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Using digital signatures to streamline the process of amending financial transactions

  • US 20020156726A1
  • Filed: 05/24/2001
  • Published: 10/24/2002
  • Est. Priority Date: 04/23/2001
  • Status: Abandoned Application
First Claim
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1. A method for using digital signatures to validate an amendment to a financial transaction, comprising:

  • receiving a request to make the amendment to the financial transaction, wherein the financial transaction was previously agreed upon between a first party and a second party, wherein the request is received from a first representative of the first party and includes a suggested change to at least one term of the financial transaction;

    validating that the first representative of the first party digitally signed the request by using a public key of the first representative to verify that the request was signed by a corresponding private key belonging to the first representative;

    if the validation establishes that the first representative signed the request and if the second party desires to agree to the request, allowing a second representative of the second party to confirm the request by digitally signing the request with a private key belonging to the second representative, and returning the confirmed request to the first party.

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