Escrowing digital property in a secure information vault

• US 20060085314A1
• Filed: 09/15/2005
• Published: 04/20/2006
• 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, Wilson, John D., Schmidt, Christopher I.
• Granted Patent: US 8,224,725 B2
• Time in Patent Office: Days
• 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 comprising at least one condition for releasing the escrowed data, and an escrow recipient;

creating an escrow contract based upon specified escrow parameters;

storing the digital data in a secure information vault;

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

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

when the at least one condition has been satisfied, releasing the digital data to the escrow recipient.

2. The method of claim 1, wherein the at least one condition comprises a payment sum.

3. The method of claim 2, wherein releasing the digital 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 a payor and credit an account of a payment target.

4. The method of claim 2, wherein releasing the digital 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 an escrow when the payment satisfies the payment amount; and

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

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

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

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

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

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

10. The method of claim 1, further comprising receiving a request to reverse the escrow contract;

confirming that the escrow contract can be reversed; and

when the escrow contract is eligible to be reversed, deleting the escrowed data,

wherein the escrow parameters further comprise an indicator of whether the escrow contract is eligible to be reversed.

11. The method of claim 1, wherein:

the digital data comprises a physical asset,

storing the data comprises physically storing the asset at a secure location; and

releasing the data further comprises controlling release of the physical asset from the secure location.

12. The method of claim 1, further comprising periodically searching for escrow contracts having an expiration date that is earlier than a current date;

and when an escrow contract is located having the earlier date, updating an escrow contract status to expired, and notifying the escrow recipient and a depositor.

13. A computer program product comprising a computer useable medium including a computer readable program, wherein the computer readable program when executed on a computer causes the computer to:

store escrow parameters comprising at least one condition for releasing the escrowed data, and an escrow recipient;

create an escrow contract based upon specified escrow parameters;

store the digital data in a secure information vault;

store the escrow contract, along with an association to the stored digital data, in a database;

determine when the at least one condition has been satisfied; and

when the at least one condition has been satisfied, release the digital data to the escrow recipient.

14. The computer program product of claim 13, wherein the at least one condition comprises a payment sum.

15. The computer program product of claim 13, wherein releasing the digital data further comprises:

identifying the escrow contract;

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

instructing a financial institution to debit an account of the payor and credit an account of a payment target.

16. The computer program product of claim 13, wherein releasing the digital 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 escrow when the payment satisfies the payment amount; and

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

17. The computer program product of claim 13, wherein the at least one condition comprises a date and/or time.

18. The computer program product of claim 13, wherein the at least one condition comprises an indication from a depositor.

19. The computer program product of claim 13, wherein the at least one condition comprises an indication from a trustee.

20. The computer program product of claim 13, wherein the at least one condition comprises an indication from a vault administrator.

21. The computer program product of claim 13, wherein the at least one condition comprises fulfillment of another escrow contract.

22. The computer program product of claim 13, wherein the computer readable program further causes the computer to:

receive a request to reverse the escrow contract;

confirm that the escrow contract can be reversed; and

when the escrow contract is eligible to be reversed, delete the escrowed data,

wherein the escrow parameters further comprise an indicator of whether the escrow contract is eligible to be reversed.

23. The computer program product of claim 13, wherein the computer further causes the computer to periodically search for escrow contracts having an expiration date that is earlier than a current date;

and when an escrow contract is located having the earlier date, update an escrow contract status to expired, and notify the escrow recipient and a depositor.

24. The computer program product of claim 13, wherein:

the digital data comprises a physical asset,

storing the data comprises physically storing the asset at a secure location; and

releasing the data further comprises controlling release of the physical asset from the secure location.

25. A system for escrowing digital data, comprising:

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

a secure information vault that stores the digital data; and

a contract database storing an escrow contract, along with a pointer to the digital data 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 digital data to the escrow recipient.

26. The system of claim 25, wherein the at least one condition comprises a payment sum.

27. The system of claim 26, wherein the server releases the 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

when the sums match, 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.

28. The system of claim 26, wherein the server releases the data by:

receiving an indication that a payment has been received;

receiving a contract ID;

retrieving the escrow contract based upon the contract ID;

verifying that the escrow contract can be released by payment;

when the payment satisfies the payment sum described in the escrow contract, releasing the stored digital data to the escrow recipient; and

instructing a financial institution to credit an account of a payment target designated in the contract.

29. The system of claim 25, wherein the at least one condition comprises a date and/or time.

30. The system of claim 25, wherein the at least one condition comprises a release instruction received from a depositor.

31. The system of claim 25, wherein the at least one condition comprises a release instruction received from a trustee.

32. The system of claim 25, wherein the at least one condition comprises fulfillment of another escrow contract.

33. The system of claim 25, wherein:

the server receives a request to reverse the escrow contract, confirms that the escrow contract can be reversed; and

when the escrow contract is eligible to be reversed, deletes the escrowed data, and

the escrow parameters further comprise an indicator of whether the escrow contract is eligible to be reversed.

34. The system of claim 25, wherein the server periodically searches for escrow contracts having an expiration date that is earlier than a current date;

and when an escrow contract is located having the earlier date, the server updates an escrow contract status to expired, and notifies the escrow recipient and a depositor.

35. The system of claim 25, wherein:

the digital data comprises a physical asset,

receiving the data comprises physically storing the asset at a secure location; and

the server releasing the data further comprises controlling release of the physical asset from the secure location.

36. An apparatus for escrowing data, comprising:

a processor; and

a memory,

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

wherein the vault services determines when the at least one condition has been satisfied, and when the at least one condition has been satisfied, the vault services release the data to the escrow recipient.

37. The apparatus of claim 36, wherein:

the at least one condition comprises a payment sum; and

the vault services;

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

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

when the sums match, 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.

38. The apparatus of claim 36, wherein:

the at least one condition comprises a payment sum; and

the vault services releases the data when receiving an indication that a payment has been received by;

verifying that the escrow contract can be released by payment;

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

instructing a financial institution to credit an account of a payment target designated in the escrow contract.

39. The apparatus of claim 36, wherein the at least one condition comprises a date and/or time.

40. The apparatus of claim 36, wherein the at least one condition comprises a release instruction received from a depositor.

41. The apparatus of claim 36, wherein the at least one condition comprises a release instruction received from a trustee.

42. The apparatus of claim 36, wherein the apparatus receives instructions from the escrow recipient to transfer the digital data to a target location, and in response, the apparatus controls delivery of the digital data to the target location.

43. The apparatus of claim 36, wherein:

the digital data comprises a physical asset,

receiving and storing the data comprises physically storing the asset at a secure location; and

the server releasing the data further comprises controlling release of the physical asset from the secure location.

44. The apparatus of claim 36, wherein the vault services periodically searches for escrow contracts having an expiration date that is earlier than a current date;

and when an escrow contract is located having the earlier date, updates an escrow contract status to expired, and notifies the escrow recipient and a depositor.