Granted Patent B2

US 12,288,198 · App. 18/377,091 · Granted Apr 29, 2025

Inventor: Ashish B. Kurani (Hillsborough, CA)

Assignee: Wells Fargo Bank, N.A.

G06Q20/0658G06Q20/401G06Q20/4015G06Q40/04H04W48/12H04W68/005H04W68/02H04W68/04H04W76/27

Abstract

Claims (50)

1. A method of verifying tokens, the method comprising:

creating, by one or more processing circuits, a token of a digital title for an asset, the token comprising proof of ownership of the asset, an identifier of the asset, wherein creating the token further comprises signing the token with a private key;

embedding, by the one or more processing circuits, the token into a metadata field of a math-based currency (MBC) transaction;

tracking, by the one or more processing circuits using an overlay ledger, an amount of MBC associated with each customer in the MBC transaction, wherein the MBC is a cryptocurrency, and wherein the overlay ledger associates an individual customer with a designated amount of MBC;

receiving, by the one or more processing circuits, an asset transfer request regarding the token;

responsive to the token being signed with the private key, transmitting, by the one or more processing circuits, a title verification; and

updating, by the one or more processing circuits, an owner of the token for the asset.

2. The method of claim 1 , wherein a pointer in the metadata field of a record of the MBC transaction on a distributed ledger comprises a location of the token in a digital title database.

3. The method of claim 2 , wherein the metadata field is an op_return field associated with the MBC transaction.

4. The method of claim 2 , wherein the metadata field is an nSequence field associated with the MBC transaction.

5. The method of claim 2 , wherein the pointer is a hyperlink.

6. The method of claim 1 , wherein the digital title further comprises an image or picture of the asset, and wherein the MBC of the MBC transaction is the cryptocurrency.

7. The method of claim 1 , further comprising:

providing, to a computing device of the owner of the token and by the one or more processing circuits, the token;

maintaining, by the one or more processing circuits, a pooled MBC account database of addresses, private keys, and public keys associated with MBC, wherein the MBC has been transferred to a provider computing system; and

transferring, by the one or more processing circuits, the amount of MBC from a buyer to a seller in the MBC transaction, wherein a nominal amount of MBC that is large enough to be verified by MBC verification nodes is sent before the amount of MBC.

8. The method of claim 7 , wherein the one or more processing circuits maintains a plurality of pooled MBC accounts containing the MBC of a plurality of customers.

9. The method of claim 7 , wherein the provider retains a portion of the amount of MBC.

10. The method of claim 1 , further comprising:

responsive to a negative verification that an identity of a seller in the MBC transaction does not match an identity of the owner of the asset, transmitting, to a provider computing system, a negative title verification.

11. The method of claim 10 , further comprising:

transmitting, to a computing device of the owner of the token, the negative title verification to notify the owner of the token of a potential fraudulent transaction.

12. A system associated with a digital title company, the system comprising:

a memory; and

at least one processing circuit to:

create a token of a digital title for an asset, the token comprising proof of ownership of the asset, an identifier of the asset, wherein creating the token further comprises signing the token with a private key;

embed the token into a metadata field of a math-based currency (MBC) transaction;

track, using an overlay ledger, an amount of MBC associated with each customer in the MBC transaction, wherein the MBC is a cryptocurrency, and wherein the overlay ledger associates an individual customer with a designated amount of MBC;

receive an asset transfer request regarding the token;

responsive to the token being signed with the private key, transmit a title verification; and

update an owner of the token for the asset.

13. The system of claim 12 , wherein a pointer in the metadata field of a record of the MBC transaction on a distributed ledger comprises a location of the token in a digital title database, wherein the pointer is a hyperlink.

14. The system of claim 13 , wherein the metadata field is an op_return field associated with the MBC transaction.

15. The system of claim 13 , wherein the metadata field is an nSequence field associated with the MBC transaction.

16. The system of claim 12 , wherein the digital title further comprises an image or picture of the asset, and wherein the MBC of the MBC transaction is the cryptocurrency.

17. The system of claim 12 , the at least one processing circuit further to:

provide, to a computing device of the owner of the token, the token;

maintain a pooled MBC account database of addresses, private keys, and public keys associated with MBC, wherein the MBC has been transferred to a provider computing system, and wherein the provider computing system maintains a plurality of pooled MBC accounts containing the MBC of a plurality of customers, and wherein the provider retains a portion of the amount of MBC; and

transfer the amount of MBC minus the portion from a buyer to a seller in the MBC transaction, wherein a nominal amount of MBC that is large enough to be verified by MBC verification nodes is sent before the amount of MBC.

18. The system of claim 12 , the at least one processing circuit further to:

responsive to a negative verification that an identity of a seller in the MBC transaction does not match an identity of the owner of the asset, transmit a negative title verification.

19. The system of claim 18 , the at least one processing circuit further to:

transmit, to a computing device of the owner of the token, the negative title verification to notify the owner of the token of a potential fraudulent transaction.

20. A non-transitory computer readable media having computer-executable instructions embodied therein that, when executed by one or more processing circuit, causes the one or more processing circuit to:

create a token of a digital title for an asset, the token comprising proof of ownership of the asset, an identifier of the asset, wherein creating the token further comprises signing the token with a private key;

embed the token into a metadata field of a math-based currency (MBC) transaction;

track, using an overlay ledger, an amount of MBC associated with each customer in the MBC transaction, wherein the MBC is a cryptocurrency, and wherein the overlay ledger associates an individual customer with a designated amount of MBC;

receive an asset transfer request regarding the token;

responsive to the token being signed with the private key, transmit a title verification; and

update an owner of the token for the asset.

Continuity (4)

References Cited (112)