Patent ID: 9710808
Date: 2017-07-18
CPC Classifications: G06Q

Claim:
1. A method of digital cash exchange comprising: providing a first user with a first user id, and a first user password, and providing a second user with a second user id, and a second user password; providing an electronic wallet of a first user device of the first user with a first encrypted digital cash token having a specific amount, wherein the first encrypted digital cash token is generated by first encrypting a first digital cash token using an encryption key of an issuing bank, and further encrypting using an encryption key of the first user; the electronic wallet of the first user device sending a request for an anonymous transaction having a transaction amount to an electronic wallet of a second user device; the first user device of the first user logging-in to an authentication service using only the first user id and the first user password; the second user device of a second user logging-in to the authentication service using only the second user id and a second user password; the authentication service verifying the identity of the first user device and the second user device using only the first user id, the first user password, the second user id, and the second user password; the authentication service, in response to verifying the identity of the first user device and the second user device, issuing a unique transaction id and sending the unique transaction id to the first user device and the second user device; the first user device and the second user device sending the unique transaction id, the first user id, and the second user id, to a transaction authority; the transaction authority requesting the authentication service to verify the first user id, the second user id and the transaction id; the authentication service verifying the first user id, the second user id and the transaction id and communicating the verification to the transaction authority; the first user device transmitting the id of the issuing bank id to the transaction authority; the second user device requesting the transaction authority initiate the anonymous transaction with the first user device; the first user device requesting the transaction authority initiate the anonymous transaction with the second user device; the transaction authority establishing a secure first user communication channel between the first user device and a device of the issuing bank and establishing a secure second user communication channel between the second user device and the issuing bank device; the first user device generating a first user decrypted digital cash token by decrypting the first encrypted digital cash token using the encryption key of the first user; the first user device transmitting the first user decrypted digital cash token, the transaction id, and a first set of transaction instructions, to the issuing bank device via the first user communication channel; the second user device transmitting a transaction value, transaction id, and a second set of transaction instructions, to the issuing bank device via the second user communication channel; the transaction authority determining that the transaction id sent by the first user device and the first set of transaction instructions match the transaction id sent by the second user device and the second set of transaction instructions; the transaction authority, in response to the transaction id sent by the first user device and the first set of transaction instructions matching the transaction id sent by the second user device and the second set of transaction instructions, initiating the anonymous transaction; the issuing bank device decrypting the first user decrypted digital cash token using the encryption key of the issuing bank in response to the transaction authority initiating the anonymous transaction; the issuing bank device surrendering the first digital cash token by destroying the first digital cash token; the issuing bank device generating at least a second digital cash token in an amount equal to the transaction value, by including the issuing bank id, encrypting the second digital cash token with the issuing bank encryption key, and signing the second digital cash token with a digital certificate of the issuing bank; the issuing bank transferring the second encrypted digital cash token to the second user device using the second user communication channel; and the second user device, in response to receiving the second encrypted digital cash token in the amount of the transaction value, completing the transaction with the first user device.