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Another great invention by Microsoft
------- Forwarded Message Follows -------
Date: Sat, 27 Feb 1999 15:17:59 -0500
To: cryptography@c2.net, cypherpunks@cyberpass.net, dcsb@ai.mit.edu
From: Robert Hettinga <rah@shipwright.com>
Subject: Another great invention by Microsoft
--- begin forwarded text
From: brands@xs4all.nl
Date: Wed, 24 Feb 1999 23:21:16 +0100
To: dbs@philodox.com
Subject: Another great invention by Microsoft
Sender: <dbs@philodox.com>
List-Subscribe: <mailto:requests@philodox.com?subject=subscribe%20dbs>
Hi,
Microsoft recently got their second patent on groundbreaking
electronic money methods. It's good to see that there is so much good
new work being done in the field!
Regards,
Stefan
=========================
US5872844: System and method for
detecting fraudulent expenditure of
transferable electronic assets
Inventor(s):
Yacobi; Yacov , Mercer Island, WA
Applicant(s):
Microsoft Corporation, Redmond, WA
Issued/Filed Dates:
Feb. 16, 1999 / Nov. 18, 1996
Abstract:
An electronic asset system includes tamper-resistant
electronic
wallets that store transferable electronic assets. To
break such
tamper-resistant wallets, the criminal is expected to
spend an initial
investment to defeat the tamper-resistant protection.
The
electronic
assets are issued by an institution to a wallet
(anonymously or
non-anonymously). During expenditure, the electronic
assets are
transferred from a payer wallet to a payee wallet.
The
payee wallets
routinely submit the transferred assets for possible
audit. A fraud
detection system samples the assets submitted for
audit to
detect
"bad" assets which have been used in a fraudulent
manner.
Upon
detection, the fraud detection system identifies the
electronic wallet
that used the bad asset and marks it as a "bad
wallet".
The fraud
detection system compiles a list of bad electronic
wallets
and
distributes the list to warn other wallets of the bad
electronic wallets.
The list is relatively small since it only contains
identities of
certificates of bad wallets (and not bad coins) and
the
certificates
have short expiration terms, and hence can be stored
locally on each
wallet. When a bad wallet next attempts to spend
assets
(whether
fraudulently or not), the intended recipient will
check
the local hot list
of bad wallets and refuse to transact business with
the
bad wallet.
CLAIMS:
I claim:
1. An electronic asset system comprising:
a plurality of electronic wallets;
a plurality of transferable electronic assets
stored
on the
electronic wallets, the electronic assets being
transferred from
payer electronic wallets to payee electronic
wallets
during
transactions; and
a fraud detection system to sample a subset of
the
transferred
electronic assets to detect bad assets that have
been
used in
a fraudulent manner, the fraud detection system
further identifying the payer electronic wallets
that
transferred the bad
assets.
[66 other inventive methods and apparatus
omitted]
============================================
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Robert A. Hettinga <mailto: rah@philodox.com>
Philodox Financial Technology Evangelism <http://www.philodox.com/> 44
Farquhar Street, Boston, MA 02131 USA "... however it may deserve
respect for its usefulness and antiquity, [predicting the end of the
world] has not been found agreeable to experience." -- Edward Gibbon,
'Decline and Fall of the Roman Empire'
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