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 a technology related to the transfer of securities or equity interests (hereinafter referred to as "securities, etc.") with assets such as real estate as collateral assets, and particularly relates to a technology for creating a digital certificate corresponding to a certificate with a definite date and time when claiming the third-party confrontation requirement for the assignment of claims stipulated in Article 467 of the Civil Code.

Background Art

[0002] With the development of the network, crowdfunding has emerged in which an unspecified number of people provide financial resources or cooperation to other people and organizations via the Internet. In a narrow sense, this may also be referred to as social lending, but in this specification, it will be referred to as "crowdfunding" or "fund".

[0003] Recently, by using crowdfunding, fund-raising activities have been actively carried out to collect the original funds for lending to corporations and the original funds for purchasing assets such as real estate from general investors. In particular, real estate investment crowdfunding has attracted attention in recent years. This is greatly affected by the fact that after the enactment of the "Law on Securitization of Assets" in 1998, so-called SPC (Special Purpose Company) law, and the amendment in 2001 made the target claims for securitization all property rights. It became clear that all assets with value became the targets of securitization, including real estate.

[0004] Real estate securitization is a mechanism that makes real estate investment easier for ordinary investors by securitizing the right to receive income generated by physical real estate, particularly by fractionalizing the investment (making the amount of money that can be invested small). Through real estate securitization, each investor can invest in securitized real estate properties (office buildings, rental apartments, logistics centers, etc.) without owning physical real estate or investing large amounts of capital, and can enjoy the rental income and capital gains generated by the real estate properties. As an example of a system related to real estate securitization, there is Patent Document 1 below. The device described in Patent Document 1 is characterized by presenting investors with useful information regarding real estate securitization products.

[0005] Incidentally, in recent years, there has been a growing movement to electronically record the creation and transfer of rights represented in securities using distributed ledger technologies, including blockchain (for example, Patent Document 2 below). When the rights represented in such securities are represented on tokens (certificates) generated and issued using blockchain technology, they are generally called security tokens or digital securities, and the sale of these through private or public placement is called a Security Token Offering (STO). Regarding fractional real estate securities, it has become technically possible to use this distributed ledger technology to tokenize investors' equity shares, provide a scheme for transferring tokens among investors, and manage the transfer of token rights that occur 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 [Overview of the Initiative] [Problems that the invention aims to solve]

[0007] One of the problems that is expected to arise as the digital securitization of securities becomes more active 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, if investor A, who wants to transfer fractional real estate securities, holds only one share, then transfers that share to investor B, and then investor A further transfers it to a third-party investor C, this would be a double transfer.

[0008] Article 467 of the Civil Code, with the aim of ensuring the security of transactions, stipulates the requirements for asserting the assignment of a designated claim against third parties. It states that the assignment of a designated claim cannot be asserted against the debtor or other third parties unless the assignor notifies the debtor or the debtor consents, and that this notification or consent cannot be asserted against third parties other than the debtor unless it is made by a document with a confirmed date, thereby resolving the issue of double assignment.

[0009] The Civil Code stipulates that notices or consents for the purpose of asserting rights against third parties must be made by "a document bearing a confirmed date," meaning that such notices or consents must be made by certified mail or notarized documents (private documents stamped with a dated seal by a notary public). However, it is virtually impossible to directly integrate existing procedures such as certified mail into the system being developed. Furthermore, even if digitized real estate securities (tokens) can be acquired and transferred on the system, if procedures such as certified mail are required at the stage of fulfilling the requirements for asserting rights against third parties, it will ultimately become impossible to complete the entire process online, drastically reducing the benefits of digitalization. Moreover, considering the hassle of preparing certified mail, it cannot be denied that there is a possibility that some assignees may not fulfill the requirements for asserting rights against third parties due to omissions or errors in the content, leaving a risk of disputes among investors.

[0010] Therefore, the present invention aims to enable the transfer of securities rights through a simple procedure and to clarify the rights relationship related to the transfer with the debtor and other third parties in connection with the transfer of rights, by creating a certificate that also provides for the requirements for enforceability against third parties regarding the transfer of said securities in an information processing device that enables the acquisition of digitized securities and the transfer of said securities between investors, in addition to creating a certificate that provides for the requirements for enforceability against third parties regarding the transfer of said securities. [Means for solving the problem]

[0011] The information processing device according to the present invention for achieving the above objectives includes a means for fractionalizing a right relating to a business based on a partnership agreement, which digitally divides the said right into two or more units; a means for registering information of creditors of the said right and the number of units of the said right held by the said creditor; and a means for receiving a transfer request for the said right from a registered creditor via a communication line, wherein the transfer request includes identification information that identifies the said right and the number of units to be transferred; and an application screen for soliciting transferees of the said right, which receives identification information of the right to be transferred and the number of units to be transferred from prospective transferees via the communication line. The system is characterized by comprising: an acceptance means for accepting transfers; a distributed ledger recording means for recording transfer information in a distributed ledger including a blockchain, indicating that the number of shares of the rights specified by the prospective transferee will be transferred from the creditor to the prospective transferee; and an acceptance notice display means for displaying a notice indicating that the debtor accepts the transfer of the rights on a dedicated viewing screen page of at least one of the creditor, who is the transferor of the rights, or the prospective transferee, who is the transferee of the rights, wherein the acceptance notice display means enables the assertion of third-party enforceability requirements for the transfer of the rights at the time the notice is displayed.

