Patents by Inventor Michael Zimits

Michael Zimits has filed for patents to protect the following inventions. This listing includes patent applications that are pending as well as patents that have already been granted by the United States Patent and Trademark Office (USPTO).

  • Method for creating commodity assets from unrefined commodity reserves utilizing blockchain and distributed ledger technology
    Patent number: 11188977
    Abstract: A method for creating an asset-backed distributed ledger token representing a smart contract, the token being backed by a pledge of an illiquid form of a precursor or means of production of a commodity asset, comprising receiving a pledge of unrefined or pre-commodity asset, digitizing the unrefined commodity asset into fractional representations of the commodity asset using smart contracts on a distributed ledger network, and allowing account holders access to the perform transactions on the distributed ledger network to trade the fractional representations under the terms of the smart contract.
    Type: Grant
    Filed: March 8, 2018
    Date of Patent: November 30, 2021
    Assignee: Stichting IP-Oversight
    Inventors: Christopher Youb, Scott Mehlman, Michael Zimits, Bruce Youb
  • METHOD FOR CREATING COMMODITY ASSETS FROM UNREFINED COMMODITY RESERVES UTILIZING BLOCKCHAIN AND DISTRIBUTED LEDGER TECHNOLOGY
    Publication number: 20190080392
    Abstract: A method for creating an asset-backed distributed ledger token representing a smart contract, the token being backed by a pledge of an illiquid form of a precursor or means of production of a commodity asset, comprising receiving a pledge of unrefined or pre-commodity asset, digitizing the unrefined commodity asset into fractional representations of the commodity asset using smart contracts on a distributed ledger network, and allowing account holders access to the perform transactions on the distributed ledger network to trade the fractional representations under the terms of the smart contract.
    Type: Application
    Filed: March 8, 2018
    Publication date: March 14, 2019
    Inventors: Christopher Youb, Scott Mehlman, Michael Zimits, Bruce Youb