Information processing device and program

Abstract

To provide an information processing device for acquiring digitized securities and transferring the same between investors, which can transfer the rights of the securities in a simple procedure by also preparing an instrument for providing requirements against a third party with respect to the transfer of the securities, and which can also determine the rights related to the transfer with an obligor or the other third party in accordance with the transfer of the rights.SOLUTION: The information processing device converts securities and the like into small-lot securities and completes all procedures from sales to redemption online. In particular, if the securities are transferred between investors, the procedures necessary to satisfy the third-party requirements for the transfer of receivables shall also be completed online. This simplifies the procedures for the purchase and sale of digitized securities and enables the transfer of rights between investors that meet third-party competition requirements. As a result, it will be possible to provide investors with unparalleled flexible and secure opportunities for investment recovery, leading to active investment.SELECTED DRAWING: Figure 2

Description

[Technical Field]

[0001] The present invention relates to technology related to the transfer of securities or investment interests (hereinafter referred to as "securities, etc.") backed by assets such as real estate, and in particular to technology for creating digital certificates equivalent to certificates with fixed dates and times when asserting the requirement for perfection of the assignment of claims against third parties as stipulated in Article 467 of the Civil Code. [Background technology]

[0002] With the development of networks, crowdfunding has emerged, where an unspecified number of people provide financial resources and support to other people and organizations via the Internet. Although this is sometimes called social lending in the narrow sense, in this specification we will refer to it as "crowdfunding" or "fund."

[0003] In recent years, crowdfunding has become a popular way to raise funds from individual investors to lend to corporations or to purchase assets such as real estate. In particular, real estate investment crowdfunding has been attracting attention in recent years. This is largely due to the influence of the 1998 Act on the Liquidation of Assets, also known as the Special Purpose Company (SPC) Act, which was amended in 2001 to include all property rights as eligible for liquidation. Anything with asset value can now be securitized, and it became clear that this includes real estate.

[0004] Real estate securitization is a system that makes it easier for ordinary investors to invest in real estate by securitizing the rights to receive revenue generated by actual real estate, particularly by making the amount of money that can be invested smaller. Real estate securitization allows investors to invest in securitized real estate properties (office buildings, rental apartments, logistics centers, etc.) without having to own the actual real estate or invest large amounts of capital, and to enjoy the rental income and profits from sales generated by the real estate properties. An example of a system related to real estate securitization is Patent Document 1 below. The device described in Patent Document 1 is characterized by presenting investors with useful information about real estate securitization products.

[0005] In recent years, there has been a growing trend to utilize distributed ledger technology, including blockchain, to electronically record the creation and transfer of rights represented in securities (see, for example, Patent Document 2 below). The rights represented in such securities, represented on tokens (certificates) generated and issued using blockchain technology, are generally referred to as security tokens or digital securities, and their sale through private or public offerings is called a security token offering (STO). With regard to fractionalized real estate securities, it has also become technically possible to use this distributed ledger technology to tokenize investors' investments, provide a token transfer scheme between investors, and manage the transfer of token rights that occurs at any time by rewriting the distributed ledger. [Prior art documents] [Patent documents]

[0006] [Patent Document 1] Patent No. 5831989 [Patent Document 2] Patent No. 6895567 Summary of the Invention [Problem to be solved by the invention]

[0007] As digital securitization of securities becomes more widespread, one of the issues that will be of concern going forward is the double transfer of digital securities. Taking digital securities backed by real estate (hereinafter simply referred to as "real estate securities") as an example, there is a case in which Investor A, who wants to transfer a fractionalized real estate security, holds only one investment interest, transfers that interest to Investor B, and then Investor A also transfers it to a third-party Investor C.

[0008] Article 467 of the Civil Code stipulates the requirements for asserting the assignment of a nominative claim in order to ensure the safety of transactions, and attempts to resolve the issue of double assignment by stipulating that the assignment of a nominative claim cannot be asserted against the debtor or other third parties unless the assignor gives notice to the debtor or the debtor consents, and that unless this notice or consent is given in the form of a document with a fixed date, it cannot be asserted against third parties other than the debtor.

[0009] As the Civil Code stipulates, notice or consent for third-party perfection must be made "by document bearing a fixed date," and is therefore assumed to be made by certified mail or notarized deed (a private document in which a notary public affixes a dated seal). However, it would be virtually impossible to simply incorporate existing procedures, such as certified mail, into the system being developed. Furthermore, even if it were possible to acquire or transfer digitized real estate securities (tokens) on the development system, if procedures such as certified mail were required to fulfill the third-party perfection requirements, the entire process would ultimately be unable to be completed online, thereby significantly reducing the benefits of digitalization. Furthermore, given the hassle of preparing certified mail and other documents, there is a possibility that transferees who do not fulfill the third-party perfection requirements due to omissions or errors in the information provided could result in transferees. In this case, the risk of disputes between investors remains.