[0012] Furthermore, the information processing device according to the present invention further includes a digital certificate display means that displays the transfer information and the debtor's consent to the transfer of the rights in response to access of the digital address by the creditor or the prospective assignee, and a creditor notification means that notifies the debtor of the transfer information on behalf of or in addition to the consent notification, on behalf of or in addition to the consent notification, the creditor or the prospective assignee acting as an agent or messenger of the creditor, the notice is not transmitted until a predetermined time, and after the time has elapsed it is automatically or manually posted on the respective viewing screen pages of the creditor and the prospective assignee who are parties to the transfer of the rights, the distributed ledger recording means records the transfer information in the distributed ledger, and the digital certificate is available to at least one of the creditor, the debtor, or the prospective assignee.

[0013] Furthermore, the transfer information is characterized in that it includes at least identification information that identifies the creditor of the rights to be transferred and the prospective transferee, information that identifies the rights to be transferred, the transfer price, the number of units to be transferred, and the date and time on which the debtor consented to the transfer of the rights. [Effects of the Invention]

[0014] The information processing device according to the present invention digitally divides securities related to rights in a business based on a partnership agreement into fractional securities, and completes all procedures from sale to redemption online. In particular, when these fractional securities are transferred between investors, the information processing device according to the present invention can also complete online the procedures necessary to satisfy the requirements for enforceability against third parties in the assignment of claims (including the transfer of contractual status in the partnership agreement).

[0015] As a result, procedures related to the trading of digital securities are simplified, and transfer of rights between investors that satisfies the requirements against third parties can be realized. Consequently, it becomes possible to provide investors with an investment recovery opportunity that is far more flexible and secure than before, leading to an increase in active investments.

Brief Description of the Drawings

[0016] [Figure 1] It is a diagram showing an overview of the overall scheme including one embodiment of the information processing apparatus according to the present invention. [Figure 2] It is a diagram showing an overview of the functions provided in the information processing apparatus. [Figure 3] It is a flowchart showing the processing procedure of the information processing apparatus until an investor can start transferring fractionalized securities. [Figure 4] It is a diagram showing an example of a screen displayed in the process shown in FIG. 3. [Figure 5] It is a diagram showing an example of a screen displayed in the process shown in FIG. 3. [Figure 6] It is a diagram showing an example of a screen displayed in the process shown in FIG. 3. [Figure 7] It is a flowchart showing the processing procedure of the information processing apparatus when fractionalized securities are transferred between investors. [Figure 8] It is a diagram showing an example of a screen displayed in the process shown in FIG. 7. [Figure 9] It is a diagram showing an example of a screen displayed in the process shown in FIG. 7. [Figure 10] It is a diagram showing an example of a screen displayed in the process shown in FIG. 7. [Figure 11] It is a diagram showing an example of a screen displayed in the process shown in FIG. 7. [Figure 12] It is a diagram showing an example of a screen displayed in the process shown in FIG. 7. [Figure 13] It is a diagram showing an example of a screen displayed in the process shown in FIG. 7. [Figure 14] It is a diagram showing an example of a screen displayed in the process shown in FIG. 7. [Figure 15] This figure shows an example of the screen displayed during the process shown in Figure 7. [Figure 16] This figure shows an example of the screen displayed during the process shown in Figure 7. [Modes for carrying out the invention]

[0017] An embodiment of the processing performed by the information processing device according to the present invention will be described below with reference to the drawings. In this embodiment, the information processing device will be described as a securities management device 100 that processes online procedures from the acquisition to the redemption of securities, etc., backed by physical real estate. Although referred to as "device," it can be replaced with "system" or "server." In the following explanation, the term "investor" includes not only individuals (natural persons) but also corporations and qualified institutional investors. A qualified institutional investor is defined in Article 2, Paragraph 3, Item 1 of the Financial Instruments and Exchange Act as "a person designated by Cabinet Office Ordinance as having specialized knowledge and experience in investment in securities." 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, we will discuss securities backed by physical real estate, but it is not necessarily required that the securities be real estate securities.

