Escrowing digital property in a secure information vault

• US 8,224,725 B2
• Filed: 09/15/2005
• Issued: 07/17/2012
• Est. Priority Date: 10/14/2004
• Status: Active Grant

• Current Assignee: Google LLC (Alphabet Inc.)
• Original Assignee: Google Inc. (Alphabet Inc.)
• Inventors: Grim, Clifton E. III, Schmidt, Christopher I., Wilson, John D.
• Primary Examiner(s): Marcus, Leland
• Application Number:
  US11/227,539
• Publication Number:
  US 20060085314A1
• Time in Patent Office: 2,497 Days
• Field of Search: 705/35
• US Class Current: 705/35
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

Digital data can be escrowed by receiving escrow parameters including a condition(s) for releasing the escrowed data, and an escrow recipient. An escrow contract is then created based upon the specified escrow parameters. The escrowing further includes storing the digital data in a secure information vault, and storing the escrow contract, along with a pointer to the stored data, in a database. When the condition has been satisfied, the data is released to the escrow recipient. The condition(s) for release can be a payment sum, a date, an indication from a depositor, a trustee or a vault administrator, and/or fulfillment of another escrow contract.

Claims

1. A method for escrowing data, comprising:

receiving escrow parameters using a processor and a memory, the escrow parameters comprising at least one condition for releasing the escrowed data, and an escrow recipient;

creating an escrow contract using the processor and the memory, the escrow contract based upon specified escrow parameters of the escrow parameters;

storing the escrowed data in a secure information vault;

storing the escrow contract, along with an association to the stored escrowed data, in a database;

the processor and the memory determining when the at least one condition has been satisfied;

the processor and the memory releasing the escrowed data to the escrow recipient when the at least one condition has been satisfied; and

wherein the at least one condition comprises a payment sum.

2. The method of claim 1, wherein releasing the escrowed data further comprises:

identifying the escrow contract;

receiving an instruction from a payor to execute the payment sum; and

instructing a financial institution to debit an account of the payor and credit an account of a payment target, wherein the escrowed data is released from the secure information vault after the credit to the payment target.

3. The method of claim 1, wherein releasing the escrowed data further comprises:

receiving an indication that a payment has been received;

receiving a contract ID;

retrieving the escrow contract based upon the contract ID;

receiving an instruction to release the escrowed data when the payment satisfies the payment sum; and

instructing a financial institution to credit an account of a payment target.

4. The method of claim 1, wherein the at least one condition comprises at least one of a date and a time.

5. The method of claim 1, wherein the at least one condition comprises an indication from a depositor.

6. The method of claim 1, wherein the at least one condition comprises an indication from a trustee.

7. The method of claim 1, wherein the at least one condition comprises an indication from a vault administrator.

8. The method of claim 1, wherein the at least one condition comprises fulfillment of another escrow contract.

9. A system for escrowing digital data, comprising:

a server providing information vault services that receive escrowed digital data and escrow parameters, the escrow parameters comprising at least one condition for releasing the escrowed digital data, and an escrow recipient;

a secure information vault that stores the escrowed digital data; and

a contract database for storing an escrow contract, along with a pointer to the escrowed digital data that is stored in the secure information vault, the escrow contract comprising the at least one condition and the escrow recipient;

wherein the server determines when the at least one condition has been satisfied, and when the at least one condition has been satisfied, the server releases the escrowed digital data to the escrow recipient; and

further wherein the at least one condition comprises a payment sum and wherein the server releases the escrowed digital data by;

identifying the escrow contract stored in the contract database;

receiving an instruction from a payor to pay a release sum;

receiving confirmation that the release sum matches the payment sum specified in the identified escrow contract; and

instructing a financial institution to debit an account of the payor for the release sum and credit an account of a payment target for the release sum when the release sum matches the payment sum, wherein the escrowed digital data is released from the secure information vault after the credit to the payment target.

10. The system of claim 9, wherein the server releases the escrowed digital data by:

receiving an indication that the release sum has been received;

receiving a contract ID; and

identifying the escrow contract stored in the contract database by retrieving the escrow contract based upon the contract ID;

wherein the payment target is designated in the contract.

11. An apparatus for escrowing data, comprising:

a processor and a memory providing vault services that receive the escrowed data, store the escrowed data in a vault, and receive escrow parameters comprising at least one condition for releasing the escrowed data, and an escrow recipient;

the vault services creating an escrow contract comprising the at least one condition and the escrow recipient; and

the vault services determining when the at least one condition has been satisfied and releasing the escrowed data to the escrow recipient when the at least one condition has been satisfied;

wherein the at least one condition comprises a payment sum; and

the vault services;

release the escrowed data by receiving an instruction from a payor to pay a release sum;

receive confirmation that the release sum matches the payment sum specified in the escrow contract; and

instruct a financial institution to debit an account of the payor for the release sum and credit an account of a payment target for the release sum when the release sum matches the credit, wherein the escrowed data is released from the secure information vault after the credit to the payment target.

12. An apparatus for escrowing data, comprising:

a processor and a memory providing vault services that receive the escrowed data, store the escrowed data in a vault, and receive escrow parameters comprising at least one condition for releasing the escrowed data, and an escrow recipient;

the vault services creating an escrow contract comprising the at least one condition and the escrow recipient; and

the vault services determining when the at least one condition has been satisfied and releasing the escrowed data to the escrow recipient when the at least one condition has been satisfied;

wherein

the at least one condition comprises a payment sum; and

the vault services releases the escrowed data when an indication is received that a payment has been received, the releasing includes;

verifying that the escrow contract can be released by payment;

releasing the escrowed data when the payment satisfies the payment sum designated in the escrow contract; and

instructing a financial institution to credit an account of a payment target designated in the escrow contract, wherein the escrowed data is released from the secure information vault after the credit to the payment target.