[0010] Therefore, the present invention aims to use an information processing device that allows the acquisition of digitized securities and their transfer between investors to also create a certificate that satisfies the requirements for third-party assertion regarding the transfer of the securities, thereby enabling the transfer of rights in the securities to be carried out through a simple procedure and also enabling the determination of rights related to the transfer between the debtor and other third parties upon the transfer of rights. [Means for solving the problem]

[0011] The information processing device according to the present invention for achieving the above object includes a right relating to a business based on a partnership contract, a right subdivision means for digitally dividing the right into two or more units, a creditor registration means for registering information on creditors of the right and the number of units of the right held by the creditor, and an assignment request reception means for receiving an assignment request for the right from the registered creditor via a communication line, the assignment request including identification information for identifying the right and the number of units to be assigned, and an application screen for soliciting assignment of the right, which receives identification information for identifying the right to be assigned and the number of units to be assigned from a person wishing to receive the right via the communication line. a distributed ledger recording means for recording transfer information indicating that the number of shares of the right designated by the applicant for transfer will be transferred from the creditor to the applicant for transfer in a distributed ledger including a blockchain; and an acceptance notice display means for displaying a notice indicating that the debtor agrees to the transfer of the right on a dedicated viewing screen page of at least one of the creditor who is the transferor of the right or the applicant for transfer who is the recipient of the right, wherein the acceptance notice display means makes it possible to assert a requirement for perfection against a third party regarding the transfer of the right at the time the notice is displayed.

[0012] The information processing device according to the present invention is further characterized in that the notification includes a digital address of a digital certificate, which is an electromagnetic document describing the transfer information recorded by the distributed ledger recording means, and further includes digital certificate display means for displaying the transfer information and the debtor's consent to the transfer of the rights in response to access to the digital address by the creditor or the prospective assignee, and further includes creditor notification means for notifying the debtor of the transfer information from the creditor or the prospective assignee acting as an agent or emissary of the creditor, instead of or in addition to the consent notice, the notification is not sent until a predetermined time, and after the time has passed, the notification is automatically or manually posted so as to be viewable on the viewing screen pages of the creditor and the prospective assignee, who are parties to the transfer of the rights, and the distributed ledger recording means records the transfer information in the distributed ledger, and the digital certificate can be provided to at least any of the creditor, the debtor, and the prospective assignee.

[0013] Furthermore, the transfer information is characterized by including at least identification information identifying the creditor of the right to be transferred and the person wishing to receive the right, information identifying the right to be transferred, the transfer price, the number of shares to be transferred, and the date and time when the debtor consented to the transfer of the right. [Effects of the Invention]

[0014] The information processing device of the present invention can digitally divide securities etc. relating to rights related to business under a partnership agreement into small lot securities, and complete all procedures from their sale to redemption online. In particular, when the small lot securities are transferred between investors, the procedures required to satisfy the requirements for perfecting the assignment of claims (including the transfer of contractual status under the partnership agreement) against third parties can also be completed online using the information processing device of the present invention.

[0015] This will simplify the procedures for buying and selling digital securities and enable the transfer of rights between investors with third-party perfection requirements, providing investors with unprecedented flexibility and security in the opportunity to recover their investments, which will lead to increased investment activity. [Brief explanation of the drawings]

[0016] [Figure 1] 1 is a diagram showing an outline of an overall scheme including an embodiment of an information processing device according to the present invention; [Figure 2] FIG. 2 is a diagram illustrating an outline of functions provided in an information processing apparatus. [Figure 3] 10 is a flowchart showing the processing steps of an information processing device until an investor can start transferring fractional securities. [Figure 4] 4A to 4C are diagrams showing examples of screens displayed in the processing shown in FIG. 3. [Figure 5] 4A to 4C are diagrams showing examples of screens displayed in the processing shown in FIG. 3. [Figure 6] 4A to 4C are diagrams showing examples of screens displayed in the processing shown in FIG. 3. [Figure 7] 10 is a flowchart showing the processing steps of an information processing device when fractional securities are transferred between investors. [Figure 8] 8A and 8B are diagrams showing examples of screens displayed in the processing shown in FIG. 7. [Figure 9] 8A and 8B are diagrams showing examples of screens displayed in the processing shown in FIG. 7. [Figure 10] 8A and 8B are diagrams showing examples of screens displayed in the processing shown in FIG. 7. [Figure 11] 8A and 8B are diagrams showing examples of screens displayed in the processing shown in FIG. 7. [Figure 12] 8A and 8B are diagrams showing examples of screens displayed in the processing shown in FIG. 7. [Figure 13] 8A and 8B are diagrams showing examples of screens displayed in the processing shown in FIG. 7. [Figure 14] 8A and 8B are diagrams showing examples of screens displayed in the processing shown in FIG. 7. [Figure 15] 8A and 8B are diagrams showing examples of screens displayed in the processing shown in FIG. 7. [Figure 16] 8A and 8B are diagrams showing examples of screens displayed in the processing shown in FIG. 7. DETAILED DESCRIPTION OF THE INVENTION

[0017] An embodiment of the processing executed by an information processing device according to the present invention will be described below with reference to the drawings. The information processing device in this embodiment will be described as a securities management device 100 that processes online procedures from the acquisition to the redemption of securities backed by real estate. Note that although the term "device" is used, it can be replaced with "system" or "server." In the following explanation, "investors" refers not only to individuals (natural persons), but also to corporations and qualified institutional investors. Qualified institutional investors are "persons designated by Cabinet Office Ordinance as having specialized knowledge and experience related to investing in securities," as defined in Article 2, Paragraph 3, Item 1 of the Financial Instruments and Exchange Act. These are so-called professional investors, and include securities companies, investment trust management companies, banks, insurance companies, investment advisory companies, and pension fund management funds. In this embodiment, securities and the like backed by real estate are taken up, but they do not necessarily have to be real estate securities.

