US Patent No: 6,058,189

Number of patents in Portfolio can not be more than 2000

Method and system for performing secure electronic monetary transactions

Stats

See full text
ATTORNEY / AGENT: (SPONSORED)

Importance

Loading Importance Indicators... loading....

Abstract

See full text

A secure electronic monetary transaction system (SEMTS) provides absolute security for electronic financial transactions. These transactions can be of any kind provided they are numeric in content and of known length. The SEMTS encrypts and decrypts source numeric data using a private, numeric key known only by both parties in the transaction. The secure distribution of these keys will be under the same methods that the financial institutions use to distribute the original source data such as credit cards, account numbers, etc. The system uses nine simple, open formulas for translating source numbers into encrypted cipher numbers. These formulas return every possible value, except the input value, and are completely dependent on the key. Because there are no hidden parts, the architecture of the SEMTS is completely available to anyone in the public sector. This open architecture makes stealing the cipher numbers worthless. The only way to break a number is to know the key. The only way to get the key is to physically steal it, which is the exact same risk entailed in the original source, e.g., a credit card. The total openness and absolute security delivered by the SEMTS is what is missing in all other available financial transaction schemes, and it is what is required by the public to have complete confidence in electronic financial transactions.

Loading the Abstract Image... loading....

First Claim

See full text

all claims..

Related Publications

Loading Related Publications... loading....

Patent Owner(s)

Patent OwnerAddressTotal Patents
MCGOUGH, PAULCENTREVILLE, VA6

International Classification(s)

  • [Classification Symbol]
  • [Patents Count]

Inventor(s)

Inventor Name Address # of filed Patents Total Citations
McGough, Paul Centreville, VA 7 218

Cited Art Landscape

Patent Info (Count) # Cites Year
 
HIRSCH ELECTRONICS CORPORATION (1)
4,479,112 Secure input system 41 1982
 
LUCENT TECHNOLOGIES INC. (1)
5,754,652 Method and apparatus for secure pin entry 29 1994
 
SECURE KEYBOARDS LIMITED, A LIMITED PARTNERSHIP OF CA. (1)
4,333,090 Secure keyboard input terminal 37 1980

Patent Citation Ranking

Forward Cite Landscape

Patent Info (Count) # Cites Year
 
AUBURN UNIVERSITY (5)
7,774,841 System and method for protecting network resources from denial of service attacks 5 2004
7,937,759 System and method for protecting communication devices from denial of service attacks 5 2007
8,127,355 System and method for protecting network resources from denial of service attacks 3 2010
8,261,350 System and method for protecting communication devices from denial of service attacks 2 2011
8,510,831 System and method for protecting network resources from denial of service attacks 0 2012
 
MCGOUGH, PAUL (3)
6,445,797 Method and system for performing secure electronic digital streaming 130 1998
8,144,874 Method for obtaining key for use in secure communications over a network and apparatus for providing same 1 2007
8,144,875 Method and system for establishing real-time authenticated and secured communications channels in a public network 0 2007
 
MIRI SYSTEMS, LLC (2)
7,107,242 Electronic transaction security method 7 2000
8,181,861 Electronic transaction security system and method 0 2008
 
AUNIGMA NETWORK SECURITY CORP. (1)
8,370,920 System and method for providing unified transport and security protocols 1 2009
 
FELSHER, DAVID P., MR. (1)
7,181,017 System and method for secure three-party communications 300 2002
 
VERATAD TECHNOLOGIES, LLC (1)
7,676,681 Method, system, and apparatus for identification number authentication 0 2003
 
Other [Check patent profile for assignment information] (2)
7,587,368 Information record infrastructure, system and method 58 2001
8,600,830 System and method for providing a payment to a non-winning auction participant 0 2010