S.C. 101 because the claimed invention is directed to a judicial exception (i.e., a law of nature, a natural phenomenon, or an abstract idea) without significantly more.
Subject Matter Eligibility Criteria – Step 1:
Claims 1-17 are directed to a method and claims 18-20 are directed to a system. Therefore, these claims fall within the four statutory categories of invention.
Subject Matter Eligibility Criteria – Step 2A – Prong One:
Regarding Prong One of Step 2A of the Alice/Mayo test, the claim limitations are to be analyzed to determine whether, under their broadest reasonable interpretation, they “recite” a judicial exception or in other words whether a judicial exception is “set forth” or “described” in the claims. MPEP 2106.04(II)(A)(1). An “abstract idea” judicial exception is subject matter that falls within at least one of the following groups: a) certain methods of organizing human activity, b) mental processes, and/or c) mathematical concepts. MPEP 2106.04(a).
Representative independents claims 1 and 18 include limitations that recite at least one abstract idea.
Claims 1 and 18 are directed to the abstract idea of “receiving, by a tokenization platform comprising one or more processors and memory, a token configuration indicating a plurality of revenue-generating assets and a minting party, wherein the plurality of revenue-generating assets includes at least two different types of assets; configuring, by the tokenization platform, one or more smart contracts to manageone or more smart contracts, wherein each minted token of the minted plurality of asset-class backed tokens comprises a unique identifier, an identifier of a first asset of the at least two different types of assets, and an identifier of a second asset of the at least two different types of assets; and Under its broadest reasonable interpretation, the claims recite organizing and managing the ownership interests in revenue to owners of those interests through tokenization, and hence falls under organizing human activity (i.e., as fundamental economic practices).
Dependent Claims:
Claim 4 recites: wherein each minted token further includes one or more of token redemption rules or token governance rules; further describes the abstract idea of organizing human activity (i.e., as fundamental economic practices).
Claim 5 recites: further comprising verifying, by the tokenization platform, that the minting party owns the plurality of revenue-generating assets prior to deploying the one or more smart contracts; further describes the abstract idea of organizing human activity (i.e., as fundamental economic practices).
Claim 6 recites: wherein the minting party is a crowdfunding pool, wherein the blockchain addresses of the current owners of the plurality of asset-class backed tokens are associated with users of the crowdfunding pool, and wherein the distribution of the cryptocurrency is in proportion to an amount a corresponding user contributed to the crowdfunding pool; further describes the abstract idea of organizing human activity (i.e., as fundamental economic practices).
Claim 7 recites: wherein the minting party is a portfolio seller, wherein the blockchain addresses correspond to portfolio buyers; further describes the abstract idea of organizing human activity (i.e., as fundamental economic practices).
Claim 8 recites: wherein each asset-class backed token is redeemable for a portion of the plurality of revenue-generating assets; further describes the abstract idea of organizing human activity (i.e., as fundamental economic practices).
Claim 9 recites: wherein the token configuration is received from a token strategy engine configured to generate the token configuration based on a plurality of token performance attributes provided by the minting party; further describes the abstract idea of organizing human activity (i.e., as fundamental economic practices).
Claim 10 recites: wherein the plurality of revenue-generating assets comprises ownership of land and usage rights to the land; further describes the abstract idea of organizing human activity (i.e., as fundamental economic practices).
Claim 11 recites: wherein the plurality of revenue-generating assets comprises ownership of a productive asset and an income stream from the productive asset; further describes the abstract idea of organizing human activity (i.e., as fundamental economic practices).
Claim 12 recites: wherein the plurality of revenue-generating assets comprises a derivative asset corresponding to a first set of assets and a derivative asset corresponding to a second set of assets; further describes the abstract idea of organizing human activity (i.e., as fundamental economic practices).
Claim 14 recites: wherein at least one of the plurality of assets is an intellectual property asset, wherein owners of the plurality of asset-class backed tokens are entitled to sublicense at least a portion of intellectual property rights corresponding to the intellectual property asset; further describes the abstract idea of organizing human activity (i.e., as fundamental economic practices).
Claim 15 recites: receiving, by the tokenization platform, a plurality of governance rules based on one or more governance requirements associated with the plurality of revenue-generating assets; and configuring, by the tokenization platform, the one or more smart contracts based on the plurality of governance rules; further describes the abstract idea of organizing human activity (i.e., as fundamental economic practices).
Claim 16 recites: generating, using a token simulator system, an estimated value of the plurality of revenue- generating assets; determining, based on the estimated value of the plurality of revenue-generating assets, an estimated value of each token of the plurality of asset-class backed tokens; and transmitting, to a marketplace system, an indication of the estimated value of each token of the plurality of asset-class backed tokens; further describes the abstract idea of organizing human activity (i.e., as fundamental economic practices).
Claim 17 recites: wherein the marketplace system sets a minimum price of each of the plurality of asset-class backed tokens based on the estimated value of each token of the plurality of asset-class backed tokens, wherein the estimated value of the plurality of revenue-generating assets includes an estimated income produced by an income stream asset; further describes the abstract idea of organizing human activity (i.e., as fundamental economic practices).
Subject Matter Eligibility Criteria – Step 2A – Prong Two:
Claims 1 and 18 recite additional elements including a tokenization platform comprising one or more processors and memory, a distributed ledger, one or more smart contracts, an availability oracle and availability trigger, ownership records maintained within the smart contracts, and unique and asset identifiers associated with each minted token. Viewed individually and in combination, these additional elements so not integrate the judicial exception into a practical application. The availability oracle and availability trigger are used to determine when the condition for distribution is satisfied; the ownership records are used to identify the current owners to whom cryptocurrency is distributed; the asset identifiers identify the assets and portions thereof represented by the tokens; and the smart contracts and distributed ledger are used to mint, assign, track and distribute the asset backed tokens and associated cryptocurrency. Although these limitations provide a particular mechanism for performing the recited transactions, the claims do not recite a specific improvement to the operations of the computer, distributed ledger, availability oracle, or smart contract. Rather, the technological components are used as tools to implement and automate managing ownership interests and distributing asset derived revenue. Accordingly, the additional elements do not integrate the abstract idea into a practical application.
Dependent Claims:
Claims 2 and 19 recite: wherein for each of the plurality of asset- class backed tokensminted token These limitations further specify the information represented by the asset identifiers but do not integrate the abstract idea into a practical application.
Claims 3 and 20 recite: wherein each minted token further comprises an expiration trigger that specifies when the first asset is no longer available for redemption. These limitations further specify a condition governing when an asset represented by the token may no longer be redeemed but do not integrate the abstract idea into a practical application.