[0018] FIG. 1 shows an overview of the overall scheme including the securities management device 100 according to this embodiment. As shown in FIG. 1, special purpose company 1 enters into a silent partnership agreement with investor 2 and then acquires real estate 3 from the real estate owner using capital contributions and other funds collected from investor 2. Thereafter, special purpose company 1 is expected to distribute to investor 2 any profits (rent and sales profits) it earns from leasing or selling the target real estate 3. Therefore, with regard to the claims arising from the silent partnership agreement, a creditor-debtor relationship is established in which investor 2 is the creditor and special purpose company 1 is the debtor. Here, "anonymous partnership agreement" in this embodiment refers to an anonymous partnership agreement as defined in Article 2, Paragraph 2, Item 5 of the Financial Instruments and Exchange Act, and "special purpose company" refers to a "special business operator" as defined in Article 58 of the Real Estate Specified Joint Enterprise Act.

[0019] The securities management device 100 registers and manages investors and distributes profits to the special purpose company 1. The securities management device 100 completes all procedures online, and is therefore connected to the investor terminals of investors 2 via communication lines such as the Internet so that it can communicate with them. The special purpose company 1 also delegates some of its operations, such as sales and management, to a designated entrusted company 4. As will be described later, the securities management device 100 records and manages information based on distributed ledger technology, such as blockchain. Each investor's anonymous partnership investment interest is granted in the form of a security token (hereinafter sometimes abbreviated as "ST") that is generated and issued using distributed ledger technology.

[0020] In summary, when a predetermined total amount of investment is collected from Investor 2 (or when the fund is established in the case of crowdfunding), securities management device 100 tokenizes the investment shares based on the anonymous partnership agreement between Special Purpose Company 1 and Investor 2 using a blockchain platform, issues the tokens, and transfers these security tokens to each investor's individual wallet according to each investor's investment ratio. Furthermore, if there is a transfer of security tokens between investors during the operation period, the security tokens are transferred directly between the parties' wallets. Then, at the end of the operation period, the security tokens in Investor 2's wallet are transferred to a wallet managed by Special Purpose Company 1 simultaneously with the payment of the redemption amount.

[0021] The following provides a specific explanation of the securities management device 100. Figure 2 shows an outline of the functions of the securities management device 100. The securities management device 100 is mainly divided into an operations management unit 10, a front-end unit 20, and a blockchain unit 30.

[0022] The business management unit 10 includes at least a property management function 11, an input / output management function 12, an investor management function 13, an investment application management function 14, a legal document creation function 15, and a private key management function 16. The property management function 11 registers properties transferred from real estate owners, and the input / output management function 12 manages the transfer price. The input / output management function 12 also distributes investment money from investors 2 and dividends and redemptions to investors 2. The investment application management function 14 aggregates information required for investment applications, and the investor information associated with the transfer of security tokens is managed by the investor management function 13. In addition, the legal document creation function 15 creates legal documents such as a claim assignment notice (or consent) and sends them to the parties to the transfer of rights. Furthermore, within the system, the business management unit 10 is configured to cooperate with the front-end unit 20 and the blockchain unit 30. In addition, the private key management function 16 of the business management unit 10 assigns a unique private key to each investor, which is used to securely send security tokens to the wallet of investor 2 when transferring them.

[0023] The front unit 20 provides an interface via the interface control unit 21 to connect the securities management device 100 and the investor 2 (and consequently, between investors via the securities management device 100). For example, assume that a certain investor 2 holds one or more security tokens for property X registered in the property management function 11 described above. The front unit 20 provides a sell order screen on which the investor 2, as the seller of the tokens, inputs and specifies the transfer price and number of transfer units per token into the securities management device 100. The front unit 20 also provides a buy order screen on which a buyer investor who wishes to purchase security tokens for the transfer price and number of transfer units proposed by the seller investor can specify the number of units to purchase. Thus, the front unit 20 performs a bilateral transaction process via the securities management device 100, allowing the buyer investor to specify the security tokens proposed by the seller investor. In addition, for the investor management function 13 of the business management unit 10, a registration screen is provided where the investor 2 can input contact information such as name and address.

[0024] Note that the security tokens held by the seller investor 2 and presented on the sell order screen are not limited to those offered through crowdfunding and sold as real estate fractionalization products, as long as an anonymous partnership agreement is concluded between the special purpose company 1, which is the operator of the securities management device 100, and the investor. In other words, the present invention also applies to security tokens related to real estate sold in any form by the special purpose company 1 or the sales and management entrusted company 4 without going through crowdfunding.

[0025] When a security token is issued, when a security token is transferred between the securities management device 100 and the investor 2, or when a security token is transferred between investors, the blockchain unit 30 instantly rewrites the distributed ledger managed by the securities management device 100, making it possible to grasp the status of security token transfers in real time. In addition, the distributed ledger can be referenced upon request from the investor or the special purpose company 1. This allows not only the administrator of the securities management device 100 but also the investors to grasp the status of token holdings and transfers, demonstrating that the distributed ledger was not simply created administratively or arbitrarily within the token issuer or the administrator of the securities management device 100.

