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2. (WO2016067224) SYSTEM FOR ELECTRONIC COMMERCE USING GOLD
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SYSTEM FOR ELECTRONIC COMMERCE USING

GOLD

CROSS-REFERENCE TO RELATED APPLICATIONS

The present application claims priority benefit from U.S. Provisional Patent Application No. 62/072,409, entitled "SECURELY AND INSTANTLY

CONVERTING DIGITAL WALLET VALUE TO PHYSICAL GOLD BULLION", (docket number 3023-002-02), filed October 29, 2014, co-pending at the time of filing; which, to the extent not inconsistent with the description herein, is incorporated by reference.

SUMMARY

According to an embodiment, a buyer of goods or services owns gold stored in one or more vaults provided by a third party vault service. When the buyer purchases goods or services, the electronic commerce system calculates a quantity of gold corresponding to the purchase price of the goods or services and checks an account of the buyer to ensure that the buyer owns a quantity of gold in the one or more vaults sufficient to purchase the goods or services. The system then facilitates the transfer of ownership of the quantity of gold in the one or more vaults to the seller of the goods or services. This transfer of ownership of the vaulted gold is payment for the goods or services. Such a transaction occurs in an uninterrupted sequence, and the gold remains vaulted during and after the transaction until and unless the owner of the gold specifically requests transfer or withdrawal from the vault. In this way, goods or services can be purchased electronically with gold that is stored in a vault. Thus, an electronic commerce system according to an embodiment provides the benefits of electronic commerce with the security of gold that is stored in a vault.

According to an embodiment, a computing system implemented method for facilitating electronic commerce using gold includes receiving, with a user interface module of a computing system, a request to transfer ownership of gold from a first user to a second user in connection with a purchase of goods or services, wherein the gold is disposed in one or more gold storage vaults and is owned by the first user. The method further includes checking, with an account management module of the computing system, a first account associated with the first user to determine if the first user owns a quantity of gold sufficient for the purchase and transferring ownership of the quantity of gold from the first user to the second user. Transferring ownership includes transmitting, with a settlement module of the computing system, a settlement request to a computing system associated with the one or more gold storage vaults to transfer ownership of the quantity of gold from the payer to the payee. The method further includes updating, with the account manager, the first account to indicate that the quantity of gold has been debited from the first account.

According to an embodiment, the electronic commerce system can facilitate an electronic commerce transaction when only one party of the transaction has an account with the electronic commerce system.

According to an embodiment, the electronic commerce system can facilitate the transfer of gold from a first user to multiple second users in an uninterrupted sequence.

Embodiments of the present disclosure address some of the shortcomings associated with traditional electronic commerce systems that do not adequately secure user funds and transactions. An electronic commerce system in accordance with one or more embodiments facilitates electronic commerce with the security of gold. The various embodiments of the disclosure can be implemented to improve the technical fields of user experience, financial security, and data processing. Therefore, the various described embodiments of the

disclosure and their associated benefits amount to significantly more than an abstract idea.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 is a block diagram of software architecture for facilitating electronic commerce using gold, according to an embodiment.

FIG. 2 is a block diagram of a process for facilitating electronic commerce using gold, according to an embodiment.

FIG. 3 is a flow diagram of a process for facilitating electronic commerce using gold, according to an embodiment.

Common reference numerals are used throughout the FIGS, and the detailed description to indicate like elements. One skilled in the art will readily recognize that the above FIGS, are examples and that other architectures, modes of operation, orders of operation, and elements/functions can be provided and implemented without departing from the characteristics and features of the invention, as set forth in the claims.

DETAILED DESCRIPTION

In the following detailed description, reference is made to the

accompanying drawings, which form a part hereof. In the drawings, similar symbols typically identify similar components, unless context dictates otherwise. Other embodiments may be used and/or other changes may be made without departing from the spirit or scope of the disclosure.

Embodiments will now be discussed with reference to the accompanying FIGS., which depict one or more exemplary embodiments. Embodiments may be implemented in many different forms and should not be construed as limited to the embodiments set forth herein, shown in the FIGS., and/or described below. Rather, these exemplary embodiments are provided to allow a complete disclosure that conveys the principles of the invention, as set forth in the claims, to those of skill in the art.

Using the disclosed embodiments of a method and system for facilitating electronic commerce using gold, the security of electronic commerce is enhanced. Therefore, the disclosed embodiments of a method and system for facilitating electronic commerce provide a technical solution to the technical problem of unsecured and risk-laden electronic commerce systems and transactions.

The result is a much more secure method and system for facilitating electronic commerce that thereby serves to bolster confidence in the security of electronic commerce. This, in turn, can result in less human and processor resources being dedicated to securing electronic commerce systems, i.e., less memory, processing, and bandwidth resources being used for securing the funds within electronic wallets and for securing electronic commerce transactions.

