Electronic coin stick with potential for future added value
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United States of America Patent
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Jan 22, 2002
Grant Date -
N/A
app pub date -
Apr 29, 1998
filing date -
Mar 26, 1997
priority date (Note) -
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status (Latency Note)
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Abstract
In a digital payment transactions system, a broker generates and stores a secret number. The broker then generates a chain of hash values by successive operations of a hash function, using the secret number as the starting value. The broker then issues to the user a digitally encoded value from some way down the chain of hash values. The user generates a coin stick which comprises a chain of hash values starting with the value communicated by the broker. Subsequently, the broker can transfer further value to the user, without generating a new coin stick, by communicating a digitally encoded value from the broker's hash chain which precedes the value originally communicated to the user.
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