Method and system for managing multi-party barter transaction

• US 20080103987A1
• Filed: 10/26/2007
• Published: 05/01/2008
• Est. Priority Date: 10/27/2006
• Status: Abandoned Application

• Current Assignee: JPM Global, Inc.
• Original Assignee: JPM Global, Inc.
• Inventors: Bocheck, Paul
• Application Number:
  US11/977,877
• Publication Number:
  US 20080103987A1
• Time in Patent Office: Days
• US Class Current: 705/80
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 50/188 Electronic negotiation

Abstract

Method and system for bartering between trade parties each having one or more items available for barter, via a communications network. Items available for trade are listed and the parties can browse and search the lists to locate items they want to acquire and items they have available to trade, and create a barter listing or link between items, each link including one or more items a party wants to acquire, and one or more items the party has available to trade. The links are analyzed to determine when a potential trade can be completed between multiple parties to provide each party with one or more items they want from another party involved in the potential trade. If so, the parties involved in the potential trade are notified of the possibility of realizing the trade to enable the parties to approve or reject the potential trade.

Claims

1. A method for creating a barter transaction involving the trade of items between parties, comprising:

maintaining a list of descriptions of items available for trade in a current database;

maintaining a list of descriptions of items sought in a current database;

enabling each party to access the current database to browse and search the descriptions using a communications network;

enabling each party to create links between one or more descriptions of the party'"'"'s items available and one or more descriptions of the party'"'"'s items sought, indicating a desire to trade at least one available item of the link for at least one sought item of the link;

enabling each party to create links between two or more items at least one of which has a description in the current database, indicating a desire to trade at least one available item of the link for at least one sought item of the link; and

analyzing the created links to determine the presence of potential barter trades, each potential barter trade involving a plurality of links wherein each party involved in the potential barter trade provides an available item included in one of the links and receives a sought item included in one of the links.

2. The method of claim 1, further comprising enabling each party to access the current database to create descriptions of available items and sought items using a search or query of at least one of the current database and an archive database of items already traded.

3. The method of claim 1, wherein the step of analyzing the created links to determine the presence of potential barter trades comprises determining a similarity measure between available and sought items included in the links and descriptions of sought and available items in a current database respectively and considering a potential barter trade to be present when the aggregate similarity measure of potential barter trades is above a threshold.

4. The method of claim 3, wherein the similarity measure is determined when the parties are not using the communications network.

5. The method of claim 1, wherein the step of enabling each party to create links comprises:

enabling each party to create a link between a single item available to that party to trade and a plurality of other items sought to be acquired by that party in exchange for the single item; and

enabling each party to create a link between a single item sought to be acquired by that party and a plurality of other items available to that party to trade in exchange for the single item.

6. The method of claim 1, wherein the step of enabling each party to create links comprises:

enabling each party to submit a description of an item available to trade or an item sought to be acquired;

after submission of a description of an item available to trade, presenting the submitting party with one or more descriptions of items other parties have available to trade and enabling the submitting party to select one or more of the descriptions to thereby create a link between the items; and

after submission of a description of an item sought to be acquired, presenting the submitting party with one or more descriptions of items other parties seek to obtain and enabling the submitting party to select one or more of the descriptions to thereby create a link between the items.

7. The method of claim 1, wherein the step of enabling each party to create links comprises enabling each party to view potentially linkable items listed by at least one of value and category.

8. The method of claim 1, further comprising:

notifying each party involved in the potential barter trade of the possibility of actualizing the barter trade; and

enabling the notified parties to confirm or reject the barter trade.

9. The method of claim 8, further comprising:

setting a predetermining time limit for each party to confirm or reject the barter trade;

requiring each party to keep their item available for inclusion in the barter trade for the predetermined time limit; and

completing the barter trade only if every party to the barter trade confirms the barter trade within the predetermined time limit.

10. The method of claim 9, wherein the step of completing the barter trade comprises sending an acceptance message to the parties to the barter trade and arranging for shipment of the items between the parties.

