U.S. Patent 11074650 was awarded on July 27, 2021 and is entitled “Method and system for blockchain-based gemstone ownership, identity, custody, supply-chain transfer, trading, and secure payments.” The first named inventor is Jae Hyung Kim of Seongnam-si, . The abstract contains an overview of the patent disclosure:

A blockchain-based rough gemstone planning method including receiving a gemstone record including gemstone scan information and a smart contract, receiving a plurality of virtual derivative gemstones that may be derived from a gemstone associated with the received gemstone record and a plurality of virtual derivative gemstone records comprising meta-information about the virtual derivative gemstones, recording the plurality of virtual derivative gemstone records to a meta-information database, generating a plurality of derivative smart contracts associated with the plurality of virtual derivative gemstone records, sending the virtual derivative gemstone records and the derivative smart contracts, receiving price information for the plurality of virtual derivative gemstone records, and identifying a subset of the plurality of virtual derivative gemstone records that may be derived from the gemstone associated with received gemstone record responsive to the received price information received. Link to Full Patent

This blockchain patent was originally filed on June 22, 2018  as U.S. Patent Application 16/015543 at the United Stated Patent and Trademark Office. The application was them awarded a patent grant and published as U.S. Patent 11074650. The primary examiner was James D Nigh.

This blockchain patent has been cited 0 times by other U.S. patents according to our law firm research, and can be considered an innovative patent in the field of cryptocurrency and blockchain.

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