[0026] Blockchain is already a well-known technology. We will not go into detail here about the method of calculating a hash value for each data block and recording transaction data along with the hash value in a distributed ledger while linking them together like a chain, but we will outline its advantages below. Distributed ledger technology, exemplified by blockchain, is characterized by its ability to determine the legitimacy of transactions and actions without relying on verification by a specific server, and instead relies on a decentralized peer-to-peer (P2P) network for communication between multiple devices. Rather than a specific server managing the ledger of transactions, multiple devices manage updates to their own databases from the past to the present as a single, unified ledger. Furthermore, because each device manages the same ledger data, new transactions are added to each ledger only if they are deemed to have no inconsistencies in any of the ledgers, ensuring the authenticity of the data in the database.

[0027] Due to these characteristics, blockchain technology (1) makes it impossible to tamper with past transaction data, (2) is resistant to system failures and has high availability, as even if some of the devices that manage the data fail, it is possible to continue services by using data from other devices, and (3) is extremely difficult to tamper with because communications within the blockchain are encrypted and verified by certificates.

[0028] In addition to the functions described above, the securities management device 100 also performs communication processing with bank systems and the like via APIs and various other processing (for example, identity verification and anti-social forces checks), but these are well-known matters or technologies and will not be discussed in this specification. Furthermore, electronic signatures or electronic certificates may be used to send and receive various data between the securities management device 100 and investors or between investors. These technologies are also well-known and will not be discussed in this specification.

[0029] 3 is a flowchart showing the processing performed in the preparation stage for starting trading among the processing procedures executed by the securities management device 100. The processing will be explained in order while showing an example of a screen (see FIG. 4) provided by the front unit of the securities management device 100.

[0030] First, the securities management device 100 registers a real estate property that is the subject of investment solicitation (step S301). The registered real estate property is presented to investors 2 as crowdfunding and sold as fractional securities. FIG. 4 is an example screen showing that one property is being solicited through crowdfunding and one property is already in operation. In addition to summary information such as the amount raised for the real estate property, the expected distribution rate, and the operation period, as shown in the figure, the details screen may also present information such as the property's location and number of building sections to help investors make investment decisions, and may also display an expected profit simulation as shown in FIG. 5 as appropriate.

[0031] The securities management device 100 accepts and registers investors 2 who wish to invest in real estate properties via crowdfunding (step S302). Fig. 6 shows an example of a screen for inputting investor information.

[0032] The investor is judged to be qualified through identity verification and anti-social forces checks (step S303), and if the investor is judged to be insufficient, the investor is treated as unapproved and not registered (step S304). If the investor is approved as an investor 2, a private key unique to the investor is created along with the registration (step S305). The created private key is used to ensure the confidentiality of communications with the business management unit 10 and the front unit 20, which are constituent modules within the securities management device 100. In addition, the blockchain unit 30 creates a wallet for each approved investor to hold security tokens (step S306).

[0033] The securities management device 100 displays the application screen shown in FIG. 6 and accepts investment applications from investors for the proposed crowdfunding for a certain period of time (step S307).

[0034] Next, the securities management device 100 confirms that the investor 2 has transferred the capital contribution to a predetermined investment account (step S308). After a predetermined period of time has passed since the end of subscription for each fund, it checks whether the total investment amount, including the investment amount deposited by each investor, meets the subscription amount criteria for establishing the fund, and determines whether the fund has been established (step S309).

[0035] If it is confirmed that the fund has been established (Yes in step S310), the securities management device 100 sends a contract establishment document indicating that an anonymous partnership agreement has been concluded between the special purpose company 1 and the investor 2 to the investor 2 via a communication line such as the Internet (step S311). In the anonymous partnership agreement between the special purpose company 1 and the investor 2, the establishment of the fund is a condition precedent under Article 127, Paragraph 1 of the Civil Code, and if it is determined in step S310 that the fund has been established, the agreement comes into effect. On the other hand, if it is not confirmed that the fund has been established (No in step S310), the agreement does not come into effect (step S312). When a fund is established, the blockchain unit 30 of the securities management device 100 first issues security tokens in a quantity corresponding to the amount of the fund established and holds them in the wallet of the special purpose company 1 (step S313).

[0036] Furthermore, the blockchain unit 30 transfers security tokens, the number of which corresponds to the investment (initial stake) of each investor, from the wallet of the special purpose company 1 to the wallet of each investor 2 (step S314). At this time, the securities management system 100 notifies the investor via the network that the fund has been established, the anonymous partnership agreement has come into effect, and the security tokens have been transferred to the wallet of the investor who is a partner.

[0037] The blockchain unit 30 of the securities management device 100 records the transfer of security tokens from the wallet of the special purpose company 1 to the wallet of the investor 2 in the distributed ledger (step S315). The recorded information includes at least the wallet ID of the transfer source, the wallet ID of the transfer destination, the transferred token ID, the number of tokens transferred, and the date and time of the transfer. In addition, it is desirable to record the date and time when the investment application was made in step S306 and the date and time when the security token was issued in step S311.

[0038] 7 is a flowchart showing the processing steps executed by the securities management device 100 when a security token held in the wallet of an investor 2 is transferred to another investor 2. This corresponds to the transfer of a security token in the so-called secondary (secondary) market.

