On the Anonymity of Banknotes

  • Dennis Kügler
Conference paper

DOI: 10.1007/11423409_8

Part of the Lecture Notes in Computer Science book series (LNCS, volume 3424)
Cite this paper as:
Kügler D. (2005) On the Anonymity of Banknotes. In: Martin D., Serjantov A. (eds) Privacy Enhancing Technologies. PET 2004. Lecture Notes in Computer Science, vol 3424. Springer, Berlin, Heidelberg


In this paper we analyze the anonymity of banknote based payments. We show how to model intermediary-chains and present statistical methods that can be used by banks to extract information on the length of the chain from deposited banknotes. If the bank has discovered a chain of length zero, the anonymity of the payment is immediately revoked. To protect against such deanonymizations, customers have to be very careful when spending banknotes.


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Copyright information

© Springer-Verlag Berlin Heidelberg 2005

Authors and Affiliations

  • Dennis Kügler
    • 1
  1. 1.Federal Office for Information SecurityBonnGermany

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