Patent ID: 7707121

Claim:
A computer-implemented method for effecting transfer of title objects using one or more computing devices, comprising: using a first subset of the one or more computing devices, storing a first title object received from a first entity with a lockbox programmed to securely execute transfer of title objects between parties, the first title object having been previously encoded with title data representing at least one right, the first title object being encoded to effect anonymous redemption of the at least one right by presentation of the first title object to a title-enabled process, the first title object also having been previously encoded with an associated title object state corresponding to a first value which corresponds to an externally stored state that is stored separately from the title object state; verifying validity of the first title object by comparing the associated title object state and the externally stored state; in response to verification of the validity of the first title object, transferring ownership of the at least one right represented by the first title object to a second entity by releasing the first title object from the lockbox to the second entity upon satisfaction of at least one criterion; and using a second subset of the one or more computing devices, updating both the associated title object state and the externally stored state to correspond to a new value in conjunction with releasing the first title object to the second entity, thereby ensuring that only a single valid instance of the first title object is in circulation.