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US 6,477,513 B1Granted
Method and apparatus for executing cryptographically-enabled letters of credit
AssigneeWalker Digital, LLC
InventorsJay S. Walker, Bruce Schneier
Life of this patent
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Abstract
A method and apparatus for executing electronic transactions using cryptographically-enabled accounts stores cryptographically-enabled account information and instructions, receives a cryptographically-encoded permission certificate, and processes the received permission certificate to execute the transactions.
Claims1
A method for executing an electronic transaction, comprising:
- transmitting a verification authority permission certificate from a trusted agent to a verification authority;
- signing the transmitted verification authority permission certificate;
- transmitting the signed verification authority permission certificate from the verification authority to the trusted agent to verify that a seller has performed conditions of a contract;
- transmitting a withdrawal permission certificate from the trusted agent to the seller in response to receipt of the signed verification authority permission certificate;
- transmitting the withdrawal permission certificate from the seller to a bank;
- and
- transmitting funds from the bank to the seller in response to the bank receiving the withdrawal certificate.
4 more elements
Dependencies are inferred from the claim text.