Method and apparatus for executing cryptographically-enabled letters of credit

• US 20050182733A1
• Filed: 04/12/2005
• Published: 08/18/2005
• Est. Priority Date: 04/03/1997
• Status: Active Grant

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: Walker Digital LLC (Walker Innovation Inc. (f/k/a Patent Properties, Inc.))
• Inventors: Schneier, Bruce, Walker, Jay S.
• Granted Patent: US 7,991,698 B2
• Time in Patent Office: Days
• US Class Current: 705/64
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/0855 involving a third party
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/3821 Electronic credentials
• CPC Class Codes: G06Q 20/38215 Use of certificates or encrypted proofs of transaction rights
• CPC Class Codes: G06Q 20/401 Transaction verification

Abstract

A method and apparatus for executing electronic transactions using cryptographically-enabled accounts stores cryptographically-enabled account information and instructions, receives a cryptographically-encoded permission certificate, and processes the received permission certificate to execute the transactions.

Claims

1. A network of facilities containing cryptographically-enabled controllers for executing an electronic transaction using a cryptographically-enabled account, comprising:

a first facility corresponding to a first party to an agreement including a first cryptographically-enabled controller;

a second facility corresponding to a second party to an agreement including a second cryptographically-enabled controller; and

a third facility corresponding to a trusted agent including a third cryptographically-enabled controller.

2-37. -37. (canceled)