The disclosed method and system for facilitating electronic commerce with gold does not encompass, embody, or preclude other forms of innovation in the area of electronic commerce using gold. In addition, the disclosed method and system for facilitating electronic commerce using gold is not related to any fundamental economic practice, fundamental data processing practice, mental steps, or pen and paper based solutions, and is, in fact, directed to providing solutions to the relatively new problems associated with electronic commerce systems. Consequently, the disclosed method and system for facilitating electronic commerce using gold is not directed to, does not encompass, and is not merely, an abstract idea or concept.

INTRODUCTORY SYSTEM

Herein, the term "production environment" includes the various

components, or assets, used to deploy, implement, access, and use, a given application as that application is intended to be used. In various embodiments, production environments include multiple assets that are combined,

communicatively coupled, virtually and/or physically connected, and/or

associated with one another, to provide the production environment

implementing the application.

As specific illustrative examples, the assets making up a given production environment can include, but are not limited to, one or more computing

environments used to implement the application in the production environment such as a data center, a cloud computing environment, a dedicated hosting environment, and/or one or more other computing environments in which one or more assets used by the application in the production environment are

implemented; one or more computing systems or computing entities used to implement the application in the production environment; one or more virtual assets used to implement the application in the production environment; one or more supervisory or control systems, such as hypervisors, or other monitoring and management systems, used to monitor and control assets and/or

components of the production environment; one or more communications channels for sending and receiving data used to implement the application in the production environment; one or more access control systems for limiting access to various components of the production environment, such as firewalls and gateways; one or more traffic and/or routing systems used to direct, control, and/or buffer, data traffic to components of the production environment, such as routers and switches; one or more communications endpoint proxy systems used to buffer, process, and/or direct data traffic, such as load balancers or buffers; one or more secure communication protocols and/or endpoints used to

encrypt/decrypt data, such as Secure Sockets Layer (SSL) protocols, used to implement the application in the production environment; one or more databases used to store data in the production environment; one or more internal or external services used to implement the application in the production environment; one or more backend systems, such as backend servers or other hardware used to process data and implement the application in the production environment; one or more software systems used to implement the application in the production environment; and/or any other assets/components making up an actual production environment in which an application is deployed, implemented, accessed, and run, e.g., operated, as discussed herein, and/or as known in the art at the time of filing, and/or as developed after the time of filing.

As used herein, the terms "computing system", "computing device", and "computing entity", include, but are not limited to, a virtual asset; a server computing system; a workstation; a desktop computing system; a mobile computing system, including, but not limited to, smart phones, portable devices, and/or devices worn or carried by a user; a database system or storage cluster; a switching system; a router; any hardware system; any communications system; any form of proxy system; a gateway system; a firewall system; a load balancing system; or any device, subsystem, or mechanism that includes components that can execute all, or part, of any one of the processes and/or operations as described herein.

In addition, as used herein, the terms "computing system" and "computing entity", can denote, but are not limited to, systems made up of multiple: virtual assets; server computing systems; workstations; desktop computing systems; mobile computing systems; database systems or storage clusters; switching systems; routers; hardware systems; communications systems; proxy systems; gateway systems; firewall systems; load balancing systems; or any devices that can be used to perform the processes and/or operations as described herein.

As used herein, the term "computing environment" includes, but is not limited to, a logical or physical grouping of connected or networked computing systems and/or virtual assets using the same infrastructure and systems such as, but not limited to, hardware systems, software systems, and

networking/communications systems. Typically, computing environments are either known environments, e.g., "trusted" environments, or unknown, e.g., "untrusted" environments. Typically, trusted computing environments are those where the assets, infrastructure, communication and networking systems, and security systems associated with the computing systems and/or virtual assets making up the trusted computing environment, are either under the control of, or known to, a party.

In various embodiments, each computing environment includes allocated assets and virtual assets associated with, and controlled or used to create, and/or deploy, and/or operate an application.

In various embodiments, one or more cloud computing environments are used to create, and/or deploy, and/or operate an application that can be any form of cloud computing environment, such as, but not limited to, a public cloud; a private cloud; a virtual private network (VPN); a subnet; a Virtual Private Cloud (VPC); a sub-net or any security/communications grouping; or any other cloud-based infrastructure, sub-structure, or architecture, as discussed herein, and/or as known in the art at the time of filing, and/or as developed after the time of filing.

In many cases, a given application or service may utilize, and interface with, multiple cloud computing environments, such as multiple VPCs, in the course of being created, and/or deployed, and/or operated.

