Patent ID: 6415271
Filing Date: 2002-07-02
Classification: G06Q

Abstract:
An asset based electronic cash system comprising:at least one storage site having secure facilities for storage of a valuable commodity; an inventory of a valuable commodity stored in said secure facilities at a said storage site; a distributed computer system having: central computer means for maintaining records of the amount of said inventory of a valuable commodity stored in said secure facility; said central computer means having means for creating a first electronic data representing a first specified value of said valuable commodity; means for transmitting said first electronic data from said central computer means to a portable electronic device of a first system user via a computer network; means for-transferring a second electronic data representing a second specified value of said valuable commodity from said first system user to an electronic device of a second system user; means provided in said central computer means, for receiving a third electronic data representing a third specified value of said valuable commodity, from said electronic device of said second system user; the total value of all electronic data in said system being less than or equal to the amount of said inventory of a valuable-commodity stored in said secure facility; said as set based electronic cash system permitting entities to conduct financial transactions by transfer of electronic data representing a value of said valuable commodity , whereby payment risk is eliminated.