Northland Power has been granted a patent for a system that allows for the creation of exchange traded products holding digital math-based assets. The system involves determining share prices based on asset quantities, receiving purchase requests, and issuing shares electronically. The patent also includes a detailed claim outlining the operations performed by the system. GlobalData’s report on Northland Power gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Northland Power, was a key innovation area identified from patents. Northland Power's grant share as of May 2024 was 46%. Grant share is based on the ratio of number of grants to total number of patents.
Exchange traded product holding digital math-based assets
A recently granted patent (Publication Number: US11995720B1) discloses a first networked computer system designed to operate as a node within a network of physically remote computer systems. The system includes one or more processors and non-transitory computer-readable memory storing machine-readable instructions. These instructions enable the system to perform various operations, such as receiving electronic requests to deposit digital assets in a blockchain, sending requests for predetermined ratios of digital assets, verifying asset receipt, generating instructions to issue units to specific digital addresses, and executing these instructions via the blockchain. The system also involves transmitting unit information to user devices, confirming fiat receipt, and managing digital assets based on user attributions and expenses.
Furthermore, the patent details a method and system involving decentralized electronic ledgers in the form of blockchains associated with digital assets. These systems receive electronic requests to deposit digital assets, determine unit information based on predetermined ratios, verify asset receipt, issue units to specific digital addresses, and execute instructions via the blockchain. The operations also include transmitting unit information to user devices, confirming fiat receipt, managing digital assets based on user attributions and expenses, and associating subunits or portions of units with specific digital addresses. The patent showcases a sophisticated networked computer system that streamlines digital asset transactions and management through blockchain technology, offering a secure and efficient solution for users and businesses in the digital asset exchange landscape.
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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.