[0039] The following will explain the process in order, showing examples of screens (see FIGS. 8 to 16) provided by the front unit 20 of the securities management apparatus 100. An investor who wishes to sell his or her security tokens (hereinafter referred to as the "seller-side investor") authenticates himself or herself by entering the required unique information on the authentication screen (see FIG. 8) provided by the front unit 20 of the securities management device 100 (step S501). The securities management device 100 then displays a list of the security tokens held in the investor's wallet, as shown in FIG. 9. In the example shown in FIG. 9, 55 tokens with a unit price of 10,000 yen are held for one fund ("Fund 1"). Clicking the "Details" button 60 displays a list of each of the 55 tokens (see FIG. 10). Furthermore, clicking the "Details" button 61 for each token displays detailed information about the clicked token (see FIG. 11). In the example shown in FIG. 11, "6..." and "3..." are displayed for each item, such as the token ID and fund ID. These are examples of encoded codes recorded by the blockchain unit 30 in the distributed ledger. The token ID in FIG. 10 also displays an encoded code. However, the actual owner's name or the like may be displayed so that each of these items can be understood at a glance.

[0040] When a selling investor wishes to sell the security tokens he or she holds, he or she returns to Fig. 10 and clicks the "Sell" button 62 (see Fig. 12). In response to the click, the securities management device 100 displays a sell order screen as shown in Fig. 13. If the selling investor determines that he or she does not need to check the details of the shares or tokens, he or she can skip the display of the share list and token details and immediately display the sell order screen of Fig. 13.

[0041] Next, the selling investor enters the number of tokens he / she wishes to sell in the column 63 and the desired selling price per token to be presented as the selling price in the offered price column 64 on the sell order screen of FIG. 13 (step S502). The value shown in the token price column 65 is the price at which the selling investor acquires the token. The sell order screen also displays an available offer price 66. This indicates the range of token unit prices that can be entered in the offered price column 64, and is preferably a value based on the appraisal results of a real estate appraiser. The selling investor will enter the desired selling price in the offered price column 64 within the available price range indicated based on the real estate appraiser's appraisal value.

[0042] Meanwhile, an investor who wishes to purchase security tokens (hereinafter referred to as a "buying investor") clicks the "Purchase" button 67 of the fund they wish to purchase from the list of available purchase orders (see FIG. 14). In response to the click, the securities management device 100 displays a purchase order screen as shown in FIG. 15. It goes without saying that a prerequisite for a buying order by a buying investor is that the funds required for the purchase order must already be deposited in a designated investment account. In addition, in order for the buying investor to understand the details of each fund, a token detailed information screen (not shown) similar to that shown in FIG. 11 to the selling investor is displayed.

[0043] The number of tokens that the selling investor wishes to sell is displayed in the number of tokens available for purchase field 70 on the purchase order screen shown in Fig. 15, so the buying investor inputs a value equal to or less than this number of tokens in the number of tokens to purchase field 72 (step S503). The price value displayed in the selling price field 73 is the value that the selling investor input in the offered price field 64 in Fig. 13, and the total purchase amount calculated by multiplying the unit price in the selling price field 73 by the quantity in the number of tokens to purchase field 72 is automatically displayed in the total amount field 74. The available price 71 corresponds to the available price 66 shown to the selling investor in Fig. 13.

[0044] In response to the click of the purchase order confirmation button, the blockchain unit 300 of the securities management device 100 determines that the buy and sell orders have matched and that the trade has been concluded (step S504). Once the trade is concluded, the purchased tokens are removed from future purchases and are placed in a state of awaiting approval by special purpose company 1, the debtor under the anonymous partnership agreement. Special purpose company 1 (or a trustee of special purpose company 1) approves the token trade awaiting approval at a predetermined time (e.g., 3:00 p.m. each business day), and based on that approval, transfers an amount of tokens equal to the number of purchased tokens from the wallet of the selling investor to the wallet of the buying investor on the blockchain platform.

[0045] In response to the transfer, the blockchain unit 300 records in the distributed ledger the transaction ID related to the sale and purchase, the token ID identifying the transferred token, the quantity of transferred tokens, the token transfer date and time, the date and time the sale and purchase contract was concluded (the date and time the token sale and purchase was approved by the special purpose company 1, which is the debtor under the anonymous partnership agreement), the seller investor ID, the buyer investor ID, etc. (Step S505). The investment application date and time, the token issuance date and time, etc. may also be recorded. In a preliminary demonstration experiment, it was confirmed that the time required to rewrite the blockchain ledger accompanying the transfer is within a few seconds, and it can be achieved essentially in real time. The date and time are not based on a timer that the securities management device 100 keeps running independently, but are synchronized with the time provided by a trusted organization. For example, NTP (Network Time Protocol) servers have a hierarchical structure with a highly accurate NTP server at the top, using a GPS or atomic clock, and each NTP server maintains the accuracy of the time information by obtaining time information from the higher-level NTP server. The securities management device 100 periodically queries and obtains time information using the NTP communication protocol via a TCP / IP network, and then sets its internal clock correctly.

[0046] Once the security tokens are transferred to the buyer-side investor, the buyer-side investor can then sell the security tokens that he or she purchased as a seller-side investor. Therefore, the investor management function 13 registers and manages the buyer-side investor after the token transfer as a creditor under the anonymous partnership agreement.

