Untraceable off-line electronic cash flow in e-commerce

  • Authors:
  • H. Wang;Y. Zhang

  • Affiliations:
  • University of Southern Queensland, Toowoomba QLD 4350 Australia;University of Southern Queensland, Toowoomba QLD 4350 Australia

  • Venue:
  • ACSC '01 Proceedings of the 24th Australasian conference on Computer science
  • Year:
  • 2001

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Abstract

Electronic cash has been playing an important role in electronic - commerce. One of the desirable characteristics is its traceability, which can prevent money laundering and can find the destination of suspicious withdrawals.In this paper we develop a new scheme for untraceable electronic cash, in which the bank involvement in the payment transaction between a user and a receiver is eliminated. The user withdraws electronic "coins" from the bank and uses them to pay to a receiver. The receiver subsequently deposits the coins back to the bank. In the process the user remains anonymous, unless s/he spends a single coin more than once (double spend). The security of the system is based on DLA (Discrete Logarithm Assumption) and the cut-and-choose methodology.