11. The method of claim 8, further comprising providing contact information for each party involved in the potential barter trade to the other parties in the potential barter trade to enable the parties to communicate with each other prior to confirmation of the trade.

12. The method of claim 1, wherein there are at least first, second and third parties involved in each potential barter trade with the first party having at least one item linked to at least one item of the second party, the second party having at least one item linked to at least one item of the third party and the third party having at least one item linked to at least one item of the first party.

13. A system for creating a barter transaction involving the trade of items between parties, comprising:

a server for maintaining a current database containing a list of descriptions of items available for trade; and

at least one terminal coupled to said server via a communications network for enabling a party using said at least one terminal to access said current database and browse and search the descriptions using the communications network, and create links between two or more items at least one of which has a description in said current database, indicating a desire to trade at least one available item of the link for at least one sought item of the link,

said server including a processor arranged to analyze the created links and a current database containing descriptions of items available for trade and sought in trade to determine the presence of potential barter trades, each potential barter trade involving a plurality of links wherein each party involved in the potential barter trade provides an available item included in one of the links and receives a sought item included in one of the links,

said server being further arranged to notify parties having items involved in the potential barter trade about the potential barter trade via the communications network.

14. The system of claim 13, wherein said server is arranged to present web pages to said at least one terminal for enabling a party using said at least one terminal to create descriptions of items they have for trade and items they will accept in exchange for other items for inclusion in said current database.

15. The system of claim 13, wherein said server is arranged to maintain an archive database of items previously traded and to communicate with said at least one terminal to enable a party using said at least one terminal to create descriptions of items they have for trade and items they will accept in exchange for other items for inclusion in said current database using a search or query of at least one of said current database and said archive database.

16. The system of claim 13, wherein said server is arranged to analyze the created links and a current database containing descriptions of items available for trade and sought in trade to determine the presence of barter trades by determining a similarity measure between items set forth in the links and between the links and consider a potential barter trade to be present when the aggregate similarity measure of a potential barter trade is above a threshold.

17. The system of claim 13, wherein said server is arranged to communicate with said at least one terminal to enable a party using said at least one terminal to view descriptions of items potentially linkable to an item that party has available to trade or seeks to acquire and form links by designating one or more such viewed items.

18. The system of claim 13, wherein there are at least first, second and third parties involved in each potential barter trade with the first party having at least one item linked to at least one item of the second party, the second party having at least one item linked to at least one item of the third party and the third party having at least one item linked to at least one item of the first party.

19. The system of claim 13, further comprising at least one handling facility coupled to said server, said server being arranged to monitor pick-up and delivery of items of each barter trade passing through said at least one handling facility.

20. The system of claim 13, wherein said server is arranged to communicate with said at least one terminal to cause said at least one terminal to display created links and enable a party using said at least one terminal to manually determine the presence of a potential barter trade, said server being arranged to receive information about the potential barter trade from said at least one terminal and then notify parties involved in the potential barter trade about the potential barter trade.

21. A computer program resident on computer-readable media and arranged to

maintain a list of descriptions of items available for trade in a current database;

enable parties to access the current database to browse and search the descriptions using a communications network;

enable each party to create links between two or more items, at least one which has a description in the current database, indicating a desire to trade at least one available item of the link for at least one sought item of the link;

analyze the created links to determine the presence of potential barter trades, each potential barter trade involving a plurality of links wherein each party involved in the potential barter trade provides an available item included in one of the links and receives a sought item included in one of the links;

notify each party involved in the potential barter trade of the possibility of actualizing the barter trade; and

enable the notified parties to confirm or reject the barter trade.

22. The computer program of claim 21, wherein the computer program is further arranged to

maintain a list of descriptions of items previously traded or offered for trade in an archive database;

and

enable each party to create descriptions of available items and sought items for inclusion in the current database using a search or query of at least one of the current database and the archive database.