Claim 13 recites: wherein the first set of assets are each related to a first oil and/or gas production facility and the second set of assets are each related to a second oil and/or gas production facility. This claim does not integrate the abstract idea into a practical application.
Step 2B:
Viewed individually and in combination, the tokenization platform, distributed ledger, smart contracts, availability oracle and trigger, ownership records, and token and asset identifiers are used to carry out the recited abstract idea. In the claimed combination, the availability oracle determines when the distribution condition is satisfied, the ownership records identify the current recipients, the token identifiers associate the token with their backing assets, and the smart contract functions execute the minting and distribution transactions. Considering these elements as an ordered combination does not provide an inventive concept from the abstract idea. Rather, the claims implement the rules governing when the revenue is distributed, which assets are represented by the token, and which current owners receive the distribution. The claims do not recite a technological improvement to the operation of the distributed ledger, smart contracts, oracle, or computer. Accordingly, the additional elements do not amount to significantly more than the identified judicial exception.
Claim Rejections - 35 USC § 103
5. The following is a quotation of 35 U.S.C. 103 which forms the basis for all obviousness rejections set forth in this Office action:
A patent for a claimed invention may not be obtained, notwithstanding that the claimed invention is not identically disclosed as set forth in section 102, if the differences between the claimed invention and the prior art are such that the claimed invention as a whole would have been obvious before the effective filing date of the claimed invention to a person having ordinary skill in the art to which the claimed invention pertains. Patentability shall not be negated by the manner in which the invention was made.
The factual inquiries set forth in Graham v. John Deere Co., 383 U.S. 1, 148 USPQ 459 (1966), that are applied for establishing a background for determining obviousness under 35 U.S.C. 103 are summarized as follows:
1. Determining the scope and contents of the prior art.
2. Ascertaining the differences between the prior art and the claims at issue.
3. Resolving the level of ordinary skill in the pertinent art.
4. Considering objective evidence present in the application indicating obviousness or nonobviousness.
Claims 1-20 are rejected under 35 U.S.C. 103 as being unpatentable over Hill et al. (US 20190287175 A1), in view of Doney et al. (US 20230342849 A1), in view of Youb et al. (US 20190080392 A1), in view of Konda et al. (US 20200322154 A1), and further in view of Beck et al. (US 20190158275 A1).
7. Regarding claims 1 and 18, Hill discloses a software activation method of minting a plurality of asset-class backed tokens on a distributed ledger (and a tokenization system for minting a plurality of asset-class backed tokens on a distributed ledger, (Para. 0036; Claim 1)),
the method comprising: receiving, by a tokenization platform comprising one or more processors and memory, a token configuration indicating a plurality of revenue-generating assets and a minting party, wherein the plurality of revenue-generating assets includes at least two different types of assets, (Para. 0021-0023, FIG. 1 is a diagram of an example decentralized investment fund (referred to herein as the fund) system 100 with equity tokens 102. The fund 104 can raise capital from investors 112 by issuing equity tokens 102 in a token sale 106…The token sale 106 may then issue equity tokens to the wallet address 110 of the respective investors 112. A smart contract including the token sale 106 may perform further functions relating to the equity tokens 102 after issuance. For example, if one investor 112 wishes to transfer some or all of the equity tokens in her wallet 110, she may call a transfer function on the smart contract to transfer tokens from her wallet 110 to a buyer. In an implementation, a transfer function may only be called by equity token owners as recorded in a smart contract of the token sale 106 (e.g., stored on a shared ledger on which a smart contract executes).; and Para. 0026-0028, capital lending loans 204 may be “tokenized.” In other words, the right to receive repayments on the loan may be associated with ownership of a token at an address on a shared ledger. For the loan to remain in good standing, the buyer must make the loan repayments to the address on the shared ledger that is associated with the token at the time of each repayment. Another type of income producing activity by the decentralized investment fund 202 is trading and/or market making activities. The capital raised by the fund 202 may be either tradable on an exchange (e.g., a digital asset exchange) or exchangeable for an asset that is tradable on an exchange (e.g., national currency, commodity, another digital asset, etc.). The fund 202 may engage in or contract others to engage in the trading and/or market making activities 206 to produce an income… Another type of income producing activity by the decentralized investment fund 202 is investing activity 208. The fund may use raised capital to purchase assets such as securities, real estate, ownership in other funds, etc. These assets may be held and interest and/or income collected thereon. The assets may be sold for a gain, thus producing income to the fund 202.)
configuring a second function of the one or more smart contracts to computationally apportion and distribute cryptocurrency stored by the one or more smart contracts among blockchain addresses of current owners of the plurality of asset-class backed tokens based on the ownership records, (Para. 0030, Another type of expense is disbursements of profit 212 to the equity token holders. The disbursements may be to wallet address associated with the respective token holders in a digital asset tracked by a shared ledger on which the equity tokens are held (e.g., a token on the ethereum network). The disbursements may be made from the fund upon the calling of a profit disbursement function on a smart contract by an entity associated with the fund 202 with authority to trigger profit disbursements (e.g., a transaction from an address whitelisted as the CFO's address). In other implementations, a profit disbursement may be made automatically by the smart contract upon satisfaction of a condition (e.g., pay out profits when the value of the smart contract rises above a threshold)., and Para. 0032, Operating profits 310 may be sent to an investor 304 holding equity tokens in her wallet 306. Distribution of operating profits may include a single-chain transaction or a cross-chain transaction depending on whether the investor 304 has elected to receive profit payouts on the same distributed ledger as a smart contract of the decentralized investment fund 302.)
deploying, by the tokenization platform, the configured one or more smart contracts on the distributed ledger, (Para. 0035, FIG. 4 is a diagram of an example system 400 including a decentralized investment fund with a fund manager and investor participants. In the example illustrated in FIG. 4, the equity token 408 is implemented as a smart contract 402 on the shared ledger 404. The smart contract 402 was added to the shared ledger 404 at a block height 406. Once the smart contract 402 is included in the shared ledger 404, participants, such as fund manager 410 and investor 412, may broadcast transaction 416 to the network of the shared ledger 404 to call functions of the smart contract 402.)
