Method and apparatus for executing cryptographically-enabled letters of credit
View Patent ↗A method and apparatus for executing electronic transactions using cryptographically-enabled accounts stores cryptographically-enabled account information and instructions, receives a cryptographically-encoded permission certificate, and processes the received permission certificate to execute the transactions.
1. A method comprising:
transmitting, by a controller comprising at least one processor, a first permission certificate and an indication of at least one condition of a contract to a verification authority;
receiving, by the controller, the first permission certificate,
in which the received first permission certificate is signed by a third party, and
in which the received signed first permission certificate verifies that the at least one condition of the contract has been satisfied; and
after receiving the signed first permission certificate,
transmitting, by the controller, a second permission certificate to a seller,
the second permission certificate indicating permission is granted by a trusted agent for the seller to acquire an amount of funds.
2. The method of claim 1 , in which the trusted agent is a bank.
3. The method of claim 1 , further comprising:
providing a contract that has been digitally signed by the seller, a buyer and the trusted agent.
4. The method of claim 3 , further comprising:
storing, by the trusted agent, information about the contract in a database.
5. The method of claim 1 , further comprising:
establishing at a bank a cryptographically-enabled account that corresponds to the contract.
6. The method of claim 5 , further comprising:
depositing funds in the cryptographically-enabled account.
7. The method of claim 5 , further comprising:
placing a cryptographic lock on the cryptographically-enabled account.
8. The method of claim 1 , further comprising:
using a calculation program to generate the first permission certificate and the second permission certificate.
9. The method of claim 1 , further comprising:
transmitting the amount of funds from the trusted agent to the seller.
10. The method of claim 1 , further comprising:
receiving the second permission certificate from the seller.
11. The method of claim 10 , further comprising:
transmitting the amount of funds to the seller after receiving the second permission certificate.
12. The method of claim 1 , in which transmitting the first permission certificate comprises:
transmitting the first permission certificate from the trusted agent to a verification authority.
13. The method of claim 1 , in which transmitting the second permission certificate comprises:
electronically transmitting the second permission certificate from the trusted agent to the seller.
14. The method of claim 1 , in which receiving the first permission certificate comprises:
receiving the first permission certificate by the trusted agent from the third party.
15. The method of claim 1 , in which the second permission certificate is for providing by the seller to a bank, the bank maintaining a cryptographically-enabled account that is associated with the contract.
16. A computer readable medium storing instructions configured to direct a processor to perform the method of claim 1 .
17. An apparatus comprising:
a processor; and
the computer readable medium of claim 16 in communication with the processor.