Distributed information storage, authentication and authorization system

A method of approving a request for an on-line transaction with a service provider, the on-line transaction requested by a beneficiary over an electronic communication channel, the method comprising:

• a) enabling a beneficiary with access to a user account of a principal for on-line transactions;
• b) receiving a transaction request as a function of an on-line transaction initiated by the beneficiary;
• c) processing the transaction request for authorization by the principal;
• and
• d) transmitting authorized personal information of the principal to enable completion of the on-line transaction when the on-line transaction is authorized by the principal.

A method of approving a request for an on-line transaction with a service provider, the on-line transaction requested by a beneficiary over an electronic communication channel, the method comprising:

• a) subscribing a principal to an on-line transaction approval system;
• b) enabling a beneficiary to utilize the on-line transaction approval system;
• c) receiving an authorization request with a principal device of the principal as a function of an on-line transaction initiated by the beneficiary;
• d) selectively authorizing the on-line transaction in real time with the principal device as a function of the identity of the beneficiary and the nature of the on-line transaction;
• and
• e) transmitting authorized personal information from the principal device to enable completion of the on-line transaction.

An on-line transaction approval system for approving a request for an on-line transaction with a service provider, the on-line transaction requested by a beneficiary over an electronic communication channel, the on-line transaction approval system comprising:

• a service provider in communication with a beneficiary, the service provider operable to receive a service order request from the beneficiary, the service order request comprising a beneficiary ID and a beneficiary password;
• and
• a proxy server in communication with the service provider, the proxy server operable to receive a transaction request from the service provider as a function of the service order, the transaction request comprising the beneficiary ID, the beneficiary password and transaction information;
• the proxy server operable to provide authorized personal information to the service provider as a function of authentication of the beneficiary and authorization approval by a principal, the beneficiary enabled with access to make the service order request by the principal.