responsive to one or more purchase requests received by the tokenization platform, initiating, by the tokenization platform, a first transaction on the distributed ledger with an address associated with the first function of the one or more smart contracts, wherein the first transaction invokes the first function to cause minting of the plurality of asset-class backed tokens and assignment of each minted asset-class backed token to the blockchain address of a purchasing user by updating the ownership records within the one or more smart contracts, (Claim 1. A method of issuing a decentralized investment fund ownership token, the method comprising: broadcasting a contract transaction to a blockchain network, the contract transaction including executable consensus code governing at least a portion of the operation of a decentralized investment fund, the executable consensus code configured to: receive a purchase request for investment fund tokens, each of the investment fund tokens representing an ownership interest in the decentralized investment fund, the purchase request originating from a shared ledger account; determining whether the purchase request satisfies an investment accreditation condition based at least in part on the shared ledger account; and issuing the investment fund tokens to the shared ledger account if the purchase request satisfies the investment accreditation condition.; and Para. 0023] The token sale 106 (e.g., the smart contract) facilitates raising of capital for the decentralized investment fund 104 and issuance of the equity tokens 102 to investors 112. The token sale 106 receives capital contributions from individual investors 112 and records the contribution as having been made by that individual investor 112 based on an address of a wallet 110 belonging to the investor. The token sale 106 may then issue equity tokens to the wallet address 110 of the respective investors 112. A smart contract including the token sale 106 may perform further functions relating to the equity tokens 102 after issuance. For example, if one investor 112 wishes to transfer some or all of the equity tokens in her wallet 110, she may call a transfer function on the smart contract to transfer tokens from her wallet 110 to a buyer. In an implementation, a transfer function may only be called by equity token owners as recorded in a smart contract of the token sale 106 (e.g., stored on a shared ledger on which a smart contract executes).)
wherein the one or more second transactions invoke the second function to computationally apportion and distribute cryptocurrency according to the ownership records stored by the one or more smart contracts to the blockchain addresses of the current owners of the plurality of asset-class backed tokens, (Para. 0030-0031, Another type of expense is disbursements of profit 212 to the equity token holders. The disbursements may be to wallet address associated with the respective token holders in a digital asset tracked by a shared ledger on which the equity tokens are held (e.g., a token on the ethereum network). The disbursements may be made from the fund upon the calling of a profit disbursement function on a smart contract by an entity associated with the fund 202 with authority to trigger profit disbursements (e.g., a transaction from an address whitelisted as the CFO's address). In other implementations, a profit disbursement may be made automatically by the smart contract upon satisfaction of a condition (e.g., pay out profits when the value of the smart contract rises above a threshold). Another way to make a cross-chain payout is for the nodes of the shared ledger to broadcast a transaction to the network of the other digital asset. For example, a smart contract of the decentralized investment fund 202 on the ethereum network may contain instructions for nodes of the network to form a transaction paying out bitcoin to an investor. Once the nodes of the ethereum network record the transaction in the ethereum blockchain, the investor may obtain a copy of the transaction from a copy of the ethereum shared ledger and broadcast it himself to the bitcoin network. Alternatively, a third-party service may scan the ethereum blockchain for valid transactions on another chain (e.g., bitcoin) and broadcast those transactions on to the network of the appropriate digital asset without intervention or action by the investor.)
Hill does not explicitly disclose configuring, by the tokenization platform, one or more smart contracts to manage cryptocurrency associated with the plurality of revenue-generating assets for deployment to the distributed ledger.
However, Doney teaches configuring, by the tokenization platform, one or more smart contracts to manage cryptocurrency associated with the plurality of revenue-generating assets for deployment to the distributed ledger, (Claim 1. A system for enforcing a ruleset for a decentralized financial transaction comprising: a compliance enhanced architecture in network communication with at least one server computer and at least one distributed ledger; wherein the compliance enhanced architecture includes a Policy Enforcement Point (PEP), a rules engine, at least one recipe, and an attribute source module; wherein the compliance enhanced architecture is operable to establish a link between at least one participant and at least one wallet on the at least one distributed ledger; wherein the at least one wallet corresponds to a unique address on the at least one distributed ledger; wherein the PEP is operable to receive a proposed transaction from the at least one wallet to transfer at least one digital token representing at least one asset; wherein the attribute source module is operable to determine at least one participant attribute attributable to the at least one participant, at least one token attribute attributable to the at least one digital token, and/or at least one transaction attribute attributable to the proposed transaction; wherein the at least one recipe is computer interpretable code of a compliance, regulatory, and/or other governance policy rule and/or ruleset; and Claim 4. wherein the PEP is implemented onto a distributed ledger though at least one smart contract.)
One of ordinary skill in the art would have recognized that applying the governance-rule and attribute-based smart contract enforcement architecture technique of Doney to the known invention of Hill would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate smart contract features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the system to include configuring, by the tokenization platform, one or more smart contracts to manage cryptocurrency associated with the plurality of revenue-generating assets for deployment to the distributed ledger results in an improved invention because applying said technique enhances security with utilizing programmable smart contracts to manage tokens, thus improving the overall security of the invention.
Hill as modified does not explicitly disclose wherein the configuring comprises: configuring a first function of the one or more smart contracts to mint a plurality of asset-class backed tokens that are backed by the plurality of revenue-generating assets that include at least two different types of assets.
However, Youb teaches wherein the configuring comprises: configuring a first function of the one or more smart contracts to mint a plurality of asset-class backed tokens that are backed by the plurality of revenue-generating assets that include at least two different types of assets, (Abstract Section, A method for creating an asset-backed distributed ledger token representing a smart contract, the token being backed by a pledge of an illiquid form of a precursor or means of production of a commodity asset, comprising receiving a pledge of unrefined or pre-commodity asset, digitizing the unrefined commodity asset into fractional representations of the commodity asset using smart contracts on a distributed ledger network, and allowing account holders access to the perform transactions on the distributed ledger network to trade the fractional representations under the terms of the smart contract.)
One of ordinary skill in the art would have recognized that applying the asset-backed tokenization technique of Youb to the known invention of Hill as modified would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate asset-backed tokens features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the system to include configuring a first function of the one or more smart contracts to mint a plurality of asset-class backed tokens that are backed by the plurality of assets that include at least two different types of revenue-generating assets results in an improved invention because applying said technique connects or links asset-backed tokens to revenue-generating assets, thus improving the overall performance of the invention.
Hill as modified does not explicitly disclose wherein each minted token of the minted plurality of asset-class backed tokens comprises a unique identifier, an identifier of a first asset of the at least two different types of assets, and an identifier of a second asset of the at least two different types of assets.