As used herein, the term "virtual asset" includes any virtualized entity or resource, and/or virtualized part of an actual, or "bare metal" entity. In various embodiments, the virtual assets can be, but are not limited to, virtual machines, virtual servers, and instances implemented in a cloud computing environment; databases associated with a cloud computing environment, and/or implemented in a cloud computing environment; services associated with, and/or delivered through, a cloud computing environment; communications systems used with, part of, or provided through, a cloud computing environment; and/or any other virtualized assets and/or sub-systems of "bare metal" physical devices such as mobile devices, remote sensors, laptops, desktops, point-of-sale devices, etc., located within a data center, within a cloud computing environment, and/or any other physical or logical location, as discussed herein, and/or as known/available in the art at the time of filing, and/or as developed/made available after the time of filing.

In various embodiments, any, or all, of the assets making up a given production environment discussed herein, and/or as known in the art at the time of filing, and/or as developed after the time of filing, can be implemented as one or more virtual assets.

According to an embodiment, two or more assets, such as computing systems and/or virtual assets, and/or two or more computing environments, are connected by one or more communications channels including but not limited to, SSL communications channels and various other secure communications channels, and/or distributed computing system networks, such as, but not limited to: a public cloud; a private cloud; a VPN; a subnet; any general network, communications network, or general network/communications network system; a combination of different network types; a public network; a private network; a satellite network; a cable network; or any other network capable of allowing communication between two or more assets, computing systems, and/or virtual assets, as discussed herein, and/or available or known at the time of filing, and/or as developed after the time of filing.

As used herein, the term "network" includes, but is not limited to, any network or network system such as, but not limited to, a peer-to-peer network, a hybrid peer-to-peer network, a Local Area Network (LAN), a Wide Area Network (WAN), a public network, such as the Internet, a private network, a cellular network, any general network, communications network, or general

network/communications network system; a wireless network; a wired network; a wireless and wired combination network; a satellite network; a cable network; any combination of different network types; or any other system capable of allowing communication between two or more assets, virtual assets, and/or computing systems, whether available or known at the time of filing or as later developed.

As used herein, the term "user" includes, but is not limited to, any party, parties, entity, and/or entities using, or otherwise interacting with any of the methods or systems discussed herein. For instance, in various embodiments, a user can be, but is not limited to, a person, a commercial entity, an application, a service, and/or a computing system.

As used herein, the term "relationship(s)" includes, but is not limited to, a logical, mathematical, statistical, or other association between one set or group of information, data, and/or users and another set or group of information, data, and/or users, according to an embodiment. The logical, mathematical, statistical, or other association (i.e., relationship) between the sets or groups can have various ratios or correlation, such as, but not limited to, one-to-one, multiple-to-one, one-to-multiple, multiple-to-multiple, and the like, according to an

embodiment.

HARDWARE ARCHITECTURE

FIG. 1 illustrates a block diagram of a production environment 100 for facilitating electronic commerce using gold, according to an embodiment.

Embodiments of the present disclosure provide methods and systems for facilitating electronic commerce using gold, according to an embodiment. The electronic commerce system receives a request to transfer ownership of a quantity of gold stored in one or more vaults for a purchase of goods or services or merely as a transfer of funds. The electronic commerce system determines a quantity of gold sufficient to pay for the goods or services and any additional charges, and checks a user account associated with the user to determine if the user owns an amount of gold in the one or more vaults equal to the quantity of gold. The electronic commerce system then transfers ownership of the quantity of gold from the first user to a second user by sending a settlement request to the vault service associated with the one or more vaults where the gold is stored. The electronic commerce system updates the first account to reflect that the quantity of gold has been debited from the first account. The electronic commerce system provides an indication to the first and second users that ownership of the quantity of gold has been transferred from the first user to the second user. In this way, the electronic commerce system facilitates electronic commerce using gold.

The production environment 100 includes a service provider computing environment 102, a first user computing environment 104, a second user

computing environment 106, a vault service provider computing environment 108, and a third party computing environment 109, according to an embodiment. The computing environments 102, 104, 106, 108, and 109 are communicatively coupled to each other with one or more communication channels 101 , according to an embodiment.

The service provider computing environment 102 represents one or more computing systems such as a server, a computing cabinet, and/or distribution center that is configured to receive, execute, and host one or more electronic commerce systems (e.g., applications) for access by one or more users, for facilitating electronic commerce using gold, according to an embodiment. The service provider computing environment 102 can represent a traditional data center computing environment, a virtual asset computing environment (e.g., a cloud computing environment), or a hybrid between a traditional data center computing environment and a virtual asset computing environment, according to an embodiment.

The service provider computing environment 102 includes an electronic commerce system 103, which is configured to facilitate electronic commerce using gold, according to an embodiment. In particular, the electronic commerce system 103 facilitates the electronic purchase of goods or services using gold stored in one or more vaults. In particular, the first user can transfer ownership of a quantity of gold stored in the one or more vaults to a second user in connection with the purchase of goods or services, or merely as a transfer of funds. The transfer of ownership of the quantity of gold is done electronically while the quantity of gold remains in the one or more vaults. Such a transaction can be accomplished with as much ease as a typical electronic purchase.