[0018] Figure 1 shows an outline of the overall scheme including the securities management device 100 according to this embodiment. As shown in Figure 1, Special Purpose Company 1 enters into a limited partnership agreement with Investor 2 and acquires real estate 3 from the real estate owner based on the capital contributions collected from Investor 2. Subsequently, Special Purpose Company 1 is premised on distributing the profits (rent and sales profits) obtained from leasing or selling the target real estate 3 to Investor 2. Therefore, with respect to the claims arising from the limited partnership agreement, Investor 2 is the creditor and Special Purpose Company 1 is the debtor, resulting in a creditor-debtor relationship. 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 performs the registration, management, and distribution of profits of investors by the special purpose company 1. Since the securities management device 100 completes all procedures online, it is connected to the investor terminals of investors 2 via a communication line such as the Internet. The special purpose company 1 may also delegate some of its operations, such as sales and management, to a designated outsourcing company 4. As described later, the securities management device 100 records and manages information based on distributed ledger technology, such as blockchain. Each investor's limited partnership investment is granted in the form of security tokens (hereinafter sometimes abbreviated as "ST") generated and issued by distributed ledger technology.

[0020] In summary, the securities management device 100, upon collection of the predetermined total investment amount from investor 2 (or, in the case of crowdfunding, upon establishment of the fund), tokenizes the investment shares based on the anonymous partnership agreement between special purpose company 1 and investor 2 using a blockchain platform, issues tokens, and transfers these security tokens to each investor's individual wallet according to their investment ratio. Furthermore, if there is a transfer of security tokens between investors during the investment period, a direct transfer of security tokens will occur between the wallets of the parties involved. Finally, at the end of the investment period, simultaneously with the payment of redemption funds, the security tokens in investor 2's wallet will be transferred to a wallet managed by special purpose company 1.

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

[0022] The Business Management Department 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 handles the distribution of investment funds from investor 2, as well as dividends and redemption payments to investor 2. Information required for investment applications is aggregated by the investment application management function 14, and investor information related to 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 assignment of claim notices (or acceptances) and sends them to the parties involved in the transfer of rights. Furthermore, internally, the Business Management Department 10 is configured to cooperate with the Front-end Department 20 and the Blockchain Department 30. Furthermore, the private key management function 16 of the business management unit 10 is used to assign a unique private key to each investor and to securely send security tokens to investor 2's wallet when transferring them.

[0023] The front unit 20, via the interface control unit 21, provides an interface for connecting the securities management device 100 and the investor 2 (and consequently, between investors via the securities management device 100). For example, suppose an investor 2 holds one or more security tokens of property X registered in the property management function 11 described above. The front unit 20 provides a sell order screen for the investor 2 to input the transfer price and number of tokens per unit to the securities management device 100 as the seller of the tokens. The front unit 20 also provides a buy order screen for a buyer investor who wishes to purchase security tokens of the transfer price and number of units offered by the seller investor, allowing them to specify the number of units to purchase. Thus, the front unit 20 enables a bilateral transaction of buying and selling via the securities management device 100, allowing a buyer investor to specify the security tokens offered by the seller investor. Furthermore, for the investor management function 13 of the business management department 10, a registration screen is provided that allows investors 2 to input contact information such as their name and address.

[0024] Furthermore, the security tokens held by Investor 2, the seller, and presented on the sell order screen are not limited to those offered through crowdfunding and sold as fractional real estate products, provided that a limited partnership agreement exists between Special Purpose Company 1, the operator of the securities management device 100, and the investor. In other words, the present invention also applies to security tokens relating to real estate sold in any form by Special Purpose Company 1 or the sales and management company 4 without going through crowdfunding.

[0025] The blockchain unit 30 instantly rewrites the distributed ledger managed by the securities management device 100 when security tokens are issued, when security tokens are transferred between the securities management device 100 and investor 2, and when security tokens are transferred between investors. Therefore, the status of security token transfers can be grasped in real time. Furthermore, the distributed ledger can be accessed upon request from investors or special purpose company 1. This allows not only the administrator of the securities management device 100 but also investors to grasp the status of token holdings and transfers, demonstrating that the distributed ledger is not simply created internally by the token issuer or the administrator of the securities management device 100 in an administrative or arbitrary manner.

[0026] Blockchain is already a well-known technology. While this document will omit a detailed explanation of how to calculate a hash value for each data block and record transaction data in a distributed ledger, linking the hash values ​​together like a chain, a brief overview of its advantages is provided below. A key characteristic of distributed ledger technologies, such as blockchain, is that they do not rely on verification by a specific server to determine the legitimacy of transactions and actions. Instead, they are based on a decentralized peer-to-peer (P2P) network for communication between multiple terminals. Rather than a single server centrally managing the ledger of transactions, multiple terminals manage their own database updates from the past to the present as a single, continuous ledger. Furthermore, because each terminal manages the same ledger data, new transactions are treated as legitimate additions to each ledger only when it is determined that no inconsistencies occur across all ledgers, thus ensuring the authenticity of the data in the database.

