Electronic cash eliminating payment risk
Number of patents in Portfolio can not be more than 2000
United States of America Patent
Stats
-
Nov 28, 2006
Grant Date -
Jan 10, 2002
app pub date -
Jun 28, 1999
filing date -
Feb 10, 1993
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
A system and method for permitting gold or other commodities to circulate as currency requires a network of system users that participate in financial transactions where payment is made in units of gold. The gold is kept in secure storage at a deposit site for the benefit of the users. The payments in gold are effected through a computer system having data storage and transaction processing programs that credit or debit the units of account of gold for the account of each system user. The system and method allows gold to circulate as an electronic payment through the global computer network (Internet) and/or private communication networks. The sum total of all circulating electronic gold (denominated in physical measures such as weights such as grams and/or ounces and fractions thereof) will equal the weight of all the gold held for safekeeping at the storage site(s) for the users of the system.
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