- Patent Title: System and method for authorizing blockchain network transactions
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Application No.: US16685026Application Date: 2019-11-15
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Publication No.: US11468431B2Publication Date: 2022-10-11
- Inventor: Josh Williams , Raymond A. Chiapuzio , Michael B. Li
- Applicant: Forte Labs, Inc.
- Applicant Address: US CA South San Francisco
- Assignee: Forte Labs, Inc.
- Current Assignee: Forte Labs, Inc.
- Current Assignee Address: US CA South San Francisco
- Agency: Hamilton, Brook, Smith & Reynolds, P.C.
- Main IPC: G06Q20/36
- IPC: G06Q20/36 ; A63F13/798 ; H04L9/06 ; H04L9/00

Abstract:
Systems and methods are provided that authorize blockchain network transactions based on a work requirement. A blockchain network has a plurality of nodes. At least one node of the plurality of nodes is configured to determine whether a token has satisfied a work requirement. The work requirement represents participation of performing work within the blockchain network. The at least one node is further configured to approve a transaction as a function of determining that the work requirement has been satisfied and, to disapprove the transaction as a function of determining that the work requirement has not been satisfied. By enabling the transaction to be approved based on a work requirement, the token, for example, can be authenticated as having an inherent functional value. In this way, the blockchain network or token exchange can attest to the token not being a security, which would be subject to federal securities and regulations.
Public/Granted literature
- US20200160320A1 System and Method for Authorizing Blockchain Network Transactions Public/Granted day:2020-05-21
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