[0027] Due to these characteristics, blockchain technology offers several advantages: (1) it is impossible to tamper with past transaction data; (2) even if some terminals managing the data fail, the service can continue by using data from other terminals, making it highly resilient to system failures and highly available; and (3) communication within the blockchain is encrypted and verified by certificates, making tampering extremely difficult.

[0028] In addition to the functions described above, the securities management device 100 also performs communication processing with banking systems and other various processes (for example, identity verification and anti-social force checks) via APIs, etc. However, these are well-known matters or technologies and are therefore omitted in this specification. Furthermore, the transmission and reception of various data between the securities management device 100 and investors, or among investors, may utilize electronic signatures or electronic certificates. These technologies are also publicly known and are therefore omitted in this specification.

[0029] Figure 3 is a flowchart showing the procedures performed in the preparatory stage for trading to begin, among the processes executed by the securities management device 100. The steps will be explained in order, using an example screen provided by the front-end of the securities management device 100 (see Figure 4).

[0030] First, the securities management device 100 registers the real estate properties that are the subject of the investment offering (step S301). The registered real estate properties are then presented to investor 2 as crowdfunding and sold as fractional securities. Figure 4 is an example screen showing that one property is being offered as crowdfunding and one property is already under management. In addition to overview information such as the offering amount, expected distribution rate, and investment period for the real estate properties as shown in the figure, the detailed screen may also display information such as the property's location and number of building units to help investors make investment decisions, and may also display a projected return simulation as shown in Figure 5.

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

[0032] The system determines whether an investor is qualified to be an investor through identity verification and checks for anti-social forces (Step S303). If deemed unsuitable, the investor is not approved and registration is not performed (Step S304). If approved as investor 2, a private key unique to the investor is created along with their registration (Step S305). The created private key is used to ensure the confidentiality of communications between the business management unit 10 and the front-end unit 20, which are component modules within the securities management device 100. The blockchain unit 30 also 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 Figure 6 and accepts investment applications from investors for the presented crowdfunding project for a certain period of time (step S307).

[0034] Next, the securities management device 100 confirms that the investment funds have been transferred from investor 2 to a designated investment account (step S308). After the offering period has ended for each fund and a predetermined period has elapsed, the device checks whether the total investment amount, including the investment amounts received from each investor, meets the offering amount criteria for the establishment of 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 document indicating that a limited partnership agreement has been concluded between the special purpose company 1 and investor 2 to investor 2 via a communication line such as the internet (step S311). In the limited partnership agreement between the special purpose company 1 and investor 2, the establishment of the fund is a condition precedent under Article 127, Paragraph 1 of the Civil Code, and the agreement becomes effective when it is determined in step S310 that the fund has been established. On the other hand, if it is not confirmed that the fund has been established (No in step S310), the agreement does not take effect (step S312). If the fund is established, the blockchain unit 30 of the securities management device 100 first issues a quantity of security tokens corresponding to the amount of the fund established and places them in the wallet of the special purpose company 1 (step S313).

[0036] Furthermore, the blockchain unit 30 transfers security tokens in quantities corresponding to each investor's capital contribution (initial share) from the wallet of the special purpose company 1 to the wallets of each investor 2 (step S314). At this time, the securities management system 100 notifies the investors via the network that the fund has been established, the limited partnership agreement has become effective, and consequently the security tokens have been transferred to the wallets of the partner investors.

[0037] The blockchain section 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 investor 2 in the distributed ledger (step S315). The information to be recorded includes at least the ID of the source wallet, the ID of the destination wallet, the ID of the transferred token, the quantity of the transferred token, and the date and time of the transfer. Furthermore, it is desirable to also record the date and time the investment application was made in step S306 and the date and time the security token was issued in step S311.

[0038] Next, Figure 7 is a flowchart showing the procedure for transferring security tokens to another investor 2 when the security tokens are held in investor 2's wallet, among the processing steps performed by the securities management device 100. This corresponds to the transfer of security tokens in the so-called secondary (secondary market).