However, the electronic commerce system 103 is much more secure than electronic commerce systems that use only cryptocurrency or fiat currency which can be hacked by computer hackers and funds stolen or transferred. This is because the gold remains in one or more secure vaults, which cannot be electronically hacked.

The electronic commerce system 103 includes a user interface module 1 10, an account management module 1 12, a settlement module 1 14, a gold price aggregation module 1 16, and a vault selection module 1 18, according to an embodiment.

The user interface module 1 10 enables one or more users of the electronic commerce system 103 to initiate the electronic purchase of goods or services with gold. The user interface module 1 10 includes a user interface 120, according to an embodiment. The user interface 120 receives a request to initiate the transfer of ownership of gold in connection with the purchase of goods or services. The request can be received from one of the parties of the transaction or from a third party. The user interface 120 can display user account data 122, price data 124, and vault selection data 126. The user account data 122 can include data associated with one or more parties of the transaction. For example, the user account data 122 can include information identifying the accounts of one or more users, information pertaining to a quantity of gold owned by one or more users, or other suitable account information. The price data 124 can include data indicating a quantity of gold corresponding to the purchase price of the goods or services. The price data 124 can further include gold value data that indicates the price of gold per unit in one or more currencies. The vault selection data 126 can include data indicating the location of one or more vaults in which one or more users own gold. The vault selection data 126 can also provide options to users of the electronic commerce system 103 allowing users to select the location of one or more vaults in which to transfer ownership of the quantity of gold.

The user computing environment 104 is associated with a first user of the electronic commerce system 103 and includes input devices 138 and output devices 140 for facilitating communication between the electronic commerce system 103 and a user of the electronic commerce system 103, and an electronic commerce system application 142, according to an embodiment. The input devices 138 can include, but are not limited to, keyboards, mice, microphones, cameras, touchpads, touchscreens, digital pens, and the like. The output

devices 140 can include, but are not limited to, speakers, monitors,

touchscreens, and the like. The electronic commerce system application 142 can include electronic system software stored on a computing device of the user computing environment 104.

The user computing environment 106 is associated with a second user of the electronic commerce system 103 and includes input devices 144 and output devices 146 for facilitating communication between the electronic commerce system 103 and the second user of the electronic commerce system 103, and an electronic commerce system application 148, according to an embodiment. The input devices 144 can include, but are not limited to, keyboards, mice, microphones, cameras, touchpads, touchscreens, digital pens, and the like. The output devices 146 can include, but are not limited to, speakers, monitors, touchscreens, and the like. The electronic commerce system application 148 can include electronic system software stored on a computing device of the user computing environment 106.

Returning to the electronic commerce system 103, the user interface module 1 10 is configured to receive from the user computing environment 104 a request to initiate a transfer of ownership of gold in connection with the purchase of goods or services. For example, the first user can operate the electronic commerce system application 142 to initiate a transfer of ownership of gold from the first user to the second user. The user interface module 1 10 receives from the user computing environment 104 identification data indicating the identities of the first user and the second user. The user interface module 1 10 can also receive from the user computing environment 104 a price associated with the purchase of goods or services, or a quantity of funds to be transferred. The user interface module 1 10 communicates the user identification data and the price to the account management module 1 12.

The account management module 1 12 receives the user account data 122 and the price data 124 from the user interface module 1 10. The account management module 1 12 includes a user account database 128. The user account database 128 can be a database that includes account information

associated with each user of the electronic commerce system 103. For example, the user account database 128 can include identities, account numbers, and amounts of vaulted gold owned by each user of the electronic commerce system 103. The account management module 1 12 retrieves the first user's account data from the user account database 128 based on the user identification data. The user account database 128 compares the price data 124 to the amount of gold owned by the first user to see if the first user owns sufficient gold to proceed with the transaction. If the first user owns sufficient gold for the transaction, then the account management module 1 12 provides transaction data to the settlement module 1 14.

The settlement module 1 14 receives the transaction data from the account management module 1 12 and initiates settlement of the transaction. In particular, the settlement module 1 14 includes user data 130 identifying the first and second users, price data 132 indicating the quantity of gold to be transferred, and vault data 134 indicating one or more vaults that contain the quantity of gold. The settlement module 1 14 communicates with the vault service provider computing environment 108 and transmits the user data 130, the price data 132, and the vault data 134 to the vault service provider computing environment 108.

