Patent ID: 7840475
Filing Date: 2010-11-23
Classification: G06Q

Abstract:
1. A commodity purchasing system, comprising: a data storage device; a processor connected to the data storage device; a plurality of buyer interfaces, recorded on the data storage device, comprising a set of pictures, text or voice statements that provide instructions and protocols that will cause a respective plurality of buyer-operated computers to display to a respective plurality of buyers sell data received from a seller, and to receive from the plurality of buyers hedge transaction data and bid data, said hedge transaction data for each buyer including a hedge commodity, and said bid data for each buyer including a basis for a desired commodity; a network connection to a commodity exchange that periodically receives a real-time exchange rate quote for the hedge commodity; a bid generating program, comprising computer-readable instructions to cause the processor to periodically update the bid data for each buyer in the plurality of buyers so that said bid data for said each buyer includes an updated bid price for the desired commodity, wherein said bid generating program calculates said updated bid price by subtracting said each buyer's basis from the real-time exchange rate quote; a seller interface, recorded on the data storage device, comprising a set of pictures, text or voice statements that provide instructions and protocols that will cause a seller-operated computer to display to the seller the bid data received from the plurality of buyers, and to receive the sell data from the seller, said sell data including a net sell price for the desired commodity and, for each buyer in the plurality of buyers, a transaction cost associated with selling the desired commodity to said each buyer, wherein said transaction cost is based on a cost the seller will incur or avoid in connection with delivering the desired commodity at a time and a location specified by said each buyer; an offer generating program, comprising computer-readable instructions that cause the processor to periodically update the sell data for the seller so that the sell data includes a plurality of specific offers for the plurality of buyers, respectively, each specific offer including a specific sell price for each buyer, the specific sell price being calculated by adding the transaction cost associated with said each buyer to the net sell price; and a conformance monitoring program, comprising computer-readable instructions that cause the processor to periodically compare the bid data for each buyer in the plurality of buyers to the specific offer for said each buyer, and send an alert to the seller and a particular buyer in the plurality of buyers if a conformance is detected between the bid data for said particular buyer and the specific offer for said particular buyer; wherein, the processor, operating under control of the conformance monitoring program, detects the conformance when (i) the updated bid price in the bid data for the particular buyer matches the specific sell price in the specific offer for the particular buyer, (ii) a quality specification in the bid data for said particular buyer matches a quality attribute in the specific offer for the particular buyer, (iii) a type specification in the bid data for said particular buyer matches a type attribute in the specific offer for the particular buyer, and (iv) a color specification in the bid data for said particular buyer matches a color attribute in the specific offer for the particular buyer.