As such, here is a second concrete example of a DataLok process for trading an encrypted trackable asset for an implementation involving a blockchain:
According to processing step B1, a buyer sends an offer to a seller for purchasing a trackable digital asset in a first defined cryptocurrency and specifies the minimum price.
According to processing step B2, the seller accepts the offer of the buyer and specifies that the one or more assets will be received in fiat currency.
According to processing step B3, the seller decrypts and sends a first password to a first server, the first password being used for decrypting the trackable digital asset once encrypted. In one or more implementations, the first password is encrypted using a fingerprint associated with a seed phrase.
According to processing step B4, the first server encrypts the first password with one or more portions of a second password. In one or more implementations, the second password is randomly generated. In one or more implementations, the second password is encrypted using one or more portions of fingerprint associated with one or more portions of seed phrase.
According to processing step B5, a second server notices that the transaction is ready to process. In one or more implementations, the second server is the first server.
According to processing step B6, the second server instructs a first cryptocurrency exchange to create a first wallet associated with the buyer to obtain one or more assets in the first defined cryptocurrency.
According to processing step B7, the buyer provides the one or more assets to the first wallet.
According to processing step B8, the second server detects that the one or more assets are received in the first wallet and instructs the seller to transfer the one or more indications of the trackable digital asset, the one or more hashes of one or more portions of the trackable digital asset and/or the preview of the digital asset and/or the trackable digital asset to the buyer. In one or more implementations, the transfer is made to a third party before being transferred to the buyer. In one or more implementations, the trackable digital asset is not transferred, but instead only changes with respect to the ownership of and/or the access to the trackable digital asset.
According to processing step B9, once the transfer of the trackable digital asset is completed or is almost completed, the second server instructs a first cryptocurrency exchange to provide one or more assets taken from one or more cryptocurrency wallets to an escrow. In one or more implementations, the escrow is a smart contract, a system manager, a server, a computing node, a processing device, a software, and/or a storage device.
According to processing step B10, the second server instructs the escrow to transfer one or more defined assets to the seller. In one or more implementations, the one or more defined assets transfer is processed via a digital dollar exchange.
According to processing step B11, the second server instructs the first cryptocurrency exchange to transfer the first defined cryptocurrency from the first wallet to the second cryptocurrency exchange. It will be understood that the one or more first defined cryptocurrencies’ value corresponds to up to the value of the one or more assets provided at processing step B9.
According to processing step B12, the second server instructs the first server to provide the encrypted first password, the one or more portions of the fingerprint, and/or the one or more portions of the seed phrase to the buyer via a first means of communication.
According to processing step B13, the second server instructs the first server to provide the one or more portions of the second password to the buyer via a second means of communication. In one or more implementations, the second means of communication is the first means of communication.
According to processing step B14, the buyer decrypts the first password using the one or more portions of the second password and the buyer has now at least access to the trackable digital asset.
In one or more implementations, processing step B14 is processed prior to processing step B12.