US Patent Issued to BlackRock Finance on July 21 for "System and method for using data in digitized blocks in a blockchain as collateral" (New York Inventors)

ALEXANDRIA, Va., July 21 -- United States Patent no. 12,688,497, issued on July 21, was assigned to BlackRock Finance Inc. (New York).

"System and method for using data in digitized blocks in a blockchain as collateral" was invented by Robert Mitchnick (New York) and Jonathan Steel (New York).

According to the abstract* released by the U.S. Patent & Trademark Office: "Shares in a fund, such as a money market fund ("MMF"), may be created in a digitized format using distributed ledger technology ("DLT"). The digitized shares correspond to physical shares of the MMF that may be obtained at an exchange. The digitized shares may be stored in a distributed ledger, such as a blockchain. The DLT provides for instantaneous transfer of the digitize...