Method and gui for creating optionality in a commodity contract settlement price

Abstract

A computer method for creating optionality of price basis in a commodity contract includes establishing a smart contract for a transfer of a commodity using a distributed ledger and graphical user interface (GUI). The smart contract includes a variable price with a provision for a future determination of a price basis. The computer method includes receiving agreement on the smart contract between a seller and a counterparty, receiving a deposit on a total price from the counterparty, transferring at least a portion of the deposit to the seller, and transferring a token representing the smart contract to the counterparty. The computer method includes, at a future date, receiving a selection of the price basis for the smart contract from one of the counterparty or the seller, and notifying the other of the seller or the counterparty of the selected price basis and a resultant settlement price.

1 - 42 . (canceled) 
     
     
         43 . A computer method for creating optionality of price basis in a commodity contract, comprising:
 establishing a smart contract for a transfer of a commodity, the smart contract including a variable price with a provision for a future determination of a price basis;   receiving agreement on the smart contract between a seller and a counterparty;   receiving a deposit on a total price from the counterparty; transferring at least a portion of the deposit to the seller;   transferring a token representing the smart contract to the counterparty; at a future date, receiving a selection of the price basis for the smart contract from one of the counterparty or the seller; and   notifying the other of the seller or the counterparty of the selected price basis and a resultant settlement price.   
     
     
         44 .- 51 . (canceled) 
     
     
         52 . The computer method for creating optionality of price basis in a commodity contract of  claim 43 , wherein the seller has the option to select between an average price of the commodity over a selected period of time or benchmark price for the commodity on a selected day. 
     
     
         53 . The computer method for creating optionality of price basis in a commodity contract of  claim 52 , wherein the smart contract is a futures contract. 
     
     
         54 . The computer method for creating optionality of price basis in a commodity contract of  claim 53 , wherein the selected day is a day the future matures. 
     
     
         55 . The computer method for creating optionality of price basis in a commodity contract of  claim 43 , wherein receiving the selection of the price basis includes automatically selecting a highest available price. 
     
     
         56 . The computer method for creating optionality of price basis in a commodity contract of  claim 43 , wherein the smart contract defines a rule by which the price basis will be automatically selected at the future date. 
     
     
         57 . The computer method for creating optionality of price basis in a commodity contract of  claim 56 , wherein the rule defines that the price basis will automatically be selected as an available price basis most favorable to the seller on the future day. 
     
     
         58 . The computer method for creating optionality of price basis in a commodity contract of  claim 56 , wherein the rule defines that the price basis will automatically be selected as an available price basis most favorable to the counterparty on the future day. 
     
     
         59 . The computer method for creating optionality of price basis in a commodity contract of  claim 43 , further comprising:
 automatically transferring a balance of the settlement price between the counterparty and the seller.   
     
     
         60 .- 70 . (canceled) 
     
     
         71 . The computer method for creating optionality of price basis in a commodity contract of  claim 43 , wherein establishing the smart contract for the transfer of the commodity includes establishing the smart contract in a distributed ledger. 
     
     
         72 . (canceled) 
     
     
         73 . The computer method for creating optionality of price basis in a commodity contract of  claim 71 , wherein the distributed ledger includes a blockchain. 
     
     
         74 - 76 . (canceled) 
     
     
         77 . The computer method for creating optionality of price basis in a commodity contract of  claim 71 , wherein the smart contract is added to the distributed ledger as a transaction. 
     
     
         78 . The computer method for creating optionality of price basis in a commodity contract of  claim 77 , wherein adding the smart contract to the distributed ledger comprises encrypting the smart contract. 
     
     
         79 . The computer method for creating optionality of price basis in a commodity contract of  claim 77 , wherein adding the smart contract to the distributed ledger comprises:
 storing the smart contract at one or more cloud locations; encrypting the one or more cloud locations; and   entering the encrypted one or more cloud locations onto the distributed ledger as a transaction.   
     
     
         80 . The computer method for creating optionality of price basis in a commodity contract of  claim 43 , wherein the commodity is a physical commodity. 
     
     
         81 . The computer method for creating optionality of price basis in a commodity contract of  claim 80 , wherein the physical commodity includes one of a refined fuel and an unrefined fuel. 
     
     
         82 - 90 . (canceled) 
     
     
         91 . The computer method for creating optionality of price basis in a commodity contract of  claim 43 , wherein notifying the seller includes outputting the price basis to an application on a seller device. 
     
     
         92 . (canceled) 
     
     
         93 . The computer method for creating optionality of price basis in a commodity contract of claim, wherein the counterparty has the option to select between an average price of the commodity over a selected period of time or benchmark price for the commodity on a selected day.