System and method for fair exchange of time-independent informat

Details System and method for fair exchange of time-independent informat System and method for fair exchange of time-independent informat

1997-04-01

2000-05-09

Swann, Tod R.

Electrical computers and digital processing systems: support

Multiple computer communication using cryptography

Particular communication authentication technique

705 76, H04L 900

Patent

active

060617926

ABSTRACT:
A system and method facilitates a fair exchange of time-independent information goods between a first party's computer and a second party's computer over a network, such as the Internet. The first party's computer creates a digital contract proposal concerning the exchange of information goods. The first party's computer digitally signs the contract proposal and stipulates a condition which, when satisfied by the second party, will create a valid contract. The first party's computer then transmits the signed contract proposal over the network to the second party's computer. The second party has one of two options: (1) satisfy the condition in the contract proposal to create a valid contract and return the valid contract to the first party, or (2) store the signed contract proposal without satisfying the condition and supply the information goods to the first party. Upon receipt of the contract or goods from the second party, the first party's computer supplies its information goods to the second party's computer. In the event that either party reneges, the non-reneging party can produce the valid contract and submit it to an adjudicator for enforcement and remedy.

REFERENCES:
patent: 5671279 (1997-09-01), Elgamal
patent: 5710887 (1998-01-01), Chelliah
patent: 5794207 (1998-08-01), Walker
patent: 5809144 (1998-09-01), Sirbu
patent: 5850442 (1998-12-01), Muftic

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