However, Konda teaches wherein each minted token of the minted plurality of asset-class backed tokens comprises a unique identifier, an identifier of a first asset of the at least two different types of assets, and an identifier of a second asset of the at least two different types of assets, (Para. 0026, to represent the constituent (non-fungible) assets 114a-114n on the ZKP-enabled DLN 100, the first transaction participant 110a (referred hereinafter as the sender 110a) may generate, at 204 and using the computing node 102a, an asset identifier for each constituent asset 114a-114n that can serve as a unique identifier for the constituent asset while concealing the constituent asset's identity. In some implementations, the constituent asset identifiers may be generated in response to a request, at 202, to have the constituent assets 114a-114n represented on the ZKP-enabled DLN 100. For example, the sender 110a can generate, using the computing node 102a and for each asset of the constituent assets 114a-114n, an alpha-numeric value that is uniquely associated with some identifying parameters (e.g., serial numbers, model numbers, etc.) of that constituent asset, and the alpha-numeric value can be used as the asset identifier that hides the real identity of that constituent asset (while still being used by the sender 110a as an identifier of that constituent asset). As another example, a unique asset identifier can be generated for each constituent asset 114a-114n by cryptographically hashing the identifying parameters of that constituent asset to generate an asset token that can serve as the unique asset identifier. In some instances, the identifying parameter can uniquely identify a constituent asset because the constituent asset may be a non-fungible asset. The cryptographic hashing may include the application of a cryptographic hashing algorithm such as, but not limited to, the SHA-256 algorithm, on the identifying parameters. For instance, an asset token can be generated for one or more of the vehicle frame 114a, a car engine 114b and/or the vehicle tires 114n by applying a hashing function (e.g., SHA-256) on one or more of the identifying parameters of each constituent asset, including serial number(s) of the vehicle frame, engine numbers, tire identification numbers, etc. Accordingly, the asset tokens can serve as unique asset identifiers for the respective constituent assets without exposing or revealing to other participants of the ZKP-enabled DLN 100 any of the identifying parameters of the constituent assets.)
One of ordinary skill in the art would have recognized that applying the asset-backed tokenization technique of Konda to the known invention of Hill as modified would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate asset-backed tokens features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the system to include wherein each minted token of the minted plurality of asset-class backed tokens comprises a unique identifier, an identifier of a first asset of the at least two different types of assets, and an identifier of a second asset of the at least two different types of assets results in an improved invention because applying said technique allows each toke not clearly identify the different assets that back the token, thus improving the overall performance of the invention.
Hill as modified does not explicitly disclose configuring an availability oracle for the one or more smart contracts; configuring the one or more smart contracts to maintain ownership records specifying current owners of the plurality of asset-class backed tokens within the one or more smart contracts; responsive to the availability oracle resolving an availability trigger, initiating, by the tokenization platform, one or more second transactions on the distributed ledger with an address associated with the second function of the one or more smart contracts.
However, Beck teaches configuring an availability oracle for the one or more smart contracts; configuring the one or more smart contracts to maintain ownership records specifying current owners of the plurality of asset-class backed tokens within the one or more smart contracts; responsive to the availability oracle resolving an availability trigger, initiating, by the tokenization platform, one or more second transactions on the distributed ledger with an address associated with the second function of the one or more smart contracts, (Para. 0097-0098, With respect to DAC trusted client working to facilitate smart contract role as Sender of a DAC, a smart contract can be pre-programmed to generate data as result of execution on a public and/or private blockchain. In so doing, the smart contract can rely on one or more Oracles to validate the terms of its execution. The execution of the smart contract can imply that the conditions required can have been met, as reported by its Oracles. A notarized receipt of Oracle state can be received and/or validated, and can support the smart contract execution. In the case of a smart contract working as a Sender of a DAC, the result of Oracle requests can be collected and packaged as a DAC that can represent a receipt to the smart contract's execution. A unique identifier of the resulting DAC can be embedded into the calling blockchain and the DAC can be forwarded through the execution of the smart contract to interested parties in the smart contract's execution. In so doing, the results of the smart contract execution cannot need to be memorialized to the calling blockchain for the interested parties in a smart contract to be certain to the attestation of its outcome.; and Para. 0092, Sharing a DAC with a smart contract can include writing the DAC to a shared directory or repository that can be accessed by the Recipient or publisher of the DAC, and/or the smart contract, which can be established as the location for the DAC to be accessed at the time of the smart contract's specification. The smart contract can be made to poll the specified location for the DAC until the DAC is available, at which time, the DAC can be opened by the smart contract. The current subject matter can be a provider of these repositories for DAC storage and execution. Alternatively, the DAC can be offered as a response from an Oracle to an inquiry made by a smart contract, in which case, the subsequent storage of the DAC, depending on the need to preserve the DAC for future processing or attestation, cannot be necessary.
One of ordinary skill in the art would have recognized that applying the asset-backed tokenization technique of Beck to the known invention of Hill as modified would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate asset-backed tokens features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the system to include configuring an availability oracle for the one or more smart contracts; configuring the one or more smart contracts to maintain ownership records specifying current owners of the plurality of asset-class backed tokens within the one or more smart contracts; responsive to the availability oracle resolving an availability trigger, initiating, by the tokenization platform, one or more second transactions on the distributed ledger with an address associated with the second function of the one or more smart contracts results in an improved invention because applying said technique allows transactions to occur automatically when the oracle determines that the required availability condition has been met, thus improving the overall performance of the invention.
8. Regarding claims 2 and 19, Hill as modified does not explicitly disclose wherein for each of the plurality of asset- class backed tokens the identifier of the first asset identifies a portion of the first asset backing the respective minted token, and the identifier of the second asset identifies a portion of the second asset backing the respective minted token.
However, Youb teaches wherein for each of the plurality of asset- class backed tokens the identifier of the first asset identifies a portion of the first asset backing the respective minted token, and the identifier of the second asset identifies a portion of the second asset backing the respective minted token, (Claim 1. A token, representing an interest in a smart contract, the smart contract representing an agreement, secured by a security interest in real property or a right in real property, to return the token within a predetermined period.; and Para. 0112, It is a further object to provide a method for creating a liquid token representation from an illiquid asset comprising: receiving a pledge of an illiquid asset; and digitizing the illiquid asset into fractional representations using a smart contract on a distributed ledger network, the fractional representations being secured by the pledge of the illiquid asset as collateral. The method may further comprise trading a fractional representation on an exchange, recorded in a distributed ledger network. The smart contract may comprise an illiquid asset description, an illiquid asset owner, a quantity, and at least one redemption rule. The at least one redemption rule may comprise a maturity date which triggers a release of the pledged illiquid asset as collateral back to the illiquid asset owner in exchange for return of all of the original fractional representations.; and Para. 0007, describes creation of collateralized portfolios, as a collection of income-producing assets, generated through transactions that exchange estimated asset value for liquid instruments in the portfolio. Transaction elasticity is provided by liquid instruments (reserve funds and portfolio-owned shares) held in reserve in the portfolio's reservoir which provides a market smoothing function to adapt to changes in asset demand and risk. Each portfolio's reservoir is collectively owned by the shareholders; continuously replenishing itself with income generated by assets in the portfolio. Shares can be represented by digital tokens, traded as digital currency such as cryptocurrency, and monetized with the convenience of cash through a network of exchanges and payment gateways.)