[0039] The following will be explained step by step, using examples of screens provided by the front section 20 of the securities management device 100 (see Figures 8-16). An investor who wishes to sell their security tokens (hereinafter referred to as "seller investor") enters the required unique information on the authentication screen (see Figure 8) provided by the front unit 20 of the securities management device 100 and is authenticated (step S501). The securities management device 100 then displays a list of the security token holdings in each investor's wallet, as shown in Figure 9. In the example shown in Figure 9, the investor holds 55 tokens at a unit price of 10,000 yen each for one fund ("Fund 1"). Clicking the "Details" button 60 displays a list of each of the 55 tokens (see Figure 10). Furthermore, clicking the "Details" button 61 for each token displays detailed information about the clicked token (see Figure 11). In the example in Figure 11, items such as Token ID and Fund ID show "6..." and "3...", which are examples of the encoded codes that the blockchain unit 30 records in the distributed ledger. The Token ID in Figure 10 also displays an encoded code. However, the actual owner's name and other information may be displayed so that each of these items can be understood at a glance.

[0040] When a seller investor wishes to sell their security tokens, they return to Figure 10 and click the "Sell" button 62 (see Figure 12). In response to the click, the securities management device 100 displays a sell order screen as shown in Figure 13. If the seller investor determines that they do not need to check the details of their holdings or tokens, the display of the holdings list and token details can be skipped, and the sell order screen shown in Figure 13 can be displayed immediately.

[0041] Next, the seller investor enters the number of tokens to be sold in the "Number of Tokens to Sell" field 63 and the desired selling price per token in the "Offer Price" field 64 on the sell order screen shown in Figure 13 (step S502). The value shown in the "Token Price" field 65 is the price at which the seller investor acquired the token. The sell order screen also displays the "Offerable Price" field 66. This indicates the range of token prices that can be entered in the "Offer Price" field 64, and it is desirable that this value be based on the appraisal results of a real estate appraiser. The seller investor will enter their desired selling price in the "Offer Price" field 64 within the range of offerable prices indicated based on the appraisal value of the real estate appraiser.

[0042] On the other hand, investors who wish to purchase security tokens (hereinafter referred to as "buyer investors") click the "Buy" button 67 for the fund they wish to purchase from the list of available purchase orders (see Figure 14). In response to the click, the securities management device 100 displays a purchase order screen as shown in Figure 15. Needless to say, a prerequisite for a buyer investor to place a purchase order is that the funds available for the purchase order have already been deposited into the designated investment account. In addition, to allow buyer investors to understand the contents of each fund, a screen (not shown) displaying detailed information about the tokens, similar to Figure 11, which is presented to seller investors, is displayed.

[0043] The buyer investor sees the number of tokens the seller investor is selling displayed in the "Number of Tokens Available for Purchase" column 70 on the purchase order screen shown in Figure 15, and enters a value less than or equal to this number in the "Number of Tokens to Purchase" column 72 (step S503). The price value displayed in the "Selling Price" column 73 is the value entered by the seller investor in the "Offered Price" column 64 in Figure 13, and the total purchase amount, calculated by multiplying the unit price in the "Selling Price" column 73 by the quantity in the "Number of Tokens to Purchase" column 72, is automatically displayed in the "Total Amount" column 74. The "Offered Price" 71 corresponds to the "Offered Price" 66 shown to the seller investor in Figure 13.

[0044] The blockchain unit 300 of the securities management device 100 determines that the buy and sell orders have matched and that the transaction is completed upon confirmation of the buy order button being clicked (step S504). Once the transaction is completed, the purchased tokens are excluded from future purchases and enter a state awaiting approval by Special Purpose Company 1, which is the debtor under the anonymous partnership agreement. Special Purpose Company 1 (or a company entrusted by Special Purpose Company 1) approves the token transactions awaiting approval at a predetermined time (for example, 3pm every business day), and based on this approval, transfers an amount of tokens equal to the number of purchased tokens from the seller investor's wallet to the buyer investor's wallet on the blockchain platform.

[0045] In response to the above transfer, the blockchain unit 300 records the transaction ID related to the buy and sell, the token ID identifying the transferred tokens, the quantity of tokens transferred, the date and time of the token transfer, the date and time the buy and sell contract was concluded (the date and time the token buy and sell was approved by Special Purpose Company 1, which is the debtor under the anonymous partnership agreement), the seller investor ID, the buyer investor ID, etc., in the distributed ledger (step S505). The date and time of the investment application, the date and time of token issuance, etc. may also be recorded. In prior proof-of-concept experiments, it was confirmed that the time required to rewrite the blockchain ledger in connection with the transfer is within a few seconds, and it can be achieved in virtually real time. Furthermore, the date and time are not based on a timer independently set by the securities management device 100, but are synchronized with time provided by a reliable institution. For example, NTP (Network Time Protocol) servers have a hierarchical structure with a highly accurate NTP server at the top, using GPS or atomic clocks, and each NTP server maintains the accuracy of its time information by obtaining time information from the higher-level NTP server. The securities management device 100 only needs to periodically query for time information using the NTP communication protocol via the TCP / IP network to obtain the time information and set its internal clock correctly.

