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Abstract

An electronic value transfer system using stored value in the form of serialized electronic coins and electronic bills, which provides efficient security monitoring without the need for full centralized accounting of each transaction. Central monitoring of the system-level security includes statistical sampling techniques coupled with efficient tracing of the transaction path of an electronic coin back to its source. Only small amounts of data storage and transmission are utilized, eliminating the need for large centralized databases of transaction records. Consumer privacy as well as flexibility in making card-to-card monetary transfers are thereby enhanced, while allowing verification of system-wide security as well as rapid detection and tracing of security breaches. Multiple editions of electronic coins permit transparent and periodic renewal of the system and re-establishment of a security baseline, and also provide for the regular reclamation of stored value lost or abandoned by consumers.

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First Claim