One of ordinary skill in the art would have recognized that applying the asset-backed tokenization and multi-asset backing technique of Youb to the known invention of Hill as modified would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate multiple assets associated with tokens features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the system to include wherein for each of the plurality of asset- class backed tokens the identifier of the first asset identifies a portion of the first asset backing the respective minted token, and the identifier of the second asset identifies a portion of the second asset backing the respective minted token results ensures that assets can be tracked, managed associated with the associated data within the tokenized tokens, thus improving the overall performance of the invention.
9. Regarding claims 3 and 20, Hill as modified does not explicitly disclose wherein each minted token further comprises an expiration trigger that specifies when the first asset is no longer available for redemption.
However, Youb teaches wherein each minted token further comprises an expiration trigger that specifies when the first asset is no longer available for redemption, (Para. 0110, The token may be generated as a transaction of a cryptographically-authenticated, distributed ledger comprising a database held and updated independently by each of a plurality of distributed elements, forming a consensus determination of transaction validity.; and Para. 0135, Specifically, on termination the ADSA will look at the asset holder's account and sweep the tokens (exactly the number that was digitized) back for inactivation so that the lien can be lifted off the reserve. The inactivation, redemption, or retirement of a token is a transaction on the distributed ledger that labels the tokens with an updated status, to alert future buyers of that status, which would normally render them valueless, and thus block future transactions. (Note that, according to existing non-asset backed cryptocurrencies, the lack of asset backing does not preclude use, so technically, the transition from asset-backed to non-asset backed does not require that no party attribute value to the redeemed tokens.; and Claim 1. A token, representing an interest in a smart contract, the smart contract representing an agreement, secured by a security interest in real property or a right in real property, to return the token within a predetermined period.)
One of ordinary skill in the art would have recognized that applying governance rules and conditional rule-based enforcement techniques of Youb to the known invention of Hill as modified would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate rules and permission features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the system to include wherein the plurality of attributes further include wherein each minted token further comprises an expiration trigger that specifies when the first asset is no longer available for redemption results in an improved invention because applying said technique ensures tokens to be managed automatically when triggered, thus improving the overall performance of the invention.
10. Regarding claim 4, Hill as modified does not explicitly disclose wherein each minted token further includes one or more of token redemption rules or token governance rules.
However, Youb teaches wherein each minted token further includes one or more of token redemption rules or token governance rules, (Claim 1. A token, representing an interest in a smart contract, the smart contract representing an agreement, secured by a security interest in real property or a right in real property, to return the token within a predetermined period.; and Para. 0070, a borrower seeks to monetize a capital investment in a productive resource that has a predictable cost of production of a commodity, and other predictable (and/or insurable) risks. A buyer, lender, or issuer seeks to securitize the investment by creating a salable and tradable token, guaranteed by the value of the security (security interest), and subject to a “smart contract” which limits unpredictable human-factor risks, so that the value of the loan can be immediately off-loaded into public markets. Finally, public markets acquire the tokens, which have advantages over cash, in terms of transferability, security, and in some cases (i.e., unstable political regimes), asset backing. The tokens are ultimately backed by a security interest in the productive means, and may have a discount in excess of the cost of extraction or production, at least at issuance. The tokens, once issued, have a fundamental value, tied to the security interest and smart contract that governs it.)
One of ordinary skill in the art would have recognized that applying token governance rules technique of Youb to the known invention of Hill as modified would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate governance rules features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the system to include wherein each minted token further includes one or more of token redemption rules or token governance rules results in an improved invention because applying said technique enables programmable smart contracts to enforce the ownership of rights and redemption rules, thus improving the overall performance of the invention.
11. Regarding claim 5, Hill does not explicitly disclose further comprising verifying, by the tokenization platform, that the minting party owns the plurality of revenue-generating assets prior to deploying the one or more smart contracts.
However, Doney teaches further comprising verifying, by the tokenization platform, that the minting party owns the plurality of revenue-generating assets prior to deploying the one or more smart contracts, (Para. 0083, In one embodiment, participants are associated with wallet addresses. In one embodiment, the compliance enhanced architecture 100 is operable to reverify the identity and relevant attributes of the owner of a cryptographic wallet 200. In one embodiment, the reverification is performed frequently and at any time to prevent identity theft and/or fraudulent sharing of rights to subvert securities laws. In one embodiment, relevant attributes about the participating identities are verified for all participants in governed transactions. In this embodiment, this verification involves risk decisions governed by compliance policies of the party responsible governing token transactions (usually the issuer and/or broker-dealer). In one embodiment, aspects of verification steps are automated using techniques the applicant has implemented. In one embodiment, aspects of verification steps are judgement calls that require longer running workflows or processes.; and Claim 3. The system of claim 1, wherein the compliance enhanced architecture is operable to assess a risk disclosure statement required for a proposed transaction, whether the at least one participant is an accredited investor, a country of jurisdiction of the at least one participant, and/or whether the at least one participant is included in a relevant whitelist.)
One of ordinary skill in the art would have recognized that applying verification technique of Doney to the known invention of Hill would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate pre-transaction validation features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the system to include verifying, by the tokenization platform, that the minting party owns the plurality of revenue-generating assets prior to deploying the one or more smart contracts results in an improved invention because applying said technique reduces the risk of fraud risks, thus improving the overall security of the invention.
