System and method for pseudo cash transactions
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United States of America Patent
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-
Jun 15, 1999
Grant Date -
N/A
app pub date -
Oct 3, 1996
filing date -
Oct 3, 1996
priority date (Note) -
Expired
status (Latency Note)
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Abstract
Totally anonymous or effectively anonymous cash-like transactions are accomplished by using a pseudo cash data package converter for inserting a user key into a pseudo cash preliminary data packet through the use of a user insertion key to generate a pseudo cash unit with a fixed monetary value that can be used to purchase goods or services via the Internet. A pseudo cash repository facilitates the cash-like transactions and maintains a record of the pseudo cash units and their fixed monetary value. Depending upon the level of anonymity selected by a purchaser, the pseudo cash repository can either transmit pseudo cash preliminary data packets or pseudo cash units to a first entity. If the first entity loses an effectively anonymous pseudo cash preliminary data packet, it can be replaced by the pseudo cash repository without risk of loss.
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