MUMBAI, India, May 30 -- Intellectual Property India has published a patent application (202517042579 A) filed by Jpmorgan Chase Bank, N. A., New York, on May 2, for 'systems and methods for tokenizing assets via blockchain-to-blockchain bridge using underlying assets held at a triparty agent or custodian.'
Inventor(s) include Shetty, Suresh; Upadhyay, Sudhir; Ahluwalia, Manmeet; Klausing, Anthony; Anantwar, Ganesh; Wasserman, Sophia; Moudgal, Keerthi; Jiao, Chang Yang; Taday, Aditya Mayur; Lobban, Tyrone D; and Sharma, Nikhil.
The application for the patent was published on May 30, under issue no. 22/2025.
According to the abstract released by the Intellectual Property India: "A method for tokenizing assets via a blockchain-to-blockchain bridge may include: receiving a first instruction from a client to mint first tokens for a client asset; encumbering the client asset on a custody ledger; creating a balance of the first tokens on a first distributed ledger; receiving a second instruction to lock and mint the first tokens to a second distributed ledger as second tokens; receiving verification from a custodian that the first tokens are locked on a lock ledger for the custodian; instructing a blockchain bridge computer program to mint second tokens to a client address on the second distributed ledger; receiving a third instruction to return the second tokens to the first distributed ledger; executing a public burn of the second tokens on the second distributed ledger; and instructing the custodian to unlock the first tokens and move the first tokens to the first distributed ledger."
The patent application was internationally filed on Nov. 01, 2023, under International application No.PCT/US2023/078316.
Disclaimer: Curated by HT Syndication.
