Method and apparatus to conduct a commercial transaction over wireless networks

US8645282B2 · kind B2 · utility

Assignee

• TTI Inventions C LLC · US

Inventors

• Faramak Vakil · Bedminster, US
• Vijay K. Varma · Holmdel, US
• Raquel Morera Sempere · Morristown, US
• Giovanni Di Crescenzo · Madison, US

Key dates

• Filing date: May 16, 2006
• Grant date: Feb 4, 2014
• Expiry date: Apr 2, 2030

Classification

• Technology area (CPC H): Electricity
• CPC primary: H04L2463/102
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A Secure Virtual Point of Service (SVPOS) that coordinates the authentication, authorization, and identity, settlement, arbitration and non-repudiation for an electronic commercial transaction. For each commercial transaction, both the buyer and merchant authenticate itself to the SVPOS and create two unique transaction encryption keys, one for the buyer and one for the merchant. The merchant uses both encryption keys to encrypt a package that include at least product identification. The merchant and buyer calculate a hash of the package and transmit the calculated hash to the SVPOS for comparison to prevent repudiation. If the calculated hash is identical the buyer receives the merchants encryption key and decrypts the package. Payment is released by the SVPOS if the buyer is satisfied with the package via a Parlay system. If the buyer is not satisfied, said SVPOS performs arbitration between the buyer and merchant to determine if the package is correct.