Cryptography – Particular algorithmic function encoding – Nbs/des algorithm
Patent
1993-08-16
1995-08-08
Gregory, Bernarr E.
Cryptography
Particular algorithmic function encoding
Nbs/des algorithm
380 4, 380 9, 380 21, 380 23, 380 25, 380 30, 380 49, 380 50, 235379, 235380, H04L 900
Patent
active
054406340
DESCRIPTION:
BRIEF SUMMARY
FIELD OF THE INVENTION
The invention relates to a value transfer system. Electronic value transfer systems have been proposed for transferring value between electronic "purses". These purses may take many forms but a convenient form is an integrated circuit (IC) card which includes a micro-processor and memories for at least accumulated value. Such cards may be used in so-called cashless transactions where value is transferred to a retailer "purse" in exchange for goods or services.
DESCRIPTION OF THE RELATED ART
Thus, a major application of such a system is to provide for the transfer of value equivalent to cash. Cash has both advantages and limitations . An advantage of cash is that small value individual transactions can be made without specific reconciliation between the payer and the payee accounts. Not only does this relieve the system of a considerable data transfer burden, but also anonymity is conferred in transactions. This is felt to be a social advantage. Many prior proposed electronic cashless value transfer systems have failed to recognize these advantages of cash and have failed to implement them. The system on which the present invention is based is described in published patent specification No. WO91/16691 and provides a framework for the transfer of value between electronic purses in such a way as to allow the aforesaid advantages of cash to be retained. The system may be summarized in that there is provided a computer; a plurality of electronic purses; exchange devices whereby purses may communicate with each other to transfer value in transactions which are off-line from the computer; draw-down means for loading purses with value under control of the computer; redemption means for redeeming value from purses under control of the computer; a value meter; one or more of said purses being bulk purses which are capable of having value loaded and redeemed via the value meter, the value meter recording one or more float value records whereby the net value released to the bulk purse or purses may be derived, the net value being the difference between the total of values drawn down to the bulk purse or purses and the total of values redeemed from the bulk purse or purses, the float value record being non-specific with regard to individual draw-downs and redemptions.
The value meter may have an interface whereby the float value record may be adjusted on command so as to create or destroy value within the bulk purse or purses.
Preferably there is provided, in each purse, storage means which stores a purse value record which is accumulative and, in each purse or associated exchange device, a microprocessor, transactions being conducted between purse pairs, one of which, the sending purse, sends value and the other of which, the receiving purse, receives value, the microprocessors being programmed so that in each off-line transaction the purse value record in the sending purse is decreased by a chosen and variable transaction value and the purse value record in the receiving purse is increased by the same transaction value.
By providing a float value record which is non-specific anonymity is ensured and reconciliation with customer accounts for all subsequent purse to purse transactions is unnecessary.
In some situations it is necessary to ensure that payment of funds or other value is contingent upon some subsequent event. For example, it may be desirable to transfer value on the basis only that such value is used for a specific purpose. Foreign exchange control may be the reason for this. For example, a government may wish to fund an importer on the basis that the funds can be applied only to designated goods.
Also, it may be desirable to use the value transfer system in a batch processing mode. The present invention seeks to provide an improvement whereby contingency and batch payments are possible.
SUMMARY OF THE INVENTION
According to the invention there is provided a value transfer system having a computer; a plurality of electronic purses; exchange devices whereby purses may communica
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patent: 4877950 (1989-10-01), Halpern
patent: 4906828 (1990-03-01), Halpern
patent: 4935962 (1990-06-01), Austin
patent: 4992646 (1991-02-01), Collin
patent: 5016274 (1991-05-01), Micali et al.
patent: 5030806 (1991-07-01), Collin
Higgins Graham R.
Jones Timothy L.
Gregory Bernarr E.
Jonhig Limited
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