US 2017/0213198 A1 - Account And Server Free Possession And Transfer Of Entangled Electronic Money - The Lens

Account And Server Free Possession And Transfer Of Entangled Electronic Money

Published: Jul 27, 2017
Earliest Priority: Jan 24 2016
Family: 1
Cited Works: 0
Cited by: 0
Cites: 0
Additional Info: Full text

Abstract

The account and server free possession and transfer of entangled electronic money. Payment with E-Money is a settlement free process. Ownership and transfer occurs by means of name of the electronic bill and a secure password. A person who knows the name and the password owns the money. Upon change of ownership the password has to be changed. Any electronic bill has more entangled versions of itself to assure indestructibility. The password change is communicated automatically among all entangled versions. The user manages his/her E-Money with wallet application. He/she can also access manually his/her electronic bills over the internet.

Claims

A financial transaction system compromising of computer executable instruction representing an electronic bill, which is entangled with other versions of the said electronic bill creating an indestructible system for purpose of secure ownership and transfer of ownership of electronic money with the help of parameters and a wallet application to facilitate user interface.
The system described in claim 1 wherein said parameters are comprised of a name and a password.
The system described in claim 1 wherein said electronic money has many entangled versions of itself which communicate with each other and replicate automatically when one version is destroyed. Electronic bills, after they are created, are controlled by nobody and cannot be changed, modified or destroyed.
The system described in claim 1 and claim 2 wherein a means for changing said password enables the ownership of the electronic money to change.
The system described in claim 1 wherein a trustworthy issuer guarantees the redemption of said electronic money.
An application (Wallet) which provides means for keeping records of electronic bills and means for facilitating receipt and transfer of said electronic bills.
The application described in claim 6, whereby said application
may be located on several media including but not limited to server, cloud or decentrally on a user's PC, tablet or smart phone.
The system described in claim 1 and claim 6 where said electronic money is made up of said electronic bills (E-Bills) which will be issued in various denominations.
A system in accordance with claim 1 and claim 6 where said electronic money is substituted by other financial asset, for example, stock, bond, debenture, gold, etc.
A system in accordance with claim 1 and claim 6 where said electronic money is substituted by any valuable commodity.
A system in accordance with claim 1 and claim 6 where said electronic money is any valid currency and not only US Dollar.
A system in accordance with claim 1 and claim 6 where said electronic money bears interest and when interest is due new E-Bills will be created, which names are derived from the E-Bill being a principle and the password is the same as the password of the said principle E-Bill at the interest due date.
A system in accordance with claim 1 and claim 6 where new E-Bills will be automatically created in exchange for E-Bills of higher denomination to facilitate desired payments
A system in accordance with claim 1 and claim 6 where payment is executed not only to one but many recipients.
A system in accordance with claim 1 and claim 6 with additional security measures to restrict potential new owners of E-Bills to defined payees.