Method of electronic payments that prevents double-spending
First Claim
1. A method of generating electronic monetary tokens that supports payments between a buyer and a seller off-line of a financial services provider while preventing double spending, the method comprising:
- a) generating a first multiplicity of electronic monetary tokens in response to a request from the buyer for use with the seller;
b) splitting each electronic monetary token into two electronic token halves having a same serial number, each pair of electronic tokens halves having the same serial number recreating the electronic monetary token when combined together, each electronic token half having no monetary value;
c) delivering a subset of the electronic token halves to the seller; and
d) delivering another subset of the electronic token halves to the buyer.
4 Assignments
0 Petitions
Accused Products
Abstract
A method of generating electronic monetary tokens that supports off-line transactions while preventing double-spending. Generation of electronic token halves by a financial services provider begins in response to a request from a buyer to generate electronic monetary tokens to be used with an identified seller. First, the financial services provider generates a multiplicity of electronic monetary tokens. Second, the provider splits each electronic monetary token into two electronic token halves and associates with each the same serial number. These electronic token halves when combined recreate the electronic monetary token from which they were generated, but by themselves neither electronic token half has any value. Nor can either electronic half by itself be used to create the electronic monetary token without the token half'"'"'s mate. After splitting all of the electronic monetary tokens, the services provider assigns a half of each electronic token the seller and the other half of each electronic token to the buyer. The buyer and seller can now engage in multiple transactions off-line of the financial services provider.
-
Citations
24 Claims
-
1. A method of generating electronic monetary tokens that supports payments between a buyer and a seller off-line of a financial services provider while preventing double spending, the method comprising:
-
a) generating a first multiplicity of electronic monetary tokens in response to a request from the buyer for use with the seller; b) splitting each electronic monetary token into two electronic token halves having a same serial number, each pair of electronic tokens halves having the same serial number recreating the electronic monetary token when combined together, each electronic token half having no monetary value; c) delivering a subset of the electronic token halves to the seller; and d) delivering another subset of the electronic token halves to the buyer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
-
-
9. A method of supporting electronic payments between a buyer and a seller off-line of a financial services provider that prevents double-spending, the method comprising the steps of:
-
a) generating a first number of electronic monetary tokens in response to a request from the buyer for use with the seller, the first number being greater than two, each electronic token having a second number of bits representing a monetary value of the electronic monetary token; c) splitting each of the first number of electronic monetary tokens into two electronic token halves by; c1) for each electronic token creating a first token half by generating a random string having a third number of bits equal to the second number of bits; c2) for each electronic monetary token creating a second token half by performing a bitwise XOR using the electronic monetary token and the first token half; c3) for electronic monetary token associating with each token half a serial number, each electronic token half having no monetary value alone and combining with another electronic token half having a same serial number to recreate an electronic monetary token; d) electronically transmitting to the seller a first subset of the electronic token halves, none of the first subset of electronic token halves having a same serial number; and e) electronically transmitting to the buyer a second subset of the electronic token halves, none of the second subset of electronic token halves having a same serial number. - View Dependent Claims (10, 11, 12, 13, 14)
-
-
15. A method of generating electronic tokens that supports off-line transactions between a first party and a second party, the method comprising:
-
a) generating a first multiplicity of electronic tokens in response to a request from the first party for use with the second party; b) splitting each electronic token into two electronic token halves having a same serial number, each pair of electronic tokens halves having the same serial number recreating the electronic token when combined together, each electronic token half being unintelligible without an electronic token half having the same serial number; c) assigning a subset of the electronic token halves to the second party; and d) assigning another subset of the electronic token halves to the first party. - View Dependent Claims (16, 17, 18, 19)
-
-
20. An article of manufacture comprising:
-
a) a memory; and b) instructions stored in the memory for a method of supporting off-line electronic transactions between a buyer and a seller that prevents double-spending, the method comprising; 1) generating a first number of electronic tokens in response to a request from the buyer for use with the seller, the first number being greater than two, each electronic token having a second number of bits; 2) splitting each of the first number of electronic monetary tokens into two electronic token halves by; A) for each electronic token creating a first token half by generating a random string having a third number of bits equal to the second number of bits; B) for each electronic token creating a second token half by performing a bitwise XOR using the electronic token and the first token half; C) for electronic token associating with each token half a serial number, each electronic token half being unintelligible alone and combining with another electronic token half having a same serial number to recreate an electronic token; 3) assigning to the seller a first subset of the electronic token halves, none of the first subset of electronic token halves having a same serial number; and 4) assigning to the buyer a second subset of the electronic token halves, none of the second subset of electronic token halves having a same serial number. - View Dependent Claims (21, 22, 23, 24)
-
Specification