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An online, transferable E-cash payment system

Anand, Sai R and Madhavan, Veni CE (2000) An online, transferable E-cash payment system. In: Progress in Cryptology - INDOCRYPT 2000. First International Conference in Cryptology in India. Proceedings, 10-13 Dec. 2000, Calcutta, India, pp. 93-103.

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Most electronic cash (E-cash)-based payment systems that have been proposed do not possess the property of transferability. Transferability in an E-cash-based system means that when a payee receives an electronic coin in a transaction he may spend it without depositing the coin first and getting a new coin issued from a bank. Usually electronic coins that are transferred in a transaction have a lifetime of the transaction itself. We propose a payment system where coins can be transferred over multiple hands, spread over various transactions, similar to physical cash. Detection or prevention of double spending of coins is a critical issue in online E-cash payment systems. In our system the verification is distributed across multiple entities as opposed to the case of a coin-issuing entity or a central bank alone being responsible for the verification. A resolution mechanism for handling disputes is also presented. The proposed system provides guarantees of anonymity, fairness and transferability

Item Type: Conference Paper
Publisher: Springer-Verlag
Additional Information: Copyright of this article belongs to Springer-Verlag
Keywords: online payment system;E cash;electronic cash;electronic coin;double spending;verification;dispute resolution;anonymity;transferability;electronic money;security of data
Department/Centre: Division of Electrical Sciences > Computer Science & Automation
Date Deposited: 07 Aug 2007
Last Modified: 08 Sep 2011 06:42
URI: http://eprints.iisc.ac.in/id/eprint/10413

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