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This invention describes a computer system that uses a smart contract on a distributed ledger to manage loans for buying assets. Lenders send funds to the smart contract. When the asset is used and generates income, the smart contract automatically diverts a portion of that income to repay the lenders. The system also makes sure the asset is used as agreed in the loan terms, and the smart contract tracks the loan's progress through different stages.
Why it matters: The core technology for smart contracts and distributed ledgers was established by 2021. The primary challenge remains the legal and regulatory integration of such automated financial agreements with traditional asset ownership and loan enforcement mechanisms, which has seen slow progress since filing.
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