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

[0047] Once the token transfer is complete and recorded in the distributed ledger by the blockchain unit 300, Special Purpose Company 1, which is the debtor under the anonymous partnership agreement, notifies the seller investor that it has approved the token transfer. In this manner, Special Purpose Company 1 (or the company entrusted by Special Purpose Company 1) instructs the front unit 20 to display a notification of approval for the token transfer on the seller investor's My Page (a dedicated viewing page for each investor registered with the securities management device 100, where various information can be displayed and viewed on the display screen) (see Figure 16). At the time when Special Purpose Company 1 notifies the seller investor via the securities management device 100 that it approves the transfer of the above tokens, that is, at the time when the notification is displayed on the seller investor's My Page at the instruction of Special Purpose Company 1 (or a company commissioned by Special Purpose Company 1) (the time is stored in the securities management device 100 in connection with the notification and is shown as the notification date and time as shown in Figure 16), Special Purpose Company 1 shall have approved the sales contract between investors with a "certificate bearing a fixed date".

[0048] The legal document creation function 15 of the Business Management Department 10 creates a digital certificate, which is an electronic document (PDF document) containing the details of the sales contract and token transfer information, which is a record on the blockchain related to the sales contract. When the seller investor clicks on the URL provided in the notice, they can view the digital certificate. The token transfer information contained in the digital certificate (hereinafter referred to as "token transfer information") is information that identifies the details of the token transfer between investors, and specifically includes the name of the fund and fund ID related to the sale, the seller investor ID, the buyer investor ID, the transaction ID, the token ID, the token quantity, the token price, and the date and time the sales contract was concluded (the date and time the token sale was approved by Special Purpose Company 1).

[0049] As described above, the digital certificate in this embodiment means a document created with electronic information (for example, a PDF document), but the format of the digital certificate is not particularly limited and does not necessarily have to be formed as a so-called "paper document". In other embodiments, for example, the information shown in the digital certificate may be displayed as a digital display in the form of a series of texts including characters and symbols on the screen of a terminal operated by each investor 2.

[0050] Furthermore, in this embodiment, Special Purpose Company 1 notifies the seller investor that it approves the transfer of the tokens, but this is not the only option. That is, Special Purpose Company 1 may notify the buyer investor, and the acceptance of the sales contract between the investors by a "certificate with a confirmed date" may be considered to have occurred when the notification is displayed on the buyer investor's My Page, or the notification may be displayed on the My Pages of both the seller investor and the buyer investor. Furthermore, in this embodiment, token transfer information is confirmed by clicking a URL in the notification displayed on the My Page, but it is also possible to display the information by including the token transfer information within the notification itself (combining the notification and the digital certificate), thereby eliminating the need to click a URL. Furthermore, in this embodiment, a digital certificate is automatically sent to the investor via email over the internet once the sales contract is concluded, but it may also be configured to be sent only upon request from the investor. Furthermore, in this embodiment, the digital certificate is sent to both the seller investor and the buyer investor, but in other embodiments, it may be sent only to the seller investor or only to the buyer investor. Furthermore, the digital certificate will be sent automatically or without delay through manual action by Special Purpose Company 1, etc., when the sales contract is concluded (when Special Purpose Company 1 approves the token sale), or when the seller (or buyer) investor clicks on the URL provided in the notice. Furthermore, it is desirable that digital certificates be sent via email and also posted on the investor's personal page, making them available for viewing and downloading at all times.

[0051] As can be understood from the explanation above, the notification by Special Purpose Company 1 to the seller investor (or the buyer investor and / or) that it consents to the transfer of tokens is related to the "requirements for enforceability against third parties" of the assignment of claims (including the transfer of contractual status in the partnership agreement) as described above. To reiterate, the display of a notice on the seller investor's My Page in the securities management device 100 indicating acceptance of the token transfer, at the instruction of Special Purpose Company 1 (or a company commissioned by Special Purpose Company 1), is equivalent to Special Purpose Company 1, as the debtor under the anonymous partnership agreement, giving consent to the seller investor, who is the assignor of the claim, and the buyer investor, who is the assignee of the claim, by "certificate with a confirmed date" for the assignment of the claim (including the transfer of contractual status under the partnership agreement) as stipulated in Article 467, Paragraph 2 of the Civil Code.