[0047] Once the token transfer is completed and recorded in the distributed ledger by the blockchain unit 300, special purpose company 1, which is the debtor under the anonymous partnership agreement, will notify the selling investor that it consents to the token transfer, so special purpose company 1 (or a company entrusted by special purpose company 1) will instruct the front unit 20 to display a notice of consent to the token transfer on the selling investor's My Page (a viewing page set up for each investor registered in the securities management device 100 and dedicated to each investor, where various information can be displayed and viewed on the display screen) (see Figure 16). At the point when special purpose company 1 notifies the selling investor via securities management device 100 that it consents to the transfer of the above-mentioned tokens, that is, at the point when the notification is displayed on the selling investor's personal page at the instruction of special purpose company 1 (or a company commissioned by special purpose company 1) (the point is stored in the securities management device 100 in association with the notification and is shown as the date and time of notification as shown in Figure 16), special purpose company 1 is deemed to have consented to the sales contract between the investors by a "certificate with a fixed date."

[0048] The legal document creation function 15 of the business management unit 10 creates a digital certificate, which is an electromagnetic document (PDF document) that contains the details of the sales contract and the token transfer information, which is a record on the blockchain related to the sales contract, and the selling investor can confirm the digital certificate by clicking the URL listed in the notification. Here, the information regarding the token transfer listed in the digital certificate (hereinafter referred to as "token transfer information") is information that specifies the details of the token transfer between investors, and specifically includes the name and fund ID of the fund involved in the sale and purchase, the selling investor ID, the buying investor ID, the transaction ID, the token ID, the token quantity, the token price, and the date and time of the sales contract conclusion (the date and time of approval of the token sale and purchase by the special purpose company 1).

[0049] As described above, the digital certificate in this embodiment refers to a document created with electronic information (e.g., a PDF document), but the format of the digital certificate is not particularly limited, and it does not necessarily have to be in the form of a so-called "written document." In other embodiments, for example, the information shown in the digital certificate includes a digital representation in the form of a simple list of text including letters and symbols displayed on the screen of a terminal operated by each investor 2.

[0050] Furthermore, in this embodiment, the special purpose company 1 notifies the seller-side investor that it approves the transfer of tokens, but this is not limited to this. That is, the special purpose company 1 may notify the buyer-side investor and approval of the purchase and sale contract between the investors may be made by a "certificate with a fixed date" at the time the notification is displayed on the buyer-side investor's My Page, or the notification may be displayed on the My Page of both the seller-side investor and the buyer-side investor. In addition, in this embodiment, token transfer information can be confirmed by clicking on the URL in the notification displayed on the My Page, but it is also possible to include the token transfer information in the notification (combining the notification and digital certificate) and use a display method that omits the need to click on the URL. In addition, in this embodiment, when a sales contract is concluded, a digital certificate is automatically sent to the investor via email via the Internet, but it may also be sent upon request from the investor. In addition, in this embodiment, the destinations to which the digital certificate is sent are both the sell-side investor and the buy-side investor, but in other embodiments, the destination may be only the sell-side investor or only the buy-side investor. In addition, the timing of sending the digital certificate will be when the sales contract is concluded (when Special Purpose Company 1 approves the token sales and purchase), or when the seller (or buyer) investor clicks on the URL stated in the notification, and will be executed without delay either automatically or manually by Special Purpose Company 1, etc. In addition, the digital certificate will be sent by email and should also be posted on the investor's personal page, making it possible to view and download it at any time.

[0051] As can be understood from the explanation so far, the notice by Special Purpose Company 1 to the Selling Investors (or Buying Investors and both) that it consents to the transfer of tokens is related to the "requirements for perfection against third parties" of the above-mentioned assignment of claims (including the transfer of contractual status in the partnership agreement). To reiterate, displaying a notice of consent to the transfer of tokens on the personal page of the selling investor, etc. in the securities management device 100, at the instruction of Special Purpose Company 1 (or a company commissioned by Special Purpose Company 1), is equivalent to Special Purpose Company 1, the debtor under the anonymous partnership agreement, giving consent to the selling investor, who is the claim assignor, and the buying investor, who is the claim assignee, by means of a "certificate with a fixed date" for the assignment of claims (including the transfer of contractual status under the partnership agreement) as provided for in Article 467, Paragraph 2 of the Civil Code.

[0052] Therefore, when a security token is transferred, a notice of consent to the transfer from the debtor special purpose company 1 is sent to the seller investor, who is the transferor of the claim, via the securities management device 100, and this can also be confirmed by receiving a digital certificate via email. No procedures are required for the investor to establish third-party perfection. The buyer investor's right to the real estate securities corresponding to the security token is established as a third-party perfection upon purchase, and can confirm this by receiving a digital certificate via email. This allows the investor to easily and reliably confirm the transfer. Compared to the conventional method of using a "certificate with a fixed date" via certified mail, this method does not require offline work and allows information about the sales contract (claim assignment) to be transmitted within seconds of the conclusion of the sales contract. This dramatically increases the security of sales contract transactions and significantly contributes to faster, paperless transactions.

