The method of management of property rights to Assets has been successfully implemented in the Bitbon System, which includes a network of hardware-software complexes containing the Blockchain, data on nominal value, Bitbon System User identifiers, data on transaction history, exact time module, transaction processing module, publication module:
Blockchain (contains data on the Accounts of Bitbon System Users, as well as the Projectbon Public Contract, evaluation of nominal value of property rights to Assets).
Ledger object identifier generator (a separate device with the ability to interact with the exact time module using cryptographic algorithms for data processing).
Exact time module (provides synchronization with the network-wide time of the hardware-software complexes network, which differs from the global time due to the speed corrections of the signal propagation across the network segments between the hardware-software complexes).
Transaction processing module (processes a request to form a record on the transfer or redistribution of property rights to Assets in the Blockchain).
Validation module (allows verifying the correctness of the evaluation results of property rights to Assets, the Projectbon Public Contract, nominal value, Bitbon System User identifiers).
User terminal (a hardware-software complex used to create the Projectbon Public Contract, as well as an instruction to transfer property rights to Assets).
Publication module (a pool of hardware-software complexes combined with each other in the network for the purpose of publishing records in the Blockchain).
Let us consider concrete examples of the practical use of the Bitbon System described in patent PCT/UA2017/000050 “The Method of Management of Property Rights to Assets and the System for Its Implementation”.
- Example 1Bitbon Evaluation and Issuing as Property Rights to Assets
- Example 2Evaluation, Accounting and Control of Assets Using Bitbon
- Example 3Transfer of Property Rights to Assets Using Bitbon
- Example 4Bitbon Exchange for Goods
- Example 5Fundraising for Project Implementation
- Example 6Contributing
- Example 7Receiving Income by the Contributor
User 1 (Bitbon owner), willing to receive goods in the store, requests the authorization code through the User terminal. Then, User 1 informs the store of the authorization code, which initiates the transaction by sending the authorization code to the financial institution, indicating the cost of goods.
User 1 sends a request and the authorization code to the exchange to sell the required Bitbon nominal value for the specified currency. The exchange accepts a request for exchange and selects an offer registered on the exchange from another User 2 willing to purchase Bitbons for the specified currency. The exchange also sends a request to transfer Bitbons from User Account 1 to User Account 2 using the transaction processing module.
The transaction processing module verifies the request compliance with the following conditions: processing rules (term of execution, price deviation, etc.), event (up to a certain date, etc.), field of application (only a specific type of goods, or all types of goods) and validates the request on the validation module. If the validation of the request fails, the User is notified that Bitbon cannot be transferred. If the request is validated, the transaction processing module receives an identifier of Bitbon record from the ledger object identifier generator. The transaction processing module receives the correct date and time of recording from the exact time module.
Next, the generated request is transmitted to the publication module, which in its turn, publishes a record on the Bitbon transfer with the specified nominal value from User 1 to User 2 in the Blockchain.
The exchange receives confirmation of the transaction execution from the transaction processing module and transfers funds from User 2 to the financial institution.
Next, the financial institution confirms the transaction to the store, which transfers goods to User 1.
Materials of the article Bitbon System As a Separate Independent Asset largely explain the interaction principle of the Bitbon System components.
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