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Method for performing a transaction over a network

  • US 7,171,694 B1
  • Filed: 07/21/2000
  • Issued: 01/30/2007
  • Est. Priority Date: 07/21/1999
  • Status: Expired
First Claim
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1. A method for performing a transaction between a legal entity A who has an approval to perform such transaction, and a legal entity B over a network, the transaction being initiated by the legal entity A,comprising the steps of:

  • the legal entity A, associating the transaction with a digital verification insignia to verify the approval to the legal entity B,the verification insignia being a unique transitory insignia valid for a single transaction and valid only for a prespecified time to complete a transaction provided to the legal entity A by a legal entity C who thereby guarantees that the legal entity A has the approval,providing the unique transitory insignia to the legal entity A by the legal entity C for said single transaction before said transaction being conditioned by the legal entity A providing to the legal entity C a secret identification code confirming the identity of the legal entity A to the legal entity C,the legal entity B validating through legal entity C the unique transitory insignia, and upon positive validation, and only then, accepts the transactions, andthe legal entity C invalidating the transitory unique insignia upon completion of the transaction.

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