The vault service computing environment 108 is associated with a gold storage vault service provider. The gold storage vault service provider owns and/or operates one or more vaults 150. Each of the vaults 150 stores gold therein in a secured manner. The vault service provider computing environment 108 includes user account data 152 identifying users and indicating what gold units (such as gold bullion bars or gold bullions cubes), or portions of gold units in the one or more vaults are owned by which users of the electronic commerce system 103 or users of the vault service that are not associated with the vault service provider.

When the vault service provider computing environment 108 receives a transaction settlement request from the settlement module 1 14, the vault service provider computing environment 108 transfers ownership of the quantity of gold in the one or more vaults 150 from the first user to the second user by updating the user account data 152 to indicate that ownership of the quantity of gold has been transferred from the first user to the second user. The vault service provider can then transmit a receipt to the electronic commerce system 103 indicating the successful transfer of ownership of the quantity of gold from the first user to the second user. In this way, an electronic commerce transaction using gold can be executed in an uninterrupted and frictionless sequence. The gold remains securely in the vaults 150 during and after the transaction. Thus, even if hackers were to hack the vault service computing environment 108, they could not remove the gold which is stored securely in the vaults 150.

Upon receiving the transfer receipt from the vault service computing environment 108, the account management module 1 12 can update the user account database 128 to reflect that ownership of the quantity of gold has been transferred from the first user to the second user. The user interface module 1 10 can then provide receipts or notifications, which can include an electronic display of an updated balance of gold in one or more gold storage vaults associated with the user, to the first user computing environment 104 and the second user computing environment 106 indicating that the quantity of gold has been transferred from the first user to the second user. The receipts or notifications can indicate the particular units or sub units of gold involved in the transfer and in which vault(s) the units or sub units of gold are stored. Thus, ownership of a portion of an individual bar, cube, or other unit of gold can be transferred. The receipt or notification received by the first user can indicate the amount of gold owned by the first user before and after the transaction. The receipt or notification received by the second user can indicate the amount of gold owned by the second user before and after the transaction. The receipts or notifications can be sent in the form of email, text message, or other suitable electronic formats.

According to an embodiment, the gold price aggregation module 1 16 of the electronic commerce system 103 can determine the quantity of gold required to complete a transaction. For example, if a price of goods or services to be purchased is given in a fiat currency, then when the first user initiates a

transaction to purchase the goods or services by transferring ownership of gold, the gold price aggregation module 1 16 receives the price and retrieves current gold value data 136. The current gold value data 136 can include the current price of gold per unit in the fiat currency from one or more sources. The gold price aggregation module 1 16 can select the lowest price, an average price, or any other price from the gold value data 136 according to user preferences, selections, or agreed-upon standards. The gold price aggregation module 1 16 calculates the quantity of gold equivalent to the purchase price in the fiat currency based on the gold value data 136. The quantity of gold can also include other fees associated with the electronic commerce system 103. The gold price aggregation module 1 16 provides the data 136 indicating the quantity of gold for the transaction to the user interface module 1 10. The user interface module 1 10 can then provide the price data 124 including the data 136 indicating the quantity of gold to the user computing environment 104. The user interface module 1 10 can query the user computing environment 104 whether the first user would like to proceed with transaction. The first user can input acceptance or rejection of the transaction via the input devices 138. If the first user accepts the transaction, then the transaction data is provided to the account management module 1 12 which proceeds to check whether the user has ownership of gold equivalent to the quantity of gold calculated buy the gold price aggregation module 1 16. From here the transaction can proceed as described above.

According to an embodiment, the gold aggregation price module 1 16 retrieves the gold value data 136 from the third-party data computing

environment 109. The third-party data computing environment 109 can include one or more gold price services that provide the current price of gold in a given region and for various currencies. The third-party data computing environment 109 can include multiple independent third-party sources that provide gold price values.

According to an embodiment, the vault selection module 1 18 provides vault data 126 to the user interface module 1 10. The vault data 126 can include a list of the eligible vaults that include gold owned by the first user. The vault data 126 can further include a list of eligible vaults which gold can be transferred at the request of the second user to whom ownership of the quantity of gold will be transferred. The user interface module 1 10 can present the vault selection data 126 to the first and/or second user via the user computing environments 104, 106. The first and/or second users can select one or more vaults 150 for the transaction.

While FIG. 1 illustrates two user computing environments 104, 106 associated with respective parties of a transaction, a transaction can include more than two parties. For example, the electronic commerce system 103 can enable a single first user to transfer ownership of gold to multiple second users in an uninterrupted sequence. The process may include charging a fee to the first and/or the second user for transferring ownership of the quantity of gold. For example, if the first user is purchasing goods or services owned or provided by multiple second users, or if the first user is merely transferring funds to multiple second users, the first user can request, via the electronic commerce system application 142 that gold stored in one or more vaults be credited to the multiple second users. The user interface module 1 10, the account management module 1 12, and the settlement module 1 14 can facilitate the transaction with the vault service computing environment 108 in substantially the same manner as described above with respect to a two party transaction. However, in this case quantities of gold will be credited to the multiple second users and receipts will be transmitted to all parties. For example, when the payer accesses the electronic commerce system 103, the electronic commerce system can populate a contact list from which the user can select one or more payees and a quantity of gold to be transferred to each payee.

