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Electronic cash eliminating payment risk

  • US 6,415,271 B1
  • Filed: 03/26/1999
  • Issued: 07/02/2002
  • Est. Priority Date: 02/10/1993
  • Status: Expired due to Fees
First Claim
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1. An asset based electronic cash system comprising:

  • at least one storage site having secure facilities for storage of a valuable commodity;

    an inventory of a valuable commodity stored in said secure facilities at a said storage site;

    a distributed computer system having;

    central computer means for maintaining records of the amount of said inventory of a valuable commodity stored in said secure facility;

    said central computer means having means for creating a first electronic data representing a first specified value of said valuable commodity;

    means for transmitting said first electronic data from said central computer means to a portable electronic device of a first system user via a computer network;

    means for-transferring a second electronic data representing a second specified value of said valuable commodity from said first system user to an electronic device of a second system user;

    means provided in said central computer means, for receiving a third electronic data representing a third specified value of said valuable commodity, from said electronic device of said second system user;

    the total value of all electronic data in said system being less than or equal to the amount of said inventory of a valuable-commodity stored in said secure facility;

    said as set based electronic cash system permitting entities to conduct financial transactions by transfer of electronic data representing a value of said valuable commodity , whereby payment risk is eliminated.

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