12. Regarding claim 6, Hill discloses wherein the minting party is a crowdfunding pool, wherein the blockchain addresses of the current owners of the plurality of asset-class backed tokens are associated with users of the crowdfunding pool, and wherein the distribution of the cryptocurrency is in proportion to an amount a corresponding user contributed to the crowdfunding pool, (Para. 0021-0022, FIG. 1 is a diagram of an example decentralized investment fund (referred to herein as the fund) system 100 with equity tokens 102. The fund 104 can raise capital from investors 112 by issuing equity tokens 102 in a token sale 106… The token sale 106 receives capital contributions from individual investors 112 and records the contribution as having been made by that individual investor 112 based on an address of a wallet 110 belonging to the investor. The token sale 106 may then issue equity tokens to the wallet address 110 of the respective investors 112. A smart contract including the token sale 106 may perform further functions relating to the equity tokens 102 after issuance. For example, if one investor 112 wishes to transfer some or all of the equity tokens in her wallet 110, she may call a transfer function on the smart contract to transfer tokens from her wallet 110 to a buyer. In an implementation, a transfer function may only be called by equity token owners as recorded in a smart contract of the token sale 106 (e.g., stored on a shared ledger on which a smart contract executes).; and Para. 0030, Another type of expense is disbursements of profit 212 to the equity token holders. The disbursements may be to wallet address associated with the respective token holders in a digital asset tracked by a shared ledger on which the equity tokens are held (e.g., a token on the ethereum network). The disbursements may be made from the fund upon the calling of a profit disbursement function on a smart contract by an entity associated with the fund 202 with authority to trigger profit disbursements (e.g., a transaction from an address whitelisted as the CFO's address). In other implementations, a profit disbursement may be made automatically by the smart contract upon satisfaction of a condition (e.g., pay out profits when the value of the smart contract rises above a threshold).; and Para. 0062, There are multiple ways for the loan manager 902 to handle liquidations in the event the loan becomes delinquent. On-chain exchanges may be used where pools of liquidity determine exchange rates and the collateral 912 can be swapped for another digital asset. In other implementations, the collateral may be simply returned to the debt buyers 910.)
13. Regarding claim 7, Hill as modified does not explicitly disclose wherein the minting party is a portfolio seller, wherein the blockchain addresses correspond to portfolio buyers.
However, Youb teaches wherein the minting party is a portfolio seller, wherein the blockchain addresses correspond to portfolio buyers, (Para. 0007, describes creation of collateralized portfolios, as a collection of income-producing assets, generated through transactions that exchange estimated asset value for liquid instruments in the portfolio. Transaction elasticity is provided by liquid instruments (reserve funds and portfolio-owned shares) held in reserve in the portfolio's reservoir which provides a market smoothing function to adapt to changes in asset demand and risk. Each portfolio's reservoir is collectively owned by the shareholders; continuously replenishing itself with income generated by assets in the portfolio. Shares can be represented by digital tokens, traded as digital currency such as cryptocurrency, and monetized with the convenience of cash through a network of exchanges and payment gateways.; and Abstract Section, digitizing the unrefined commodity asset into fractional representations of the commodity asset using smart contracts on a distributed ledger network, and allowing account holders access to the perform transactions on the distributed ledger network to trade the fractional representations under the terms of the smart contract.)
One of ordinary skill in the art would have recognized that applying fractional representation technique of Youb to the known invention of Hill as modified would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate tokenization features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the system to include wherein the minting party is a portfolio seller, wherein the blockchain addresses correspond to portfolio buyers results in an improved invention because applying said technique ensures portfolio sellers and buyers are included, thus improving the overall performance of the invention.
14. Regarding claim 8, Hill as modified does not explicitly disclose wherein each asset-class backed token is redeemable for a portion of the plurality of revenue-generating assets.
However, Youb teaches wherein each asset-class backed token is redeemable for a portion of the plurality of revenue-generating assets, (Abstract Section, digitizing the unrefined commodity asset into fractional representations of the commodity asset using smart contracts on a distributed ledger network, and allowing account holders access to the perform transactions on the distributed ledger network to trade the fractional representations under the terms of the smart contract.; and Para. The inactivation, redemption, or retirement of a token is a transaction on the distributed ledger that labels the tokens with an updated status, to alert future buyers of that status, which would normally render them valueless, and thus block future transactions. (Note that, according to existing non-asset backed cryptocurrencies, the lack of asset backing does not preclude use, so technically, the transition from asset-backed to non-asset backed does not require that no party attribute value to the redeemed tokens.))
One of ordinary skill in the art would have recognized that applying fractional representation technique of Youb to the known invention of Hill as modified would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate tokenization features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the system to include wherein each asset-class backed token is redeemable for a portion of the plurality of revenue-generating assets results in an improved invention because applying said technique ensures there is redemption of tokens for portions of revenue-generating assets, thus improving the overall performance of the invention.
15. Regarding claim 9, Hill does not explicitly disclose wherein the token configuration is received from a token strategy engine configured to generate the token configuration based on a plurality of token performance attributes provided by the minting party.
However, Doney teaches wherein the token configuration is received from a token strategy engine configured to generate the token configuration based on a plurality of token performance attributes provided by the minting party, (Claim 1. A system for enforcing a ruleset for a decentralized financial transaction comprising: a compliance enhanced architecture in network communication with at least one server computer and at least one distributed ledger; wherein the compliance enhanced architecture includes a Policy Enforcement Point (PEP), a rules engine, at least one recipe, and an attribute source module; wherein the compliance enhanced architecture is operable to establish a link between at least one participant and at least one wallet on the at least one distributed ledger; wherein the at least one wallet corresponds to a unique address on the at least one distributed ledger; wherein the PEP is operable to receive a proposed transaction from the at least one wallet to transfer at least one digital token representing at least one asset; wherein the attribute source module is operable to determine at least one participant attribute attributable to the at least one participant, at least one token attribute attributable to the at least one digital token, and/or at least one transaction attribute attributable to the proposed transaction; wherein the at least one recipe is computer interpretable code of a compliance, regulatory, and/or other governance policy rule and/or ruleset; wherein the at least one recipe includes a Subject Verb Object (SVO) structure in which the at least one participant is assigned as a subject, the proposed transaction is assigned as a verb, and the at least one digital token is assigned as an object; wherein the rules engine is operable to determine a policy decision by comparing the at least one participant attribute, the at least one digital token attribute, and the at least one transaction attribute to the at least one recipe; wherein the PEP is operable to determine at least one right to perform the proposed transaction based on the policy decision; wherein the PEP is operable to permit or deny the proposed transaction based on the presence or absence of the at least one right; wherein compliance enhanced architecture further includes an interoperability layer and a decorator pattern; wherein the interoperability layer is operable to implement the PEP on the distributed ledger, off the distributed ledger, and/or partially on the distributed ledger and partially off the distributed ledger; and wherein the decorator pattern is operable to intercept at least one action across dissimilar distributed ledgers and execute compliance functions of the PEP across the dissimilar distributed ledgers.)
One of ordinary skill in the art would have recognized that applying attribute-based decision technique of Doney to the known invention of Hill would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate token configuration features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the system to include wherein the token configuration is received from a token strategy engine configured to generate the token configuration based on a plurality of token performance attributes provided by the minting party results in an improved invention because applying said technique ensures that assets are evaluated based on performance attributes, thus improving the overall performance of the invention.
16. Regarding claim 10, Hill discloses wherein the plurality of revenue-generating assets comprises ownership of land and usage rights to the land, (Para. 0028, Another type of income producing activity by the decentralized investment fund 202 is investing activity 208. The fund may use raised capital to purchase assets such as securities, real estate, ownership in other funds, etc. These assets may be held and interest and/or income collected thereon. The assets may be sold for a gain, thus producing income to the fund 202.)
