Patent attributes
A system and method for securely protecting consumer's or user data that is stored on servers or computers controlled by another person/entity is disclosed. The user's sensitive data is encrypted by using a user-provided encryption key and saved on the server. Each time in conducting a business transaction, the user provides an encryption key and causes the encrypted user's data to be decrypted on a server or a client computer. The resulted usable user data is then used in conducting business transactions such as making payment, making bank transactions, managing credit reports, medical records, and personal information, conducting multiple-party business transactions, doing computation services, etc. The encryption of stored data by using different private keys will remove the incentive to hack the whole database and thus create an ecosystem discouraging repeated mass data breaches.