[0052] Therefore, when a security token is transferred, a notice of acceptance of the transfer by the debtor, the special purpose company 1, is sent to the seller investor, the assignor of the claim, via the securities management device 100, and this can also be confirmed by receiving the digital certificate via email. No procedures are required on the investor's part to ensure enforceability against third parties. The buyer investor, upon purchasing the security token, immediately ensures enforceability against third parties for the transfer of rights to the real estate securities corresponding to the token, and this can be confirmed by receiving the digital certificate via email, thus allowing them to recognize the fact of the transfer in an extremely simple and reliable manner. Compared to conventional methods using "certificates with a confirmed date" such as certified mail, no offline work is required, and information regarding the sales contract (assignment of claim) can be transmitted within seconds of the conclusion of the sales contract. This dramatically increases the security of sales contract transactions and has the remarkable effect of contributing to faster and paperless transactions.

[0053] Furthermore, while double transfer of anonymous partnership investment interests within the securities management device 100 is inherently impossible, even if the seller investor (assignor of the debt) were to double transfer the anonymous partnership investment interests outside the securities management device 100, the data created using the blockchain technology of the securities management device 100, due to the inherent technological advantages of blockchain such as the impossibility of tampering with past transaction data, allows for accurate confirmation of information regarding the consent of the debtor special purpose company 1 by retrospectively checking the records on the blockchain within the securities management device 100. As a result, this also has the effect of ensuring the security of the transaction of the sales contract and avoiding unnecessary disputes.

[0054] In this embodiment, for the convenience of investors, the method of fulfilling the requirements for enforceability against third parties by the "consent" of Special Purpose Company 1, which is the debtor, is adopted. However, Article 467, Paragraph 2 of the Civil Code stipulates "notice or consent by document with a confirmed date," so in other embodiments, instead of "consent," "notice" may be used, that is, the assignor of the claim (including the assignee of the claim acting as an agent or messenger of the assignor of the claim; hereinafter referred to as "assignor, etc.") may "notify" Special Purpose Company 1, which is the debtor, or the requirements for enforceability against third parties may be fulfilled by both "consent" and "notice." When the securities management device 100 creates a document for enforceability against third parties containing token transfer information (the name of the fund and fund ID related to the transaction, the seller investor ID, the buyer investor ID, the transaction ID, the token ID, the token quantity, the token price, and the date and time the transaction agreement was concluded (the date and time the Special Purpose Company 1 approved the token transaction), and the assignor sends the document for enforceability against third parties to the debtor (Special Purpose Company 1) via the securities management device 100 as a declaration of intent that they have no objection to the above information, the debtor, upon receiving it, will have the above-mentioned "acceptance" This will produce the same effect as the requirement for enforceability against third parties. Alternatively, the securities management device 100 may send a template or form for recording token transfer information to the assignor of the claim, and the assignor of the claim may record the token transfer information in the designated fields of the template, etc. and send the completed certificate for enforceability against third parties to the debtor (special purpose company 1) via the securities management device 100. Another method is for the assignor of the claim to send the certificate for enforceability against third parties, in which the token transfer information has been recorded without using a template, etc., to the debtor (special purpose company 1).

[0055] Furthermore, the securities management device 100 shall retain the aforementioned digital certificate for at least five years from the date of transmission or acceptance. It shall also be able to present the digital certificate in response to disclosure requests from the seller investor (transferor) and buyer investor (transferee) of the security token or from the special purpose company 1.

[0056] (Industrial applicability and advantages) According to the securities management device 100 of this embodiment, investors can buy or sell their security tokens in the so-called secondary market at any time they wish. Although it is not a transfer of securities, real estate crowdfunding exists in reality as a similar mechanism. However, while real estate crowdfunding has a fixed investment period and, in principle, early termination during the investment period is not possible, the transfer of rights through the transfer of security tokens by the securities management device 100 allows for redemption (conversion to cash) at a desired time, and enables investors to sell and obtain cash when they need funds urgently. This provides investors with an opportunity for investment recovery that is incomparably more flexible than before, leading to increased investment activity.

[0057] Furthermore, investments through real estate crowdfunding to date have been limited to over-the-counter transactions between investors and fund managers in the primary market. In other words, a secondary market for buying and selling between investors is not yet established. On the other hand, as described above, the securities management device 100 is configured to adequately handle the secondary market because security tokens are transferred from investor to investor. Moreover, while current real estate crowdfunding lacks any measures to address the requirement for enforceability against third parties, the securities management device 100 has this requirement without any special procedures from the investor side. Therefore, even if the secondary market becomes more active in the future, there is no possibility of unforeseen disadvantages to investors due to double transfers.

[0058] Finally, let me explain the additional functions when the securities management device 100 is used for the transfer of "electronically recorded transfer rights exempt from application" under the Financial Instruments and Exchange Act. First, Article 2, Paragraph 3 of the Financial Instruments and Exchange Act defines "electronically recorded transferable rights," which are those that (1) are considered securities, (2) are represented by a monetary value that can be transferred using an electronic data processing system, and (3) are excluded from certain items such as those with low liquidity.

