The Digital Cash Register: a Comprehensive Layout for Cyber Banking and Digital Coins

Patent metadata

Field	Value
Publication number	US-2021390617-A1
Application number	US-202117461807-A
Country	US
Kind code	A1
Filing date	Aug 30, 2021
Priority date	Mar 25, 2019
Publication date	Dec 16, 2021
Grant date	—

Abstract

This invention describes a new financial language which cures a deficiency sustained by money when it became computer handled: money lost its identity and became a number, as compared with banknotes and physical coins which had a material identity. The new language writes digital coin such that they have value and identity fused together. This new language allows for restoration of the old notion of the cash register. This invention describes a digital cash register offering operational advantages as to clarity, security and accountability.

First claim

What is claimed is:

1 . A method to covert financial statements written as a combination of transactional attributes and indication of value to a digital coin featuring the same transactional attributes, while the value of the statement is written as a string of n bits associated with the digital coin meta data including a value function which indicates a value associated with each of the n bits, such that the sum values of the n bits equals to the indication of value in the converted financial statement; the n bits are regarded as payload; the value function identifies each of the n bits by their order in the payload and regardless of their bit identity, {0,1}, the bit identities is randomized, the randomized expression of the payload indicates both the value and the identity of the coin; the so written digital coins are written in the same way on phone and personal computing devices, in store computers, and in banks and other financial institutions' databases.

2 . The method in claim 1 wherein the digital coins are assembled into a coin collection regarded as a cash register, and where the cash register is associated with operation control software that provides security to the coin, control transmission of digital coins to and from the cash register, and erases at least the payload of any coin that is transferred out of the cash register.

3 . The method of claim 1 where copies of the digital coins are prepared where such copies do not contain the payload, and hence while they carry the same accounting information as the copied digital coin, these copies are not regarded as money because they don't carry the payload.

4 . The method of claim 1 wherein the digital coin also includes cryptographic parameters guiding the handling of the coins to be consistent with this cryptographically written guidance which is part of the digital coin.

5 . The method of claim 1 wherein the conversion is done via a system called “mint”, and where the mint includes
(i) software that determines how to express the value V of the converted financial statement to n bits, each of an indicated value v(i) for i=1,2 . . . n, such that Σv(i) for i=1,2, . . . n will be equal to V:
Σ v ( i ) . . . for i= 1,2, . . . n=V;

(ii) a randomization source that determines the {0,1} identities of the n bits of the payload, and
(iii) a coin logger into which the software in (i) writes the image of every minted coin, and where:
(a) the coin logger comprises a media allowing for write-once, ready-many bit writing, and
(b) the coin logger indicates for every bit of the payload of every coin, whether this bit is “alive” namely payable, or “dead” namely it was already paid out, thereby preventing double payment.

6 . The method of claim 1 where two financial institutes or more share the services of a joint mint, and thereby exercise money transmission between them by exchanging BitMint digital coins egressing a transmitting cash register and entering a receiving cash register.

7 . The method of claim 1 where a financial institute keeps all its money in one central cash register, serving all its parts and branches.

8 . The method of claim 1 where a financial institute keeps its money in local branches where each local branch has its own cash register.

9 . The method of claim 2 where the cash register, the operation control software, and any portal connected to other elements that communicate with the cash register are regarded the cash register subsystem, CRSS, and where the CRSS is embedded in an embedding system or it is externally attached to the served system.

10 . The method in claim 1 where an account holder in a financial institution will move their money from their personal computing device to the their account back and forth, as desired, since the money is written in the same BitMint digital coin format in both locations; in both locations the money is housed in a cash register.

11 . A system reconstructing the traditional cash register in a digital form, and thereby separating money per se from its accounting, and improving the security and accountability of money and other financial instruments, and wherein money is written in a fitting Financial Language (BitMint financial language) creating a BitMint digital coin so that value and identity are fused together, and terms of payments are cryptographically linked to the money in the cash register; the cash register is associated with a computing device including cash register operation control software, and the cash register is also associated with ports to communicate financial data and to transmit and receive the BitMint digital coins, where the assembly of the cash register, the computing element with the operation control software, and the communication and transmission ports is regarded as the cash register subsystem, CRSS, and where CRSS replaces the prevailing system where the accounting system carries the money as a number, but without any coin identity.

12 . The system in claim 11 where the communication and money transmission portals are (i) physical portals, and (ii) electromagnetic communication portals, for local communication, and (iii) electromagnetic communication portals for participating in a global network, where any combination of these three types of portals is accepted.

13 . The system in claim 11 where the CRSS is a detachable physical device that is hooked to the system for which it holds money.

Assignees

• Samid Gideon

Inventors

• Samid Gideon

Classifications

• G06Q20/4016

  involving fraud or risk level assessment in transaction processing · CPC title

• G06Q20/3825

  Use of electronic signatures · CPC title

• G06Q20/382

  insuring higher security of transaction · CPC title

• G06Q20/065

  using e-cash · CPC title

• G06F21/64

  Protecting data integrity, e.g. using checksums, certificates or signatures · CPC title