Blockchain tracking of a physical diamond token
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United States of America Patent
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Oct 15, 2024
Grant Date -
May 6, 2021
app pub date -
Nov 4, 2020
filing date -
Nov 4, 2019
priority date (Note) -
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status (Latency Note)
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Abstract
A diamond asset comprising one or more diamonds and an encryption chip is used to asset-back a cryptographic token that can be used to conduct transactions. A user device executes an application programming interface configured to access a blockchain that stores a smart contract associated with the cryptographic token backed by the value of the one or more diamonds. When the user device receives an instruction to perform a transaction related to the cryptographic token, the user device causes the encryption chip to sign the smart contract. In response to determining that the smart contract was signed by the encryption chip, the user device causes the transaction to be performed.
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