17. Regarding claim 11, Hill discloses wherein the plurality of revenue-generating assets comprises ownership of a productive asset and an income stream from the productive asset, (Para. 0026, One type of activity in which the decentralized investment fund 202 may engage is capital lending 204. The fund 202 may lend out capital that it raised or it may convert raised capital into another thing (e.g., a currency, commodity, etc.) to lend out. The fund 202 may manage capital lending loans 204 with activities such as repayment collection and processing and pursuing delinquent borrowers. The fund 202 may sell capital lending loans 204 to buyers who are entitled to collect repayments on the loans 204. In some implementations, as described herein, capital lending loans 204 may be “tokenized.” In other words, the right to receive repayments on the loan may be associated with ownership of a token at an address on a shared ledger. For the loan to remain in good standing, the buyer must make the loan repayments to the address on the shared ledger that is associated with the token at the time of each repayment. As the token changes hands, the loan repayments would be sent to the current owner if the loan remains in good standing.)
18. Regarding claim 12, Hill as modified does not explicitly disclose wherein the plurality of revenue-generating assets comprises a derivative asset corresponding to a first set of assets and a derivative asset corresponding to a second set of assets.
However, Youb teaches wherein the plurality of revenue-generating assets comprises a derivative asset corresponding to a first set of assets and a derivative asset corresponding to a second set of assets, (Para. 0007, describes creation of collateralized portfolios, as a collection of income-producing assets, generated through transactions that exchange estimated asset value for liquid instruments in the portfolio. Transaction elasticity is provided by liquid instruments (reserve funds and portfolio-owned shares) held in reserve in the portfolio's reservoir which provides a market smoothing function to adapt to changes in asset demand and risk. Each portfolio's reservoir is collectively owned by the shareholders; continuously replenishing itself with income generated by assets in the portfolio. Shares can be represented by digital tokens, traded as digital currency such as cryptocurrency, and monetized with the convenience of cash through a network of exchanges and payment gateways.)
One of ordinary skill in the art would have recognized that applying collateralized portfolio-backed structuring of Youb to the known invention of Hill as modified would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate tokenization features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the system to include wherein the plurality of revenue-generating assets comprises a derivative asset corresponding to a first set of assets and a derivative asset corresponding to a second set of assets results in an improved invention because applying said technique ensures that assets are structured based off the derived assets within the environment, thus improving the overall performance of the invention.
19. Regarding claim 13, Hill as modified does not explicitly disclose wherein the first set of assets are each related to a first oil and/or gas production facility and the second set of assets are each related to a second oil and/or gas production facility.
However, Youb teaches wherein the first set of assets are each related to a first oil and/or gas production facility and the second set of assets are each related to a second oil and/or gas production facility, (Abstract Section, A method for creating an asset-backed distributed ledger token representing a smart contract, the token being backed by a pledge of an illiquid form of a precursor or means of production of a commodity asset, comprising receiving a pledge of unrefined or pre-commodity asset, digitizing the unrefined commodity asset into fractional representations of the commodity asset using smart contracts on a distributed ledger network, and allowing account holders access to the perform transactions on the distributed ledger network to trade the fractional representations under the terms of the smart contract.; and Para. 0007, describes creation of collateralized portfolios, as a collection of income-producing assets, generated through transactions that exchange estimated asset value for liquid instruments in the portfolio.). The examiner states that oil and/or gas production facilities are interpreted as commodity production assets in the cited prior art.
One of ordinary skill in the art would have recognized that applying the commodity production tokenization technique of Youb to the known invention of Hill as modified would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate tokenization features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the system to include wherein the first set of assets are each related to a first oil and/or gas production facility and the second set of assets are each related to a second oil and/or gas production facility results in an improved invention because applying said technique ensures that tokenization is extended to production facilities, thus improving the overall performance of the invention.
20. Regarding claim 14, Hill discloses wherein at least one of the plurality of assets is an intellectual property asset, wherein owners of the plurality of asset-class backed tokens are entitled to sublicense at least a portion of intellectual property rights corresponding to the intellectual property asset, (Para. 0028-0030, Another type of income producing activity by the decentralized investment fund 202 is investing activity 208. The fund may use raised capital to purchase assets such as securities, real estate, ownership in other funds, etc. These assets may be held and interest and/or income collected thereon. The assets may be sold for a gain, thus producing income to the fund 202…Another type of expense is disbursements of profit 212 to the equity token holders. The disbursements may be to wallet address associated with the respective token holders in a digital asset tracked by a shared ledger on which the equity tokens are held (e.g., a token on the ethereum network). The disbursements may be made from the fund upon the calling of a profit disbursement function on a smart contract by an entity associated with the fund 202 with authority to trigger profit disbursements (e.g., a transaction from an address whitelisted as the CFO's address). In other implementations, a profit disbursement may be made automatically by the smart contract upon satisfaction of a condition (e.g., pay out profits when the value of the smart contract rises above a threshold).; and Para. 0049, In yet another implementation, a subset of the block headers of the different shared ledger 614 are stored by relayers on the shared ledger 604. The headers may be validated, and the validations stored on the chain 604. In this manner, a simplified version of the different shared ledger 614 is stored on the shared ledger 604. The decentralized investment fund 602 can cause a payment to be made in the digital asset 618 to the token holder 610 and verify the transaction in the simplified version of the shared ledger 614 on its own chain 604. One way to cause payment of the digital asset 618 is to pay a third party payment processor to accept the native token 608 of the shared ledger 604 in return for making the dividend payment 618 to the token holder. Once such a payment is made, the decentralized investment fund 602 can remove the dividend liability from its books based on verification of the transaction on the simplified version of the chain 614 on the chain 604, which can be done by a contract executing on the chain 604.)
21. Regarding claim 15, Hill does not explicitly disclose further comprising: receiving, by the tokenization platform, a plurality of governance rules based on one or more governance requirements associated with the plurality of revenue-generating assets; and configuring, by the tokenization platform, the one or more smart contracts based on the plurality of governance rules.