[0053] Furthermore, while a duplicate transfer of silent partnership equity interests within securities management device 100 is impossible in the first place, even if a duplicate transfer of silent partnership equity interests held by a selling investor (claimant assignor) occurs outside of securities management device 100, the data created using the blockchain technology of securities management device 100 has the inherent technological advantages of blockchain, such as the impossibility of tampering with past transaction data, so that information regarding the consent of the debtor, special purpose company 1, can be accurately ascertained even after the fact by checking the records on the blockchain within securities management device 100. As a result, the safety of the transaction of the sales contract can be ensured, and unnecessary disputes can be avoided.

[0054] In this embodiment, for the convenience of investors, the method of satisfying the requirement for perfection against a third party is by the "consent" of the debtor, special purpose company 1. However, since Article 467, paragraph 2 of the Civil Code prescribes "notice or consent by document with a fixed date," in other embodiments, "consent" may be replaced by "notice," i.e., the claim assignor (including the claim assignee acting as the claim assignor's agent or messenger; hereinafter referred to as the "claim assignor, etc.") "notifies" the debtor, special purpose company 1, or both "consent" and "notice" may be used to satisfy the requirement for perfection against a third party. The securities management device 100 prepares a certificate for third-party perfection that describes token transfer information (the name and fund ID of the fund involved in the transaction, the seller's investor ID, the buyer's investor ID, the transaction ID, the token ID, the token quantity, the token price, and the date and time of the conclusion of the transaction contract (the date and time of approval of the token transaction by the special purpose company 1)) and transmits it to the claim assignor, etc., and the claim assignor, etc. transmits the certificate for third-party perfection to the debtor (the special purpose company 1) via the securities management device 100 as an indication of their intention that they have no objection to the above-mentioned description. When the debtor receives this, " will have the same effect as the third-party perfection requirement under ". Alternatively, the securities management device 100 may send a model or template for entering token transfer information to the claim assignor, etc., and the claim assignor, etc. may enter the token transfer information in a predetermined field of the template, etc., to complete the certificate for third-party perfection requirement, and transmit the completed certificate to the debtor (special purpose company 1) via the securities management device 100. Other methods include the claim assignor, etc. sending a certificate for third-party perfection requirement in which the token transfer information is entered to the debtor (special purpose company 1) without using a template, etc.

[0055] The securities management device 100 will store the digital certificate for at least five years from the date of transmission or acceptance, and will be able to present the digital certificate in response to a disclosure request from the security token seller (transferor), buyer (transferee), or special purpose company 1.

[0056] (Industrial Applicability and Advantage) The securities management device 100 of this embodiment allows investors to purchase or sell their security tokens at any time in the so-called secondary market. While not a transfer of securities, real estate crowdfunding actually exists as a similar mechanism. However, real estate crowdfunding has a set investment management period and, in principle, cannot be terminated midway through the management period. In contrast, the transfer of rights via the transfer of security tokens by the securities management device 100 allows for redemption (cashing) at any time, allowing investors to sell and obtain cash in the event of an urgent need for funds. This provides investors with unprecedented flexibility in investment recovery opportunities, leading to active investment activity.

[0057] Furthermore, investments through real estate crowdfunding to date have been limited to bilateral transactions between investors and fund management companies in the primary market. In other words, there is no established secondary market for buying and selling between investors. Meanwhile, as described above, the securities management device 100 is configured to adequately handle the secondary market, since security tokens are transferred from investor to investor. Furthermore, while current real estate crowdfunding does not have any countermeasures in place against third parties, the securities management device 100 is equipped with this requirement without any special procedures from the investor. Therefore, even if the secondary market becomes more active in the future, there is no possibility of investors suffering unforeseen disadvantages due to double transfers.

[0058] Finally, an additional function when the securities management device 100 is used for the transfer of the "exempt electronic record transfer right" under the Financial Instruments and Exchange Act will be described. First, Article 2, Paragraph 3 of the Financial Instruments and Exchange Act defines "electronic record transfer rights," which means that (1) rights that are deemed to be securities, (2) rights that are expressed in terms of financial value that can be transferred using electronic data processing systems, and (3) rights that exclude certain rights, such as those with low liquidity.

[0059] While security tokens fall under the category of "electronic record transfer rights," security tokens with low liquidity, as defined above, fall outside the scope of "electronic record transfer rights." In this case, they may be considered different from the security tokens described above. However, the feature of the information processing device according to the present invention, which allows the acquisition of digitized securities and their transfer between investors, that also creates a certificate to make the transfer of the securities perfectable against third parties, is not affected in any way by the degree of liquidity of the token.

[0060] For security tokens that are considered to be "exempt electronic record transfer rights" due to their low liquidity, the securities management device 100 of this embodiment has the additional restriction functions shown below, so that they can be treated in the same way as security tokens that are "electronic record transfer rights." Technical measures to prevent anyone other than qualified institutional investors, etc., or investors eligible for special business operations for qualified institutional investors (special business investors) as defined in the Financial Instruments and Exchange Act from acquiring or transferring tokens. -Technical measures to prevent tokens from being transferred without the request of the rights holder and the consent of the issuer in each case.

[0061] Simply put, this will be addressed by implementing "acquirer restrictions" that will prevent tokens from being held or transferred by anyone other than financial professionals such as financial instruments traders and fund managers, or individuals with large amounts of investment-type financial assets, and "transfer restrictions" that will require a request from the rights holder and the consent of the token issuer before the token can be transferred.

[0062] By adding the above-mentioned restriction function, the securities management device 100 makes it possible to easily and reliably transfer "exempt electronic record transfer rights" that meet the requirements for perfection against third parties.