According to an embodiment, the electronic commerce system 103 can facilitate an electronic commerce transaction using gold when only one party of the transaction has an account with the electronic commerce system 103. If a buyer of goods or services has an account with the electronic commerce system 103 then the electronic commerce system 103 can facilitate the transfer of ownership of gold from the purchaser to the seller of goods and services even if the seller does not have an account with the electronic commerce system 103. The electronic commerce system 103 can accomplish this by interfacing with the gold vaulting service and/or with a third party electronic commerce system with which the buyer has an account. In this case, the third party computing environment 109 can include one or more third party electronic commerce systems. Similarly, if a seller of goods or services has an account with the electronic commerce system 103 but the buyer does not, the electronic commerce system 103 can facilitate the transfer of ownership of gold from the buyer to the seller by interfacing with the third party electronic commerce system and/or the gold vaulting service.

According to an embodiment, if the purchaser of goods or services has an account with the electronic commerce system 103 but the seller does not have an account with the electronic commerce system 103, the electronic commerce system can facilitate conversion of the quantity of gold into a fiat currency and can pay the seller in the fiat currency. For example, the electronic commerce system 103 can sell the quantity of gold to the vault service provider in the fiat currency and can provide the funds in fiat currency to the seller. Alternatively, the electronic commerce system 103 can transmit a request to the vault service provider to transfer ownership of the quantity of gold from the purchaser to the electronic commerce system 103. The electronic commerce system 103 can then transmit the funds in fiat currency to the seller. Those of skill in the art will recognize that many other processes can be used to convert the quantity of gold to fiat currency for payment to the seller.

Likewise, if the seller of goods or services has an account with the electronic commerce system 103 but the buyer does not have an account with the electronic commerce system, the electronic commerce system 103 can facilitate electronically receiving payment in a fiat currency and crediting a quantity of gold equivalent to the purchase price to the seller's account. For example, when the electronic commerce system 103 electronically receives funds from the user, the electronic commerce system 103 can purchase gold from the vault service provider computing environment 108 via the settlement

module 1 14. The vault service provider computing environment 108 can then update the user account data 152 to reflect that the quantity of gold is now owned by the purchaser.

In one example, the user computing environment 104 includes a smart phone. If the user of the smart phone wishes to transfer funds to a user of a second computing environment 106, the user can open the electronic commerce system application 142 on the smart phone. The electronic commerce system application 142 can include graphical user interface (GUI) that enables the user to select to transfer gold to one or more other persons or entities. The electronic commerce system application 142 can prompt the user to enter data that identifies the one or more other persons or entities. The electronic commerce system application 142 can then transmit the request to the electronic commerce system 103. The user interface module 1 10 of the electronic commerce system 103 can prompt the user to input the desired quantity of gold to be transferred. Alternatively, the user interface module 1 10 can prompt the user to input a price in a fiat currency which the gold price aggregation module 1 16 can then calculate an equivalent quantity of gold. The account management module 1 12 can then check to ensure that the user owns a sufficient amount of gold for the

transaction. If the user owns a sufficient quantity of gold for the transaction, then the user interface module 1 10 can cause the electronic commerce system application 142 to display to the user the parameters of the transaction and to prompt the user to select whether the user would like to proceed with the transaction. After the user indicates that he would like to proceed with the transaction, then the settlement module 1 14 of the electronic commerce system 103 can proceed to enact settlement of the transaction with the vault service computing environment 108. When the transaction is settled, the electronic commerce system 103 can update the accounts of the respective parties of the transaction and can transmit a notification to each of the parties of the

transaction that the transaction has been completed.

Embodiments of the present disclosure address some of the shortcomings associated with traditional electronic commerce systems that do not adequately

secure user funds and transactions. An electronic commerce system in accordance with one or more embodiments facilitates electronic commerce with the security of gold. The various embodiments of the disclosure can be implemented to improve the technical fields of user experience, financial security, and data processing. Therefore, the various described embodiments of the disclosure and their associated benefits amount to significantly more than an abstract idea. In particular, by facilitating electronic commerce with gold, users can save money and time and can better protect their wealth.

PROCESS

FIG. 2 illustrates a functional flow diagram of a process 200 for facilitating electronic commerce using gold, in accordance with an embodiment.

At block 202, the user interface module 1 10 receives a request to transfer ownership of gold stored in a vault from a first user to a second user. The transfer of ownership of gold can be associated with the purchase of goods or services or merely be a transfer of funds. The request can include data indicating the identities of the first and second users as well as the quantity of gold or the purchase price of the goods or services. The request can be received from the first user, from the second user, or from a third party. The process proceeds to block 204.

