Northland Power. has been granted a patent for a system that facilitates the creation and trading of shares based on digital math-based assets. The technology involves a networked computer system that processes requests for asset deposits and issues corresponding shares through a decentralized blockchain ledger. GlobalData’s report on Northland Power gives a 360-degree view of the company including its patenting strategy. Buy the report here.
Smarter leaders trust GlobalData
According to GlobalData’s company profile on Northland Power, was a key innovation area identified from patents. Northland Power's grant share as of June 2024 was 80%. Grant share is based on the ratio of number of grants to total number of patents.
Exchange traded product for digital math-based assets
The granted patent US11995720B1 describes a networked computer system functioning as a node within a decentralized network of remote computer systems. This system is designed to manage a blockchain associated with a digital asset, specifically facilitating the deposit and exchange of digital assets through a digital asset exchange interface. The process begins with the system receiving a request from a user device to deposit a specified quantity of a digital asset into a designated blockchain address. The system then communicates with external exchange systems via application programming interfaces (APIs) to obtain predetermined ratios of the digital asset to predefined units. A trust component within the system verifies the receipt of the digital asset and generates instructions to issue the corresponding quantity of units to the user's digital address, ensuring that the entire process is time-sensitive and responsive to the dynamic values of the assets involved.
Additionally, the patent outlines operations that include transmitting unit information back to the user device, confirming the receipt of fiat currency in a related account, and determining the quantities of digital assets attributable to users while accounting for expenses. The system is specifically noted to operate on the Ethereum blockchain, with Ether as the first digital asset. The claims also detail methods for associating subunits and portions of a basket of units with the user's digital address, further enhancing the system's functionality in managing digital asset transactions. Overall, the patent presents a comprehensive framework for the secure and efficient handling of digital asset exchanges within a decentralized network.
To know more about GlobalData’s detailed insights on Northland Power, buy the report here.
Data Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