[0063] The present invention also includes within its scope programs installed or loaded onto a computer through various recording media, such as optical disks like CD-ROMs, magnetic disks, and semiconductor memories, or by downloading via a communication network, and these storage media.

[0064] Furthermore, the terminals related to the blockchain unit 30 of the securities management device 100 via a network are computers connected to a network such as the Internet or a dedicated line. Specific examples include personal computers (PCs), mobile phones, smartphones, personal digital assistants (PDAs), tablets, and wearable devices. Examples of the investor 2's mobile terminal include mobile phones, smartphones, PDAs, tablets, and wearable devices. A business scheme including the securities management device 100 is configured by terminals and mobile devices connected to the network via wired or wireless connections being able to communicate with each other. Furthermore, although the securities management device 100 in the above-described embodiment is a P2P system, it does not necessarily have to be a P2P distributed ledger technology. It may also be configured as a system linked to an application service provider (ASP). [Explanation of symbols]

[0065] 1. Special purpose companies 2 Investor 3. Real Estate 10 Business Management Department 11 Property management functions 12 Input / output management function 13 Investor management function 14 Investment application management function 15 Legal document creation function 16 Private key management function 20 Front section 21 Interface control section 30 Blockchain Department 100 Securities management device

Claims

1. A rights information processing device relating to a business based on a partnership contract, a right subdivision means for digitally dividing the right into two or more units; a creditor registration means for registering information on creditors of the right and the number of shares of the right held by the creditor; an assignment request receiving means for receiving an assignment request for the right from the registered creditor via a communication line, the assignment request including identification information for identifying the right and the number of shares to be assigned; an application screen for soliciting the transfer of the rights, and an acceptance accepting means for accepting, via the communication line, identification information of the rights to be transferred and the number of shares to be transferred from the person who wishes to transfer the rights; a distributed ledger recording means for recording transfer information indicating that the number of shares of the right designated by the applicant for transfer will be transferred from the creditor to the applicant for transfer, in a distributed ledger including a blockchain; an acceptance notice display means for displaying an acceptance notice indicating that the debtor of the right accepts the assignment of the right on a dedicated viewing screen page of at least one of the creditor who is the assignor of the right or the person who wishes to be assigned the right, the acceptance notice display means enabling the assertion of a requirement for perfection against a third party regarding the assignment of the right at the time the acceptance notice is displayed; An information processing device comprising:

2. the acceptance notice includes a digital address of a digital certificate, which is an electromagnetic document that describes the transfer information recorded by the distributed ledger recording means; 2. The information processing device according to claim 1, further comprising digital certificate display means for displaying the transfer information and the debtor's consent to the assignment of the right in response to access to the digital address by the creditor or the intended recipient.

3. 3. The information processing device according to claim 1, further comprising a creditor notification means for notifying the debtor of the transfer information from the creditor or the person wishing to receive the transfer, acting as an agent or messenger of the creditor, instead of or in addition to the acceptance notice.

4. An information processing device as described in any one of claims 1 to 3, wherein the acceptance notification is not sent until a predetermined time, and after that time has passed, is automatically or manually posted so that it can be viewed on the viewing screen pages of the creditor and the person wishing to receive the right, who are parties to the transfer of the rights.

5. 3. The information processing device according to claim 2, wherein the distributed ledger recording means records the transfer information in the distributed ledger, and the digital certificate can be provided to at least one of the creditor, the debtor, or the intended recipient.

6. An information processing device described in any one of claims 1 to 5, wherein the transfer information includes at least identification information identifying each of the creditor of the right to be transferred and the person wishing to receive the right, information identifying the right to be transferred, the transfer price, the number of shares to be transferred, and the date and time when the debtor agreed to the transfer of the right.

7. 7. The information processing device according to claim 1, wherein after the transfer is made, the creditor registration means registers the person who wishes to receive the right as a creditor of the right.

8. An information processing device according to any one of claims 1 to 7, wherein the right is a right to receive dividends on profits arising from a business based on the partnership agreement or a right to receive a distribution of assets related to the business, and the creditor is an investor in the business.

9. (1) access restrictions that prevent any shares of such rights from being held by any person or entity other than one that meets certain conditions; and (2) Transfer restrictions that prevent the right from being transferred without the consent of the right holder and the operator or administrator of the information processing device; 9. The information processing device according to claim 1, further comprising a restriction means for realizing the above.

10. A program executed in a rights information processing device relating to a business based on a partnership contract, the program comprising: digitally dividing said rights into two or more units; Registering information on creditors of said rights and the number of shares of said rights held by said creditors; receiving a request for transfer of the right from the registered creditor via a communication line, the request for transfer including identification information for identifying the right and the number of shares to be transferred; an application screen for inviting applicants to receive the rights, which receives, via the communication line, identification information of the rights to be received and the number of shares to be received from applicants to receive the rights; Recording transfer information indicating that the number of shares of the rights designated by the applicant for transfer will be transferred from the creditor to the applicant for transfer in a distributed ledger including a blockchain; Displaying a consent notice indicating that the debtor of the right consents to the assignment of the right on a dedicated viewing screen page for at least one of the creditor who is the assignor of the right or the person who wishes to be assigned who is the assignee of the right; A program to execute.

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