[0059] Security tokens fall under the category of "electronically recorded transferable rights," but in the case of security tokens with low liquidity as defined in (3) above, they fall outside the scope of "electronically recorded transferable rights." In this case, it may be considered different from the security tokens described so far. However, the feature of the information processing device according to the present invention, which enables the acquisition of digitized securities and their transfer between investors, in which a certificate is also created to ensure enforceability against third parties in the transfer of said securities, is not affected in any way by the degree of liquidity of the token.

[0060] Regarding security tokens, which are considered "exempt electronically recorded transferable rights" due to their low liquidity, the following restrictive functions are added to the securities management device 100 of this embodiment so that they can be treated the same as security tokens that are "electronically recorded transferable rights." Technical measures to prevent anyone other than qualified institutional investors, etc. as defined in the Financial Instruments and Exchange Act, or investors who are subject to the special business for qualified institutional investors (special business target investors), from acquiring and transferring tokens. • A technical measure that prevents token transfers without a request from the rights holder and the issuer's consent each time.

[0061] In short, the system addresses this by implementing "acquisition restriction" measures to prevent token ownership and transfer to anyone other than financial professionals such as financial instrument business operators and fund managers, or individuals holding large amounts of investment financial assets, and by providing "transfer restriction" measures that require an application from the rights holder and the consent of the token issuer for token transfers.

[0062] The addition of the above restriction function enables the securities management device 100 to reliably and easily perform transfers that meet the requirements for enforceability against third parties, even for "exempt electronically recorded transfer rights."

[0063] Furthermore, the present invention includes programs installed or loaded onto a computer by downloading them via various recording media such as optical discs like CD-ROMs, magnetic discs, and semiconductor memory, or via communication networks, as well as these storage media, within the scope of the invention.

[0064] Furthermore, terminals related to the blockchain section 30 of the securities management device 100 via the network are computers connected to a network such as the internet or a dedicated line. Specifically, examples include PCs (Personal Computers), mobile phones and smartphones, PDAs (Personal Digital Assistants), tablets, and wearable devices. Similarly, examples of mobile terminals for investor 2 include mobile phones, smartphones, PDAs, tablets, and wearable devices. By configuring terminals connected to the network via wired or wireless connections and mobile terminals to communicate with each other, a business scheme including the securities management device 100 is formed. In addition, although the securities management device 100 is a P2P type system in the embodiment described above, it does not necessarily have to be a P2P type distributed ledger technology. It may also be configured as a system that cooperates with an ASP (Application Service Provider). [Explanation of Symbols]

[0065] 1. Special Purpose Company 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. Statutory document creation function 16 Private key management function 20 Front section 21 Interface Control Unit 30 Blockchain Department 100 Securities Management Equipment

Claims

1. An information processing system for rights relating to securities or rights relating to businesses based on partnership agreements, A means for receiving requests for the transfer of the aforementioned rights, A recording means for recording the transfer information of the aforementioned rights, Assuming that the date of the transfer of the said right is determined when the debtor of the said right consents to the transfer of said right, an approval acceptance means for receiving approval for the transfer of said right from the debtor of the said right, An information processing system equipped with [the following features].

2. An information processing system for rights relating to securities or rights relating to businesses based on partnership agreements, A means for receiving requests for the transfer of the aforementioned rights, A recording means for recording the transfer information of the aforementioned rights, A means for receiving approval for the transfer of the said right from the debtor of the said right, based on the premise that the date of determination of the transfer of said right is determined by receiving the transfer information transmitted by the creditor of said right, An information processing system equipped with [the following features].

3. The information processing system according to claim 1 or 2, wherein the transfer of rights relating to the business based on the aforementioned partnership agreement includes the transfer of contractual status under the aforementioned partnership agreement.

4. The information processing system according to claim 1 or 2, wherein the transfer of rights information is confirmed by a document created as electronic information, or by a digital display including characters or symbols on a screen.

5. A program executed in an information processing system for rights relating to securities or rights relating to a business based on a partnership agreement, In the aforementioned information processing system, To accept requests for the assignment of the aforementioned rights, Record the information regarding the transfer of the aforementioned rights. Assuming that the date of the transfer of the said right is determined when the debtor of the said right consents to the transfer of the said right, the debtor of the said right will give his / her approval for the transfer of the said right. A program to execute.

6. A program executed in an information processing system for rights relating to securities or rights relating to a business based on a partnership agreement, In the aforementioned information processing system, We accept requests for the assignment of the aforementioned rights. Record the information regarding the transfer of the aforementioned rights. On the premise that the date of determination of the transfer of the said right is determined by receiving the transfer information transmitted by the creditor of the said right, the debtor of the said right acknowledges the transfer of the said right. A program to execute.

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