Method for carrying out transactions of goods using electronic title
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United States of America Patent
Stats
-
Feb 8, 1994
Issued Date -
N/A
app pub date -
Oct 15, 1991
filing date -
Sep 14, 1990
priority date (Note) -
In Force
status (Latency Note)
Importance
Abstract
A commodity trading system having a centralized computer and data base. Each commodity, such as a bale of cotton, or a block of bales, is represented in the data base as a file having all the information unique to such bale, including a title flag. The title flag field of bale record and block record indicates whether the title to the cotton bale, or block of bales, is carried by way of a card-type warehouse receipt, or electronically. The electronic representation of title eliminates the transferral of documentary type title which is traditionally mailed to various locations to follow the trading transactions.
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