At block 204, the account management module 1 12 checks the user account to determine if the first user owns a quantity of gold sufficient for the transaction. If the first user owns the quantity of gold sufficient for the transaction then the transaction can proceed to block 206.

At block 206, the settlement module 1 14 transmits a settlement request to a computing system associated with the one or more vaults. The settlement request causes the vault service provider to transfer ownership of the quantity of gold from the first user to the second user. From block 206, the process proceeds to block 208.

At block 208, the account management module 1 12 updates the account associated with the first user to indicate that the quantity of gold has been

debited from the account associated with the first user. From block 208, the process proceeds to block 210.

At block 210, the user interface module 1 10 provides an indication to the first user that the quantity of gold has been debited from the first user's account.

Although a particular sequence is described herein for the execution of the process 200, other sequences can also be implemented. For example, the user interface module 1 10, account management module 1 12, and settlement module 1 14 can facilitate the transfer of gold when the second user has an account with the electronic commerce system and the first user does not.

FIG. 3 illustrates a flow diagram of a process 300 for facilitating electronic commerce using gold, according to various embodiments.

According to an embodiment, at 302 the process receives, with a user interface module of a computing system, a request to transfer ownership of gold stored in one or more vaults from the first user to a second user. At 304, the process 300 checks, with an account management module of the computing system, a first account associated with the first user to determine if the first user owns a quantity of gold sufficient for the purchase. At 306, the process 300 transmits, with a settlement module of the computing system, a settlement request to a computing system associated with the one or more vaults. At 308, the process 300 updates, with the account manager, the first account to indicate that the quantity of gold has been debited form the first account.

As noted above, the specific illustrative examples discussed above are but illustrative examples of implementations of embodiments of the method or process for facilitating electronic commerce using gold. Those of skill in the art will readily recognize that other implementations and embodiments are possible. Therefore the discussion above should not be construed as a limitation on the claims provided below.

According to an embodiment, a computing system implemented method for facilitating electronic commerce using gold, includes receiving, with a user interface module of a computing system, a request to transfer ownership of gold from the first user to a second user to facilitate a purchase of goods or services, wherein the gold is disposed in one or more gold storage vaults and is owned by the first user. The method further includes checking, with an account

management module of the computing system, a first account associated with the first user to determine if the first user owns a quantity of gold sufficient for the purchase and transferring ownership of the quantity of gold from the first user to the second user. Transferring ownership includes transmitting, with a settlement module of the computing system, a settlement request to a computing system associated with the one or more gold storage vaults to transfer ownership of the quantity of gold from the payer to the payee and updating, with the account manager, the first account to indicate that the quantity of gold has been debited from the first account.

According to an embodiment, a system for facilitating electronic commerce using gold includes at least one processor and at least one memory coupled to the at least one processor. The at least one memory having stored therein instructions which, when executed by any set of the one or more processors, performs a process including receiving, with a user interface module of a computing system, a request to transfer ownership of gold from the first user to a second user to facilitate a purchase of goods or services, wherein the gold is disposed in one or more gold storage vaults and is owned by the first user. The process further includes checking, with an account management module of the computing system, a first account associated with the first user to determine if the first user owns a quantity of physical sufficient for the purchase and transferring ownership of the quantity of gold from the first user to the second user. Transferring ownership includes transmitting, with a settlement module of the computing system, a settlement request to a computing system associated with the one or more gold storage vaults to transfer ownership of the quantity of gold from the payer to the payee; and updating, with the account manager, the first account to indicate that ownership of the quantity of gold has been transferred.

According to an embodiment a non-transitory computer-readable medium has a plurality of computer-executable instructions which, when executed by a

processor, perform a method for facilitating electronic commerce using gold. The instructions include a user interface configured to receive a first request to transfer ownership of a quantity of gold from a first user to a second user, wherein the quantity of gold is stored in one or more vaults. The instructions further include a settlement module configured to initiate the transfer of ownership of the quantity of gold by transmitting a second request to a vault service provider associated with the one or more vaults to transfer ownership of the quantity of gold from the first user to the second user. The method can include charging a fee to the first and/or the second user for transferring ownership of the quantity of gold.

Embodiments of the present disclosure address some of the shortcomings associated with traditional electronic commerce systems that do not adequately secure user funds and transactions. An electronic commerce system in accordance with one or more embodiments facilitates electronic commerce with the security of gold. The various embodiments of the disclosure can be implemented to improve the technical fields of user experience, financial security, and data processing. Therefore, the various described embodiments of the disclosure and their associated benefits amount to significantly more than an abstract idea. In particular, by facilitating electronic commerce with gold, users can save money and time and can better protect their wealth.

