Conditional E-cash

  • Authors:
  • Larry Shi;Bogdan Carbunar;Radu Sion

  • Affiliations:
  • Pervasive Platforms and Architectures, Motorola Labs;Pervasive Platforms and Architectures, Motorola Labs;Network Security and Applied Cryptography Lab, Computer Science, Stony Brook University

  • Venue:
  • FC'07/USEC'07 Proceedings of the 11th International Conference on Financial cryptography and 1st International conference on Usable Security
  • Year:
  • 2007

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Abstract

We introduce a novel conditional e-cash protocol allowing future anonymous cashing of bank-issued e-money only upon the satisfaction of an agreed-upon public condition. Payers are able to remunerate payees for services that depend on future, yet to be determined outcomes of events. Once payment complete, any double-spending attempt by the payer will reveal its identity; no double-spending by the payee is possible. Payers can not be linked to payees or to ongoing or past transactions. The flow of cash within the system is thus both correct and anonymous. We discuss several applications of conditional e-cash including online trading of financial securities, prediction markets, and betting systems.