System and method for automated blockchain custody service for managing a set of custodial assets with block chain authenticity verification
A system and method for automated blockchain custody service for managing a set of custodial assets with block chain authenticity verification is disclosed. An example system includes an asset identification service circuit structured to interpret assets corresponding to a financial entity configured to take custody of them; an identity management service circuit structured to authenticate a plurality of identifiers corresponding to a plurality of actionable entities entitled to take action with respect to the assets, wherein the identifiers comprise at least one credential; a blockchain service circuit structured to store asset control features in a blockchain structure comprising a distributed ledger configuration; and a financial management circuit structured to communicate the interpreted plurality of assets and authenticated plurality of identifiers to the blockchain service circuit for storage in the blockchain structure as asset control features, and to record the asset control features in the distributed ledger configuration as asset events.
1. A system comprising:
an asset identification service circuit that interprets a plurality of assets corresponding to a financial entity that is responsible for taking custody of the plurality of assets, wherein the asset identification service identifies the plurality of assets using at least one sensor;
an identity management service circuit that authenticates a plurality of identifiers corresponding to a plurality of actionable entities entitled to take action with respect to the plurality of assets, wherein the plurality of identifiers comprises at least one credential;
a blockchain service circuit that generates a block in a blockchain structure containing a plurality of asset control features, generates a hash value of the block, and links the block to the blockchain structure via the hash value;
a financial management circuit that communicates the interpreted plurality of assets and authenticated plurality of identifiers to the blockchain service circuit for storage in the blockchain structure as asset control features, and wherein the blockchain service circuit further records the asset control features as asset events; and
a smart contract circuit that manages the asset events related to the plurality of assets based on terms and conditions embodied in a smart contract configuration of the blockchain structure and based on data collected by the at least one sensor of the asset identification service.
2. The system of claim 1 , further comprising a data collection circuit that monitors at least one of the interpretation of the plurality of assets, the authentication of the plurality of identifiers, or the recording of asset events.
3. The system of claim 2 , wherein the plurality of actionable entities each comprise at least one of an owner, a beneficiary, an agent, a trustee, or a custodian.
4. The system of claim 3 , wherein the smart contract circuit manages the custody of the plurality of assets, and wherein at least one asset event related to the plurality of assets is managed by the smart contract circuit based on a plurality of terms and conditions embodied in the smart contract configuration and based on data collected by the data collection circuit.
5. The system of claim 2 , wherein the data collection circuit further comprises at least one system selected from the systems consisting of: an Internet of Things system, a camera system, a networked monitoring system, an internet monitoring system, a mobile device system, a wearable device system, a user interface system, and an interactive crowdsourcing system.
6. The system of claim 2 , wherein each one of the at least one credential comprises an owner credential, an agent credential, a beneficiary credential, a trustee credential, or a custodian credential.
7. The system of claim 1 , wherein each of the asset identification service circuit, the identity management service circuit, the blockchain service circuit, and the financial management circuit further comprise a corresponding application programming interface (API) component that facilitates communication among the circuits of the system.
8. The system of claim 7 , wherein the corresponding API components of the circuits further comprise user interfaces that interact with a plurality of users of the system.
9. The system of claim 1 , wherein the blockchain service circuit shares and distributes the asset events with the plurality of actionable entities.
10. The system of claim 1 , wherein at least one of the plurality of assets is a virtual asset tag and wherein the asset identification service circuit further interprets the at least one of the plurality of assets by identifying the virtual asset tag.
11. The system of claim 1 , further comprising:
wherein the plurality of assets comprise collateral assets for a loan;
wherein at least one of the asset events comprises at least one of: a placement of a lien on a collateral asset, a disposal of a collateral asset, or a sale of a collateral asset; and
wherein an asset control feature corresponding to the at least one of the asset events comprises performing an automated transaction to transfer custody of the collateral asset.
12. The system of claim 1 , further comprising:
wherein the plurality of assets comprise collateral assets for a loan;
wherein at least one of the asset events comprises at least one of: a placement of a lien on a collateral asset, a disposal of a collateral asset, or a sale of a collateral asset; and
wherein an asset control feature corresponding to the at least one of the asset events comprises replacing the collateral asset with a substitute collateral asset.
13. The system of claim 1 , further comprising:
wherein the plurality of assets comprise collateral assets for a loan;
wherein at least one of the asset events comprises at least one of: a default condition of the loan, a foreclosure condition of the loan, a financial risk condition associated with the loan, or an entity risk condition associated with a debtor entity of the loan; and
wherein an asset control feature corresponding to the at least one of the asset events comprises performing an automated transaction to transfer custody of the collateral asset.
14. The system of claim 1 , further comprising:
wherein the plurality of assets comprises collateral assets for a loan;
wherein at least one of the asset events comprises at least one of: a default condition of the loan, a foreclosure condition of the loan, a financial risk condition associated with the loan, or an entity risk condition associated with a debtor entity of the loan; and
wherein an asset control feature corresponding to the at least one of the asset events comprises replacing the collateral asset with a substitute collateral asset.
15. A method comprising:
interpreting a plurality of assets corresponding to a financial entity that is responsible for taking custody of the plurality of assets, wherein the interpreting identifies the plurality of assets using at least one sensor;
authenticating a plurality of identifiers corresponding to a plurality of actionable entities entitled to take action with respect to the plurality of assets, wherein the plurality of identifiers comprises at least one credential;
generating a block in a blockchain structure containing a plurality of asset control features;
generating a hash value of the block;
linking the block to the blockchain structure via the hash value;
communicating the interpreted plurality of assets and authenticated plurality of identifiers for storage in the blockchain structure as asset control features, wherein the asset control features are recorded as asset events; and
managing the asset events related to the plurality of assets based on terms and conditions embodied in a smart contract configuration of the blockchain structure and based on data from the at least one sensor.
16. The method of claim 15 , further comprising monitoring at least one of the interpretation of the plurality of assets, the authentication of the plurality of identifiers, or the recording of asset events.
17. The method of claim 15 , further comprising managing the custody of the plurality of assets, wherein at least one asset event related to the plurality of assets is based on a plurality of terms and conditions embodied in the smart contract configuration and based on data about the plurality of assets.
18. The method of claim 15 , further comprising sharing and distributing the asset events with the plurality of actionable entities.
19. The method of claim 15 , wherein interpreting the plurality of assets comprises identifying the plurality of assets for which a financial entity is responsible for taking custody.
20. The method of claim 15 , wherein authenticating the plurality of identifiers comprises verifying the plurality of identifiers corresponding to the plurality of actionable entities entitled to take action with respect to the plurality of assets.
21. The method of claim 15 , wherein the blockchain structure is provided in conjunction with a block-chain marketplace.
22. The method of claim 21 , wherein the block-chain marketplace utilizes an automated blockchain-based transaction application.
23. The method of claim 15 , further comprising storing asset transaction data in the blockchain structure based on interactions between the plurality of actionable entities.
24. The method of claim 15 , wherein the blockchain structure is a distributed blockchain structure across a plurality of asset nodes.
25. The method of claim 15 , wherein at least one of the plurality of assets is a virtual asset tag and interpreting the plurality of assets comprises identifying the virtual asset tag.
26. The method of claim 25 , wherein the generating the block comprises storing data for the virtual asset tag.