System and method for securely storing electronic data

US6970836B1 · kind B1 · utility

Assignee

• Citicorp Development Center, Inc. · US

Inventors

• Cris T. Paltenghe · Spirit Lake, US
• Alnoor B. Mamdani · Santa Monica, US
• Lisa Ezrol · New York, US
• Charles Golvin · Los Angeles, US
• Henry Lichstein · Santa Monica, US
• Melvin M. Takata · Thousand Oaks, US

Key dates

• Filing date: Apr 14, 1999
• Grant date: Nov 29, 2005
• Expiry date: Apr 14, 2019

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/389
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A system and method for securely storing data provides for storing, managing, and updating an owner's secret data and for accessing the stored data by a trusted third party upon the occurrence of an event, such as the death of the owner. The system and method makes use of application software, such as a virtual wallet running at least in part on the server of a trusted third party and with a virtual executor function and a virtual archivist function. The virtual executor function automatically escrows a trusted third party's access aspect of the owner's secret device for accessing the stored data. Upon verification of the occurrence of the event, the virtual executor provides access to the stored data using the trusted third party's access aspect. The virtual archivist function automatically updates technologies related to the stored data.