Distributed double spending prevention

Authors:
Jaap-Henk Hoepman
Affiliations:
TNO Information and Communication Technology, Groningen, The Netherlands and Institute for Computing and Information Sciences, Radboud University Nijmegen, Nijmegen, The Netherlands
Venue:
Proceedings of the 15th international conference on Security protocols
Year:
2007

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Abstract

We study the problem of preventing double spending in electronic payment schemes in a distributed fashion. This problem occurs, for instance, when the spending of electronic coins needs to be controlled by a large collection of nodes (e.g., in a peer-to-peer (P2P) system) instead of one central bank. Contrary to the commonly held belief that this is fundamentally impossible, we propose several solutions that do achieve a reasonable level of double spending prevention, and analyse their efficiency under varying assumptions.