07-01-2014, 02:47 PM
E-CASEPAYMENT SYSTEM
CASEPAYMENT SYSTEM.docx (Size: 74.41 KB / Downloads: 20)
Abstract
In this paper we present new fair off-line electronic cash system which is able of coin tracing and owner tracing. The anonymity of the system can be revocable under certain conditions by an off-line trusted third party. In our scheme the trusted third party verifies the bank’s signature of the e-coin and then records the tracking information, which is different from convention electronic cash system.
Introduction
Chum proposed in 1982 the first electronic payment system based on the technique of blind signatures in order to guarantee the privacy of customers. This complete anonymity of electronic case system can be used for blackmailing or money laundering by criminals without revealing their identities.
The concept of fair electronic cash system was put forth independently by brick ell and Sadler. It offers compromise between the need of the privacy protected of customers and effectively preventing the misuse by criminals. on one hand, the bank and the merchant cannot obtain the identities of customers by themselves. On the other hand, in the cases where there are suspect criminals activities ( e.g. blackmailing or money laundering), the trusted third party, with the help of the bank, can revoke the anonymity of the customer or the coin.
Based on the system of brands, brick ell proposed a fair electronic cash system, in which a trustee must be involves in the transactions. Camelish extended his anonymous payment system to be a fair payment system. Frankel, Tsakoumis and Yung proposed fair off-line electronic cash systems which need more communication among the bank, the customer and the merchants.
Characteristics of electronic cash payment
Systems
Although more consensus is building up as to which properties are required of a payment system, we are not going to list and describe these properties one by one in this paper. Instead , we take a bottom up approach, and describe some of the basic characteristics of payment system. From these characteristics one can then infer the possibilities and impossible for the numerous variations, and what their impact is on the performance and flexibility of the system.
Secret key v/s public key authentication
A basic requirement of a payment protocol is that it allows a payee to receive payment from any paper. A payment can be seen as some sort of authentication of the payer towards the payee (to show that the payment is authentic). Authentication can be based on secret key cryptography or on public key cryptography. In the latter case, the payee only needs to have a public key available in order to verify incoming payments. Although the costs of equipping smart cards with crypto co-processors are expected to become marginal, it is important to note that the property of public variability can be obtained using simple smart cards only, provided one appies a method of what we call signature transport. In such a system, signatures are created by the issuer , and later endorsed by the payer during the payment protocol, depending on a challenge from the payee.
An E-case payment system success story
E-commerce would go bust without electronic cash payment systems, yet few of the dozens of systems introduced in various world markets over the last decade has been reliable enough to be embraced by large numbers. One exception is Hong Kong’s octopus system. By mid-2001, nearly 70 one make over six million daily transactions worth billions of dollars. Why is the octopus card so successful when even e-cash systems backed by major credit card operators , including monde and visa cash, have struggled?
Conclusion
E-case payment system is essential to electronic commerce especially in the business-to-consumer segment. While it seems sensible to develop global e-cash payment system to reflect the borderless internet world, one must also create a system that suits local environments. The Octopus experience in Hong Kong offers rich lessons that can extend to the wider e-commerce project. Its success suggest that a system so “smart” that it makes the human input process quick and easy will be embraced by stakeholders, and will face few obstacles to immediate adoption when exposed to captive market with a high transaction volume.