As discussed in more detail above, using the above embodiments, with little or no modification and/or input, there is considerable flexibility, adaptability, and opportunity for customization to meet the specific needs of various parties under numerous circumstances.

In the discussion above, certain aspects of an embodiment include process steps and/or operations and/or instructions described herein for illustrative purposes in a particular order and/or grouping. However, the particular order and/or grouping shown and discussed herein are illustrative only and not limiting. Those of skill in the art will recognize that other orders and/or grouping of the process steps and/or operations and/or instructions are possible and, in some embodiments, one or more of the process steps and/or operations

and/or instructions discussed above can be combined and/or deleted. In addition, portions of one or more of the process steps and/or operations and/or instructions can be re-grouped as portions of one or more of the other process steps and/or operations and/or instructions discussed herein. Consequently, the particular order and/or grouping of the process steps and/or operations and/or instructions discussed herein do not limit the scope of the invention as claimed below.

The present invention has been described in particular detail with respect to specific possible embodiments. Those of skill in the art will appreciate that the invention may be practiced in other embodiments. For example, the

nomenclature used for components, capitalization of component designations and terms, the attributes, data structures, or any other programming or structural aspect is not significant, mandatory, or limiting, and the mechanisms that implement the invention or its features can have various different names, formats, or protocols. Further, the system or functionality of the invention may be implemented via various combinations of software and hardware, as described, or entirely in hardware elements. Also, particular divisions of functionality between the various components described herein are merely exemplary, and not mandatory or significant. Consequently, functions performed by a single component may, in other embodiments, be performed by multiple components, and functions performed by multiple components may, in other embodiments, be performed by a single component.

Some portions of the above description present the features of the present invention in terms of algorithms and symbolic representations of operations, or algorithm-like representations, of operations on information/data. These algorithmic or algorithm-like descriptions and representations are the means used by those of skill in the art to most effectively and efficiently convey the substance of their work to others of skill in the art. These operations, while described functionally or logically, are understood to be implemented by computer programs or computing systems. Furthermore, it has also proven

convenient at times to refer to these arrangements of operations as steps or modules or by functional names, without loss of generality.

Unless specifically stated otherwise, as would be apparent from the above discussion, it is appreciated that throughout the above description, discussions utilizing terms such as, but not limited to, "activating", "accessing", "adding", "aggregating", "alerting", "applying", "analyzing", "associating", "calculating", "capturing", "categorizing", "classifying", "comparing", "creating", "defining", "detecting", "determining", "distributing", "eliminating", "encrypting", "extracting", "filtering", "forwarding", "generating", "identifying", "implementing", "informing", "monitoring", "obtaining", "posting", "processing", "providing", "receiving", "requesting", "saving", "sending", "storing", "substituting", "transferring",

"transforming", "transmitting", "using", etc., refer to the action and process of a computing system or similar electronic device that manipulates and operates on data represented as physical (electronic) quantities within the computing system memories, resisters, caches or other information storage, transmission or display devices.

The present invention also relates to an apparatus or system for performing the operations described herein. This apparatus or system may be specifically constructed for the required purposes, or the apparatus or system can include a general purpose system selectively activated or

configured/reconfigured by a computer program stored on a computer program product as discussed herein that can be accessed by a computing system or other device.

Those of skill in the art will readily recognize that the algorithms and operations presented herein are not inherently related to any particular computing system, computer architecture, computer or industry standard, or any other specific apparatus. Various general purpose systems may also be used with programs in accordance with the teaching herein, or it may prove more convenient/efficient to construct more specialized apparatuses to perform the required operations described herein. The required structure for a variety of these systems will be apparent to those of skill in the art, along with equivalent variations. In addition, the present invention is not described with reference to any particular programming language and it is appreciated that a variety of programming languages may be used to implement the teachings of the present invention as described herein, and any references to a specific language or languages are provided for illustrative purposes only and for enablement of the contemplated best mode of the invention at the time of filing.

The present invention is well suited to a wide variety of computer network systems operating over numerous topologies. Within this field, the configuration and management of large networks include storage devices and computers that are communicatively coupled to similar or dissimilar computers and storage devices over a private network, a LAN, a WAN, a private network, or a public network, such as the Internet.

It should also be noted that the language used in the specification has been principally selected for readability, clarity and instructional purposes, and may not have been selected to delineate or circumscribe the inventive subject matter. Accordingly, the disclosure of the present invention is intended to be illustrative, but not limiting, of the scope of the invention, which is set forth in the claims below.

While various aspects and embodiments have been disclosed herein, other aspects and embodiments are contemplated. The various aspects and embodiments disclosed herein are for purposes of illustration and are not intended to be limiting, with the true scope and spirit being indicated by the following claims.