Method and GUI for creating optionality in a commodity contract settlement price

1. A computer method for creating optionality of a price basis in a commodity contract using a graphical user interface (GUI), comprising:

displaying, on an electronic display of a user device, a GUI including an identifier of a commodity contract with a future delivery date, the identifier of the commodity contract corresponding to a smart contract having access thereto saved on a plurality of computer readable memories as a transaction on a distributed ledger, the plurality of computer readable memories being disposed in a corresponding plurality of devices operatively coupled by a computer network, wherein the distributed ledger includes a blockchain;

displaying, via the GUI, an indication that the smart contract includes a variable price with a provision for a future determination of a price basis;

receiving and displaying, via the GUI, an information object indicating that an agreement on the smart contract between a seller and a counterparty was received by a server computer operatively coupled to the user device and a counterparty device via the computer network;

receiving and displaying, from the server computer via the GUI, an indicator of a deposit on a settlement price for the commodity contract from the counterparty via the counterparty device;

receiving and displaying, from the server computer via the GUI, information that at least a portion of the deposit was transferred to the seller as an electronic currency transfer from a counterparty wallet into a seller wallet, indicated in a seller wallet address field in the GUI;

receiving and displaying, from the server computer via the GUI, information that a token representing the smart contract was transferred to a counterparty wallet;

at a future date, receiving and displaying, from the server computer via the GUI, information that a selection of the price basis for the smart contract was received from one of the counterparty or the seller;

determining the settlement price based on the selected price basis;

receiving and displaying, from the server computer via the GUI, information that the commodity contract was settled by transferring a settlement amount of the electronic currency into the seller wallet or the counterparty wallet; and

encrypting the smart contract,

adding the encrypted smart contract to the distributed ledger as a transaction. wherein the adding of the smart contract to the distributed ledger comprises:

storing the encrypted smart contract at one or more cloud locations;

encrypting data identifying the one or more cloud locations; and

entering the encrypted identifying the one or more cloud locations onto the distributed ledger as a transaction.

2. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 1 , further comprising receiving, at the server computer, the selection of the price basis from the seller.

3. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 2 , further comprising:

notifying the counterparty of the determined settlement price.

4. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 3 , wherein notifying the counterparty includes outputting the price basis to an application on a counterparty device.

5. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 2 , wherein the seller has, in selecting the price basis, the option to select between an average price of the commodity over a selected period of time and a benchmark price for the commodity on a selected day.

6. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 5 , wherein the smart contract is a futures contract.

7. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 6 , wherein the selected day is a day the futures contract matures.

8. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 2 , wherein the receiving, at the server computer, of the selection of the price basis includes automatically selecting a highest available settlement price among settlement prices respectively calculated using at least an average price of the commodity over a selected period of time and a benchmark price for the commodity on a selected day.

9. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 1 , wherein the GUI is directly driven by an application on a seller device, and data corresponding to the GUI is received from the server computer.

10. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 1 , wherein the GUI is directly driven by an application on a seller device and data corresponding to the GUI is received by reading data from the distributed ledger.

11. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 1 , wherein the smart contract defines that the seller has, in selecting the price basis, the option to select between an average price of the commodity over a selected period of time or benchmark price for the commodity on a selected day.

12. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 11 , wherein the smart contract is a futures contract.

13. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 12 , wherein the selected day is a particular day the futures contract matures.

14. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 1 , wherein the receiving and displaying, from the server computer via the GUI, of information that a selection of the price basis for the smart contract was received includes receiving and displaying information that the selection of the price basis was made by automatically selecting a highest available price.

15. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 1 , wherein the smart contract defines a rule by which the price basis is automatically selected at the future date.

16. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 15 , wherein the rule defines that the price basis will automatically be selected as an available price basis most favorable to the seller on the future day.

17. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 15 , wherein the rule defines that the price basis will automatically be selected as an available price basis most favorable to the counterparty on the future day.

18. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 1 , wherein,

if the settlement price is lower than the deposit, the receiving and displaying of the information that the commodity contract was settled by transferring the settlement amount of the electronic currency into the seller wallet or the counterparty wallet includes receiving and displaying the information that the commodity contract was settled by transferring the settlement amount of the electronic currency from the seller wallet to the counterparty wallet, and

if the settlement price is higher than the deposit, the receiving and displaying of the information that the commodity contract was settled by transferring the settlement amount of the electronic currency into the seller wallet or the counterparty wallet includes receiving and displaying the information that the commodity contract was settled by transferring the settlement amount of the electronic currency from the counterparty wallet to the seller wallet.

19. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 1 , wherein the deposit and the settlement price are established in a cryptocurrency.

20. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 1 , wherein the commodity is a physical commodity.

21. The computer method for creating optionality of a price basis in a commodity contract using a GUI of claim 20 , wherein the physical commodity includes a refined or unrefined fuel, a refined or unrefined mining extract, or a food.