Method and system for recording forward royalties using a distributed ledger
To manage property records using a multi-layered hybrid distributed ledger architecture, identification information for a particular property is obtained and transmitted to at least one participant in a public distributed ledger network for a public distributed ledger layer. Ownership information for the same particular property is obtained and transmitted to at least one participant in a federated distributed ledger network for a federated distributed ledger layer. Transaction-related documents for the same particular property are obtained and transmitted to at least one participant in a private distributed ledger network for a private distributed ledger. The distributed ledger layers are different layers of a property distributed ledger each having a separate set of consensus rules for appending distributed ledger data to the respective layer. This allows for the immutable preservation of royalty terms and conditions for a property or asset using the distributed ledger.
1. A system for managing encumbrances associated with assets using a secure, immutable ledger, the system comprising:
one or more processors; and
a non-transitory computer-readable medium coupled to the one or more processors and storing instructions thereon, that when executed by the one or more processors, causes the one or more processors to:
identify one or more encumbrances on an asset when the asset is transferred from one or more owners to one or more new owners;
generate a transaction including a transfer of the asset from the one or more owners to the one or more new owners and a description of the one or more encumbrances;
augment the transaction with one or more cryptographic hashes;
augment the transaction with evidence of authenticity; and
record the transaction including the description of the one or more encumbrances in a secure, immutable ledger.
2. The system of claim 1 , wherein the one or more encumbrances include at least one of:
(i) a first royalty percentage owed to a first owner,
(ii) a second royalty percentage owed to downstream owners other than the first owner,
(iii) a third royalty percentage owed to one or more parties other than the first owner r and the downstream owners, or
(iv) a buyout option.
3. The system of claim 1 , wherein the instructions further cause the one or more processors to:
augment the transaction with a cryptographic signature from the one or more owners to prove the identity of the one or more owners.
4. The system of claim 1 , wherein the evidence of authenticity is generated by a third-party authority.
5. The system of claim 1 , wherein the evidence of authenticity is generated by the system using one or more artificial intelligence elements, machine intelligence elements, or machine learning elements.
6. The system of claim 1 , wherein information for the evidence of authenticity is obtained from an external evidence oracle or source.
7. The system of claim 1 , wherein the instructions further cause the one or more processors to:
transmit the transaction to a smart contract that includes an ancillary text component and is configured to automatically distribute royalties upon transfer of the asset to another owner in accordance with the encumbrance.
8. The system of claim 1 , wherein the instructions further cause the one or more processors to:
automatically generate a contract, an enforcement action, or a report using one or more artificial intelligence elements, machine intelligence elements, or machine learning elements.
9. The system of claim 1 , wherein the instructions further cause the one or more processors to:
automatically predict a price or price range of the asset using one or more artificial intelligence elements, machine intelligence elements, or machine learning elements.
10. The system of claim 1 , wherein the asset is at least one of: shoes, a trading card, memorabilia, a comic book, a vehicle, a stamp, a coin, a photograph, a video, a painting, a sculpture, a drawing, a sketch, a sound recording, a musical score, song lyrics, a screenplay, a book, a short story, a collectible, a domain name, intellectual property, an article, an item of fashion apparel, gems, jewelry, an item of digital art, an aircraft, a boat, a real property.
11. A method for managing encumbrances associated with assets using a secure, immutable ledger, the method comprising:
identifying, by one or more processors, one or more encumbrances on an asset when the asset is transferred from one or more owners to one or more new owners;
generating, by the one or more processors, a transaction including a transfer of the asset from the one or more owners to the one or more new owners and a description of the one or more encumbrances;
augmenting, by the one or more processors, the transaction with one or more cryptographic hashes;
augmenting, by the one or more processors, the transaction with evidence of authenticity; and
recording, by the one or more processors, the transaction including the description of the one or more encumbrances in a secure, immutable ledger.
12. The method of claim 11 , wherein the one or more encumbrances include at least one of:
(i) a first royalty percentage owed to a first owner,
(ii) a second royalty percentage owed to downstream owners other than the first owner,
(iii) a third royalty percentage owed to one or more parties other than the first owner and the downstream owners, or
(iv) a buyout option.
13. The method of claim 11 , further comprising:
augmenting, by the one or more processors, the transaction with a cryptographic signature from the one or more owners to prove the identity of the one or more owners.
14. The method of claim 11 , wherein the evidence of authenticity is generated by a third-party authority.
15. The method of claim 11 , wherein the evidence of authenticity is generated by the one or more processors using one or more artificial intelligence elements, machine intelligence elements, or machine learning elements.
16. The method of claim 11 , wherein information for the evidence of authenticity is obtained from an external evidence oracle or source.
17. The method of claim 11 , further comprising:
transmitting, by the one or more processors, the transaction to a smart contract that includes an ancillary text component and is configured to automatically distribute royalties upon transfer of the asset to another owner in accordance with the encumbrance.
18. The method of claim 11 , further comprising:
automatically generating, by the one or more processors, a contract, an enforcement action, or a report using one or more artificial intelligence elements, machine intelligence elements, or machine learning elements.
19. The method of claim 11 , further comprising:
automatically predicting, by the one or more processors, a price or price range of the asset using one or more artificial intelligence elements, machine intelligence elements, or machine learning elements.
20. The method of claim 11 , wherein the asset is at least one of: shoes, a trading card, memorabilia, a comic book, a vehicle, a stamp, a coin, a photograph, a video, a painting, a sculpture, a drawing, a sketch, a sound recording, a musical score, song lyrics, a screenplay, a book, a short story, a collectible, a domain name, intellectual property, an article, an item of fashion apparel, gems, jewelry, an item of digital art, an aircraft, a boat, a real property.