However, Doney teaches further comprising: receiving, by the tokenization platform, a plurality of governance rules based on one or more governance requirements associated with the plurality of revenue-generating assets; and configuring, by the tokenization platform, the one or more smart contracts based on the plurality of governance rules, (Claim 1. A system for enforcing a ruleset for a decentralized financial transaction comprising: a compliance enhanced architecture in network communication with at least one server computer and at least one distributed ledger; wherein the compliance enhanced architecture includes a Policy Enforcement Point (PEP), a rules engine, at least one recipe, and an attribute source module; wherein the compliance enhanced architecture is operable to establish a link between at least one participant and at least one wallet on the at least one distributed ledger; wherein the at least one wallet corresponds to a unique address on the at least one distributed ledger; wherein the PEP is operable to receive a proposed transaction from the at least one wallet to transfer at least one digital token representing at least one asset; wherein the attribute source module is operable to determine at least one participant attribute attributable to the at least one participant, at least one token attribute attributable to the at least one digital token, and/or at least one transaction attribute attributable to the proposed transaction; wherein the at least one recipe is computer interpretable code of a compliance, regulatory, and/or other governance policy rule and/or ruleset; and Claim 4. wherein the PEP is implemented onto a distributed ledger though at least one smart contract)
One of ordinary skill in the art would have recognized that applying governance policy rule techniques of Doney to the known invention of Hill would have been recognized that the application of the technique would have yielded predictable results because the level of ordinary skill in the art demonstrated by the references applied shows the ability to incorporate governance rules via smart contract features into a similar invention. Further, it would have been recognized by those of ordinary skill in the art that modifying the system to include receiving, by the tokenization platform, a plurality of governance rules based on one or more governance requirements associated with the plurality of revenue-generating assets; and configuring, by the tokenization platform, the one or more smart contracts based on the plurality of governance rules results in an improved invention because applying said technique ensures that there are policy-based rules and compliance across tokenized assets, thus improving the overall performance of the invention.
22. Regarding claim 16, Hill discloses further comprising: generating, using a token simulator system, an estimated value of the plurality of revenue-generating assets; determining, based on the estimated value of the plurality of revenue-generating assets, an estimated value of each token of the plurality of asset-class backed tokens; and transmitting, to a marketplace system, an indication of the estimated value of each token of the plurality of asset-class backed tokens, (Para. 0027-0028, Another type of income producing activity by the decentralized investment fund 202 is trading and/or market making activities. The capital raised by the fund 202 may be either tradable on an exchange (e.g., a digital asset exchange) or exchangeable for an asset that is tradable on an exchange (e.g., national currency, commodity, another digital asset, etc.). The fund 202 may engage in or contract others to engage in the trading and/or market making activities 206 to produce an income. The income may be paid (or converted and then paid) back into the decentralized investment fund 202 (e.g., converted to a digital asset tracked by a shared ledger on which a smart contract executing portions of the decentralized investment fund and transmitted to the smart contract). Another type of income producing activity by the decentralized investment fund 202 is investing activity 208. The fund may use raised capital to purchase assets such as securities, real estate, ownership in other funds, etc. These assets may be held and interest and/or income collected thereon. The assets may be sold for a gain, thus producing income to the fund 202.)
23. Regarding claim 17, Hill discloses wherein the marketplace system sets a minimum price of each of the plurality of asset-class backed tokens based on the estimated value of each token of the plurality of asset-class backed tokens, wherein the estimated value of plurality of assets includes an estimated income produced by an income stream asset, (Para. 0026-0027, One type of activity in which the decentralized investment fund 202 may engage is capital lending 204. The fund 202 may lend out capital that it raised or it may convert raised capital into another thing (e.g., a currency, commodity, etc.) to lend out. The fund 202 may manage capital lending loans 204 with activities such as repayment collection and processing and pursuing delinquent borrowers. The fund 202 may sell capital lending loans 204 to buyers who are entitled to collect repayments on the loans 204. In some implementations, as described herein, capital lending loans 204 may be “tokenized.” In other words, the right to receive repayments on the loan may be associated with ownership of a token at an address on a shared ledger. For the loan to remain in good standing, the buyer must make the loan repayments to the address on the shared ledger that is associated with the token at the time of each repayment. As the token changes hands, the loan repayments would be sent to the current owner if the loan remains in good standing. Another type of income producing activity by the decentralized investment fund 202 is trading and/or market making activities. The capital raised by the fund 202 may be either tradable on an exchange (e.g., a digital asset exchange) or exchangeable for an asset that is tradable on an exchange (e.g., national currency, commodity, another digital asset, etc.). The fund 202 may engage in or contract others to engage in the trading and/or market making activities 206 to produce an income. The income may be paid (or converted and then paid) back into the decentralized investment fund 202 (e.g., converted to a digital asset tracked by a shared ledger on which a smart contract executing portions of the decentralized investment fund and transmitted to the smart contract).)
Conclusion
THIS ACTION IS MADE FINAL. Applicants are reminded of the extension of time policy as set forth in 37 CFR 1.136(a). The prior art made of record and not relied upon is considered pertinent to applicant's disclosure.
Systems and Methods For Optimizing Aggregate Values For a Request For Quotation (US 20240311895 A1) teaches a method for optimizing aggregate values for a request for quotation is provided. The method includes: receiving data associated with a request for quotation for one or more items, the request for quotation including a respective quantity associated with each of the one or more items; assigning, using a first trained machine learning model, one or more aggregate values to the request for quotation; assigning, using a second trained machine learning model, a respective win probability for each of the one or more aggregate values; transmitting the one or more aggregate values and the one or more win probabilities associated with each of the one or more aggregate values to an electronic database; and transmitting the one or more aggregate values and the one or more win probabilities associated with each of the one or more aggregate values to a graphical user interface.
A shortened statutory period for reply to this final action is set to expire THREE MONTHS from the mailing date of this action. In the event a first reply is filed within TWO MONTHS of the mailing date of this final action and the advisory action is not mailed until after the end of the THREE-MONTH shortened statutory period, then the shortened statutory period will expire on the date the advisory action is mailed, and any extension fee pursuant to 37 CFR 1.136(a) will be calculated from the mailing date of the advisory action. In no event, however, will the statutory period for reply expire later than SIX MONTHS from the mailing date of this final action.
In addition to the foregoing, other aspects are described in the claims, drawings, and text. Any inquiry concerning this communication or earlier communications from the examiner should be directed to Davida L. King whose telephone number is (571) 272-4724. The examiner can normally be reached M-F 8am-5pm.
Examiner interviews are available via telephone, in-person, and video conferencing using a USPTO supplied web-based collaboration tool. To schedule an interview, applicant is encouraged to use the USPTO Automated Interview Request (AIR) at http://www.uspto.gov/interviewpractice.
If attempts to reach the examiner by telephone are unsuccessful, the examiner’s supervisor, Neha Patel can be reached on (571) 270-1492. The fax phone number for the organization where this application or proceeding is assigned is 571-273-8300.
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/D.L.K./Examiner, Art Unit 3699
